Title: Illinois Bill to Amend Unclaimed Property Laws, Including Cryptocurrency - DeCarrera Law
Headings: Illinois Bill to Amend Unclaimed Property Laws, Including Cryptocurrency
Illinois Bill to Amend Unclaimed Property Laws, Including Cryptocurrency
Illinois and Unclaimed Virtual Currencies
Changes to Abandoned Retirement Accounts
Illinois Negative Reporting Requirement
Other Changes to the Illinois Unclaimed Property Law
Do You Hold Potential Unclaimed Virtual Currency or Retirement Accounts?

Content: Illinois Bill to Amend Unclaimed Property Laws, Including Cryptocurrency - DeCarrera Law
Illinois Bill to Amend Unclaimed Property Laws, Including Cryptocurrency
18 Mar 2020
by declaw
A new bill out of the Illinois legislature is looking to make several changes to the Illinois unclaimed property laws. The changes would affect cryptocurrency and virtual currency, retirement accounts, holders’ negative reporting requirements, and more. The Illinois bill is House Bill 4573 (opens externally). HB 4573 was introduced on February 5, 2020 and was then assigned to committee on March 12, 2020. Check back for more updates as the bill progresses (or dies). Illinois and Unclaimed Virtual Currencies
One of the newest forms of intangible personal property to hit the world is cryptocurrency. And as one would expect, the state laws regulating anything new are lagging behind. HB 4573 defines virtual currency as
“any type of a digital unit, including cryptocurrency, used as a medium of exchange, unit of account, or form of digitally stored value, which does not have legal tender status recognized by the United States. The term does not include: ( A) the software or protocols governing the transfer of the digital representation of value; (