What does Preamble of SAFER Act of 2026 do?

This bill aims to prevent the premature seizure of an individual's securities, digital assets, or investment accounts held by financial institutions under state escheatment laws. The bill's purpose is "to prevent the premature seizure of an individual's securities, digital assets, or investment accounts in the custody of a financial institution under State escheatment laws, and for other purposes."

What does SHORT TITLE. of SAFER Act of 2026 do?

This bill is formally titled the Safeguarding Americans' Fairly Earned Retirement Act of 2026.

What does ESCHEATMENT OF CERTAIN SECURITIES, DIGITAL ASSETS, OR of SAFER Act of 2026 do?

This section outlines rules regarding the escheatment of covered assets, including securities, digital assets, and investment accounts, held by financial institutions. Financial institutions may not yield custody of a covered asset unless specific conditions are met, such as confirmation of the owner's death or lack of contact for a specified period. For natural persons, custody may be yielded after three years of confirmation of death and no expression of interest from a fiduciary. For entities other than natural persons, custody may be yielded after five years of no record of contact with a representative. Financial institutions must conduct periodic checks against death databases to identify deceased owners of retirement-age accounts. This section preempts state laws that conflict with its provisions regarding asset escheatment. Congress expresses the sense that this section does not preempt state laws requiring communication between states and financial institutions or prevent owners from seeking remedies for mishandling. The term 'covered asset' includes securities, digital assets, and investment accounts, but excludes employee benefit plans.

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SAFER Act of 2026

Last updated: 4/16/2026 · Introduced: 4/16/2026

Author: Sam Liccardo (D-CA)

TL;DR (AI)

The bill establishes federal rules governing when financial institutions can relinquish custody of securities, digital assets, and investment accounts to prevent premature escheatment.
Financial institutions must conduct periodic checks against death databases to identify deceased owners of retirement-age accounts.
This act preempts conflicting state laws regarding asset escheatment while preserving state requirements for communication between states and financial institutions.

119th Congressin committeeOfficial page

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Includes provisions on preamble, short title., and 1 more.

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