October 2025 │ Legislation & Regulation Update

The Unclaimed Property Legislative Alert

Summary of Legislation — Week Ending October 3, 2025

CALIFORNIA: Enacted SB 22 which (1) raises the value of gift certificates redeemable for cash to $15 except for gift certificates donated to a nonprofit or charitable organization as provided by law; (2) expands the definition of “gift certificate” to include electronic gift cards; and (3) provides updated conditions related to the sale of gift certificates beginning April 2026. 

OHIO: Introduced HB 480 which (1) amends the definition of “Unclaimed funds” to include a value of twenty-five (25) dollars or more for moneys and to include virtual currency; (2) exempts from “Unclaimed funds” (a) money in a personal allowance account of a Medicaid recipient who has died and where there is no identifiable heir, and (b) money in a demand or savings account at a bank and when the only activity is one or more recurring electronic debit or credit transfers other than fees charged by holder or automatic reinvestment of dividends or interests; (3) changes “Mortgage funds” to mean the housing development fund; (4) adds the Ohio subdivision’s fund to the definition of “Income-bearing account”; (5) adds definitions for “Virtual currency”, “Game-related digital content”, “Gift card”, and “Loyalty card”; (6) removes the $25 wage sum threshold; (7) adds electronic or digital communication for purposes of abandonment trigger; (8) requires a new consent for automatic reinvestment or renewal within every five (5) years for certificate of deposits; (9) provides for a five (5) year abandonment period for virtual currency; (10) requires that virtual currency be liquidated prior to reporting and limits recourse against the holder and director as a result of liquidation; (11) allows notice prior to reporting to be sent to a digital or electronic address provided it is sent with “read receipt” requested for unclaimed funds with a value of $50 or more but less than $1,000; (12) adds the receiving of a “read receipt” of electronic mail, text, or fax as a verification of last known address; (13) amends the retention of holder records to 10 years beyond the filing of holder report; (14) limits the commencement of action or proceeding by director to 10 years after a holder files report and tolls the limitation period if no report is filed or if a report is fraudulent; (15) allows for voluntary reporting for property valued at less than $25; (16) updates the requirements for holder payments of unclaimed funds to director including certificates of deposits and provides a mechanism for the investment of unclaimed funds; (17) provides that securities and other intangible property may be converted to cash at the discretion of the director; (18) updates the annual notice requirements of the director; (19) allows an individual appointed as administrator of an estate or retained by an heir to make claim for property of estate; (20) allows director to liquidate any property after reasonable attempts to return property and limits recourse against the holder or director as a result of liquidation; (21) requires the director to establish a method of online reporting and claiming within two (2) years of passage of legislation; (22) eliminates monetary penalties for failure to report and redefines fines;  (23) updates finder registration requirements; (24) allows director to obtain owners address information from other states or subdivisions and to enter into data sharing agreements; (25) provides a mechanism for director to make payments 210 days after the death of an owner where value of property is not more than $1,000 and the claimant is a surviving spouse, child, or parent; and (26) requires the director to create an expedited claims process for property valued in the aggregate of less than $1,000.
 

With The Unclaimed Property Legislative Alert Summary of Legislation and Regulation, you receive an overview of the latest information on unclaimed property legislative updates, regulatory changes, and statutory amendments across the United States and Canada. The publicly available information contained herein has been compiled by Kelmar Associates, LLC and does not constitute legal advice or analysis of any kind.  The summary information is generally compiled on a weekly basis, as applicable, and is shared on Kelmar's website each month. For more information, please refer to each state unclaimed property bill.