Minnesota House Bill 4188 was enacted on May 27, 2026, after being amended on April 7, 2026. The newly enacted bill addresses virtual currency, prepaid funeral funds and 529 Plans. The changes are as follows:
Virtual Currency
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Virtual currency is presumed abandoned three years after last indication of owner interest. Owner interest in virtual currency can include:
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A record communicated by the owner to the holder concerning the property,
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Oral communication that the holder preserves a record of,
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A distribution made by electronic or similar means, or
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Owner directed activity on the account like accessing it or changing the amount or type of virtual currency in the account.
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Holders must liquidate virtual currency within 30 days before filing the report and remit the proceeds to the state.
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A no recourse provision protecting holders against owner claims is included.
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If the virtual currency cannot be liquidated, the holder must notify the state in writing. The commissioner will direct the holder to either transfer it in its native form or hold on to it until it can be liquidated.
Pre-paid Funeral Funds
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Funds held on deposit or in trust for the prepayment of a funeral or other funeral related expenses are abandoned the earliest of:
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Three years after date of death of the beneficiary,
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One year after the beneficiary has or would have turned 105 years old if the holder does not know if the beneficiary has died, or
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30 years after the contract for prepayment was executed.
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Exemptions
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529 and 529a plans are not reportable.
This will become effective on August 1, 2026.
