H.R. 8338 — SAFER Act of 2026

This section prohibits financial institutions from yielding custody of covered assets—securities, digital assets, or investment accounts (excluding ERISA plans)—or related proceeds or payments (e.g., dividends, airdrops) to states pursuant to unclaimed property laws unless (1) for assets held for natural persons, the institution receives confirmation of the person's death at least 3 years prior, no fiduciary has expressed interest for 3 years, and any co-owners are confirmed deceased; or (2) for non-natural persons or entities, there is no record of contact for at least 5 years. (As background, state unclaimed property laws typically require escheatment after 3-5 years of account inactivity to return assets to owners or fund public uses; this section preempts conflicting state requirements.) For covered assets of natural persons at retirement age (as defined in IRC §401(a)(9)(C)(v), i.e., the age triggering required minimum distributions, currently 73 or 75), institutions must check federal or state death databases after 5 years of inactivity and every 5 years thereafter. The section applies to assets held or beneficially owned on or after enactment that have not already been escheated and states a sense of Congress that it does not preempt state communication requirements or owner remedies for mishandling.