Amendment vs bill Senate Legislative Bureau Amendment, #4215, BUREAU, Adopted vs Enrolled

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ENROLLED Regular Session HOUSE BILL NO.
SLBHB1256 2395 4215 LEGISLATIVE BUREAU AMENDMENTS Regular Session Amendments proposed by Legislative Bureau to Engrossed House Bill No.
1256 (Substitute for House Bill No.
1256 by Representative Mena AMENDMENT NO.
947 byRepresentative Mena) BY REPRESENTATIVE MENA AN ACT To amend and reenact R.S.
1 On page 1, line 2, following "(E)," and before "160(D)" insert "159(E), and" AMENDMENT NO.
9:154(A)(19) and (E), 159(E), and 160(D), and to enact R.S.
2 On page 1, line 3, following "(F)," and before "160.1" delete "159(E)," AMENDMENT NO.
9:153(13)(j) and (17) through (22), 154(A)(20) and (F), 160.1 through 160.5, and 164(F),relativeto digital assets;to providefordefinitions;toestablishstandardsfor the custody of unclaimed digital assets presumed abandoned;
3 On page 1, line 14, following "(E)" and before "and 160(D)" insert ", 159(E)," AMENDMENT NO.
to provide for a presumptionfordigitalassets;toprovideforthedeliveryofabandoneddigitalassets to the administrator's custody;
4 On page 1, line 15, following "and (F)," and before "160.1" delete "159(E)," AMENDMENT NO.
to provide for the maintenance of abandoned digital assetsbytheholder;to provideforthesaleorliquidationofabandoneddigitalassets bytheholder,administrator,orthird-partycontractedbytheadministrator;torequire annual reports by the administrator;
5 On page 3, delete line 3 AMENDMENT NO.
to provide for the discontinuance of reports by the administrator;
6 On page 4, delete line 23 Page 1 of 1
and to provide for an effective date;
to authorize the law institute to make changes;
and to provide for related matters.
Be it enacted by the Legislature of Louisiana:
Section 1.
R.S.
9:154(A)(19) and (E), 159(E), and 160(D) are herebyamended and reenacted and R.S.
9:153(13)(j) and (17) through (22), 154(A)(20) and (F), 160.1 through 160.5, and 164(F) are herebyenacted to read as follows:
§153.
Definitions As used in this Chapter:
* * * (13) "Property"meansafixedandcertaininterestin intangiblepropertythat is held, issued, or owed in the course of a holder's business, or by a government or governmental entity, and all income or increments therefrom.
The term includes property that is referred to as or evidenced bythe following:
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HB NO.
1256 ENROLLED (j) Digital assets.
* * * (17) "Designated custodian" means a banking organization or a business association that, on behalf of the administrator, receives and maintains securities or digital assets from holders pending transfer to claimants or liquidation.
(18)(a) "Digital asset" means any of the following that are held in a digital asset account:
(i) Virtual currency.
(ii) Cryptocurrency.
(iii) Nativelyelectronicassets,includingstablecoinsornon-fungibletokens.
(iv) Any other digital-only asset that confers economic, proprietary, or access rights or powers.
(b) "Digital asset" does not include any of the following:
(i) A security.
(ii) Game-related digital content.
(iii) A gift card.
(iv) A loyalty card.
(19) "Digitalassetaccount"meansacustomeraccount,adigitalassetwallet, or other repository device maintained by an owner with a digital asset holder that may contain one or more types of digital assets, money, or other property.
(20) "Digital asset holder" means a holder that establishes or maintains a digital asset account for an owner.
(21) "Digitalassetwallet"meansasoftwareapplicationorothermechanism that provides a means to hold, store, or transfer a digital asset.
(22) "Privatekey"meansauniqueelementofcryptographicdatausedtosign and authorize a transfer of a digital asset.
§154.
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Presumptions of abandonment A.
Propertyis presumedabandonedifitisunclaimedbytheapparentowner during the time set forth below for the particular propertyfor the following:
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HB NO.
1256 ENROLLED (19) A digital asset account, after three years if the owner has not shown any activityorinterest.IfthedigitalassetholdersendsfirstclassmailthroughtheUnited States Postal Service to the owner and the mail is returned as undeliverable, the account is presumed abandoned three years after the mail is returned.
(20) Allotherproperty,fiveyearsaftertheobligationtopayordistributethe property arises.
* * * E.(1) Notwithstanding Subsection D of this Section, an indication of an owner's interest in a digital asset or digital asset account includes any of the following actions by the owner:
(a) Conducting a transaction involving the digital asset account, including buying or selling digital assets, or depositing into or withdrawing from the account fiat currency or other property, whether by a one-time transaction or a recurring transaction previously authorized by the owner.
(b) Accessing the digital asset account electronically.
(c) Conducting any activity with respect to another digital asset account or any other property owned by that owner and held by that same digital asset holder.
(d) Any other action taken byan owner that reasonablydemonstrates to the digital asset holder that the owner is aware of the existence of the property.
(2) Failure of an owner to respond to a communication from a digital asset holder does not constitute an indication of the interest of an owner.
F.
Property shall be payable or distributable for purposes of this Chapter notwithstanding the owner's failure to make demand or present an instrument or document otherwise required to obtain payment.
* * * §159.
Report of abandoned property * * * E.(1) The holder of propertypresumed abandoned shall send written notice to the apparent owner not more than one hundred twenty days nor less than sixty Page 3 of 8 CODING:
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HB NO.
1256 ENROLLED days before filing the report required by this Section, stating that the holder is in possession of property subject to this Chapter if each of the following applies:
(1)(a) Theholderhasinitsrecordsanaddressfortheapparentownerthatthe holder's records do not disclose to be inaccurate.
(2)(b) The claim of the apparent owner is not barred by the statute of limitations.
(3)(c) The value of the propertyis fifty dollars or more.
(2) If the property is a digital asset, the notice required by Paragraph (1) of this Subsection shall inform the apparent owner that the propertymaybe liquidated if the apparent owner does not provide a timelyresponse to the holder.
* * * §160.
Payment or delivery of abandoned property * * * D.
An issuer, the holder, and any transfer agent or other person acting on behalf of the issuer or holder pursuant to them in accordancewith this Section, R.S.
9:160.1, 160.2, 160.3, or 160.4 is not liable to the apparent owner and shall be indemnified against claims of any person in accordance with R.S.
9:162.
§160.1.
Digital assets;
liquidation order or directive;
before report required byR.S.
9:159 A.(1) Notwithstanding the provisions of R.S.
9:160, the administrator may direct or order a digital asset holder to liquidate a digital asset before the date on which the filing of a report required byR.S.
9:159 for the digital asset is due.
(2) Any order or directive issued pursuant to this Subsection shall be accompanied by the summary required pursuant to R.S.
9:160.4.
B.
If a digital asset holder receives an order or directive pursuant to Subsection A of this Section and reasonably believes the digital asset cannot be liquidated, or the digital asset holder cannot cause the digital asset to be liquidated, the digital asset holder shall promptly provide the administrator with written notice stating the reasons why.
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HB NO.
1256 ENROLLED C.
Upon receiving notice pursuant to Subsection B of this Section, the administrator shall direct the digital asset holder concerning an alternative disposition of the digital asset.
§160.2.
Payment or delivery of abandoned digital asset;
after receipt of report required by R.S.
9:159 A.(1) If property reported to the administrator is a digital asset, and the digitalassetholder has the abilityto transferthedigitalasset,thedigital assetholder shall transfer that digital asset, or the control necessaryto transfer that digital asset, to the administrator within thirty days from the date on which that digital asset is reported.
(2) A digital asset holder who delivers a digital asset pursuant to Paragraph (1) of this Subsection shall provide the administrator, upon request, with a record evidencing delivery to the administrator's designated custodian.
(3) Withinthirtydaysafterthedateonwhichthedigitalassetholderdelivers a digital asset pursuant to Paragraph (1) of this Subsection, the digital asset holder shall provide the administrator with a reconciliation of the delivered digital asset with respect to the report filed regarding the digital asset.
B.
Notwithstanding Paragraph (A)(1) of this Section, if the administrator determines a reported digital asset cannot be accepted due to anyfactoror factorsin R.S.
9:160.4, it may direct or order the digital asset holder to sell or otherwise liquidate the digital asset and deliver the net proceeds to the administrator.
C.
A digital asset holder is not required to deliver a digital asset in accordancewith Paragraph (A)(1) of this Section if the digital asset holder does not have the private keyor other authority that is necessary to transfer the digital asset.
Instead,thedigitalassetholderdescribedinthisParagraphshalldoallthefollowing:
(1) Report the digital asset in accordance with R.S.
9:159.
(2) Maintain the digital asset until the digital asset holder obtains the ability to transfer the digital asset.
(3) Determinenolessthanannuallyastowhetherthedigitalassetholderhas obtained the ability to transfer the digital asset.
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HB NO.
1256 ENROLLED (4) After obtaining the ability to transfer the digital asset, deliver the digital asset to the administrator at the next reporting cycle.
D.
Between receipt of a digital asset in its native form and when R.S.
9:160.3(A) is applicable, no digital asset delivered to the administrator in its native form shall be liquidated except when either of the following occurs:
(1) A request is received bya claimant pursuant to R.S.
9:160.3(B).
(2)(a) The digital asset cannot reasonably be maintained in custody by the administrator due to technological, security, or regulatory limitations.
(b) The cost of custody, administration, or security of the digital asset exceeds the value of the digital asset.
§160.3.
Disposal of digital assets;
liquidation;
recovery of value A.
Theadministratorshallnotsellorliquidateadigitalassetuntilthreeyears after the digital asset is received by the administrator.
B.
Upon approval of a claim, the claimant mayrequest the administrator to dispose of a digital asset by sale or liquidation and remit the net proceeds to the claimant.
§160.4.
Administrator to provide an order or directive to liquidate digital assets A.
Any order or directive issued bythe administrator to require a holder of a digital asset to sell or liquidate shall be based upon at least one of the following:
(1) The ability of the administrator to manage digital assets in their native form at the time the report is received.
(2) Whether the reportingfile format supports the receiptof digital assets in their native form.
(3) Whether the database management system of the administrator supports digital assets in their native form.
(4) Whether the costs of custody and administration of the reported digital assets in native form would exceed the value of the reported digital assets.
B.
Anyorderordirectiveissuedbytheadministratorto adigital assetholder to liquidate or sell a digital asset shall include a summary of the factor or factors in Subsection A of this Section that led to the order or directive.
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HB NO.
1256 ENROLLED C.
The administrator shall not order or direct a holder to deliver the liquidated value of a digital asset presumed abandoned solely on the basis that the administratordoesnothaveadesignatedcustodianinplaceoradesignatedcustodian is not yet operational.
§160.5.
General provisions applying to digital assets Notwithstanding any law to the contrary, all of the following shall apply:
(1) Thedeliveryofadigitalassetoritsliquidatedvaluetotheadministrator's designated custodian constitutes payment or delivery for purposes of this Chapter.
(2) A digital asset listed on an established exchange may not be sold or liquidated pursuant to anyauthorityin this Chapter for less than the price prevailing on the exchange at the time of sale.
(3) The sale or liquidation of a digital asset not listed on an established exchange that is sold or liquidated pursuant to any authority in this Chapter may be byanycommerciallyreasonable method, and the price received shall be considered the prevailing price for valuation purposes.
(4) Notwithstanding any provision to the contrary, the administrator, designated custodian of the administrator, or digital asset holder shall not be held liable for any loss or gain that may or would have been obtained had a digital asset been held and transferred in its native form or sold or liquidated pursuant to any authority in this Chapter.
(5) The administrator may decline to offer a digital asset for sale if the administratorconsidersthattheprobablecostofsalewillexceedtheproceedsofthat sale.
(6) A purchaser of a digital asset at a sale conducted by the administrator pursuant to this Chapter takes that digital asset free of any claim of the owner or previous holder and of anyperson claiming through or under the owner or previous holder.
(7) The administrator shall execute all documents and take all actions necessary to complete the transfer of ownership of a digital asset.
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HB NO.
1256 ENROLLED §164.
Public sale of abandoned property * * * F.
The provisions of this Section do not apply to digital assets.
Section 2.
The treasurer shall include information regarding the implementation of this Act in his annual report required by Article IV, Section 9 of the Constitution of Louisiana.
Section 3.
If the treasurer contracts with a designated custodian to carry out the provisions of this Act, then the treasurer shall notify the legislature in writing within thirty days of the execution of that contract.
Section 4.
The Louisiana State Law Institute is hereby authorized and directed to correctanycross-referencestoanyrenumberedparagraphs,ifnecessary,consistentwiththe provisions of this Act.
Section 5.
(A) This Act shall become effective on January 1, 2027.
(B) Section 2 of this Act shall become null and void and cease to be effective when the treasurer makes the report required bySection 3 of this Act.
SPEAKER OF THE HOUSE OF REPRESENTATIVES PRESIDENT OF THE SENATE GOVERNOR OF THE STATE OF LOUISIANA APPROVED:
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