April 16, 2026
Mr. Liccardo (for himself and Mr. Lawler) introduced the following bill; which was referred to the Committee on Financial Services
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.
Section 1. Short title
This Act may be cited as the Safeguarding Americans’ Fairly Earned Retirement Act of 2026
or the SAFER Act of 2026
.
Sec. 2. Escheatment of certain securities, digital assets, or investment accounts held by custodians
(a) In general
With respect to any covered asset that is directly held or beneficially owned by a person or entity and custodied by a financial institution, the financial institution may not yield custody of the covered asset, any proceeds from the sale of the covered asset, or a payment related to the covered asset (such as a dividend, principal payment, fork, or airdrop) pursuant to a State unclaimed property law, regulation, or administrative action or other means of escheatment, unless—
(1)
in the case of a covered asset directly held or beneficially owned by a natural person—
(A)
the financial institution receives confirmation of the natural person’s death at least 3 years before yielding custody;
(B)
no fiduciary appointed to represent the estate of the natural person has made an expression of interest in such asset, proceeds, or payment for at least 3 years before yielding custody; and
(C)
in the case of an asset, proceeds, or a payment where another natural person has an ownership interest, the financial institution receives confirmation of the other natural persons’s death; or
(2)
in the case of a covered asset directly held or beneficially owned by a person or entity other than a natural person, the financial institution has no record of contact with a representative of the person or entity for at least 5 years.
(b) Checking of certain inactive accounts
(1) In general
In the case of a covered asset described in subsection (a) that is directly held or beneficially owned by a natural person who has attained retirement age and custodied by a financial institution, at the end of the 5-year period beginning on the date that the financial institution last has a record of contact with the natural person (or a representative thereof), and every five years thereafter, the financial institution shall conduct a comparison of its records with a State or Federal Government database of deaths to identify whether the natural person is deceased.
(2) Retirement age defined
In this subsection and with respect to a natural person, the term retirement age
means the applicable age, as defined in section 401(a)(9)(C)(v) of the Internal Revenue Code of 1986.
(c) Death determination
For purposes of this section, a financial institution may confirm the death of a natural person if—
(1)
the financial institution obtains a death certificate for the natural person; or
(2)
the financial institution obtains such other legal documents as the institution determines sufficient to confirm the death of the natural person.
(d) Preemption
This section preempts any State law, regulation, ordinance, or other provision that requires a financial institution to remit, escheat, yield custody, or otherwise transfer any asset, security, or investment account to a State or local government in any manner that conflicts with this section.
(e) Sense of Congress
It is the sense of Congress that—
(1)
this section does not preempt any State law, regulation, ordinance, or other provision requiring communication between the State and a financial institution or a person or entity that directly holds or beneficially owns a covered asset; and
(2)
this section does not prevent an owner of a covered asset from seeking remedies through State or Federal law for mishandling or improper escheatment of a covered asset.
(f) Definitions
In this section:
(1) Covered asset
The term covered asset
—
(A)
means any—
(i)
security;
(ii)
digital asset; or
(iii)
investment account; and
(B)
does not include an employee benefit plan subject to title I of the Employee Retirement Income Security Act of 1974.
(2) Digital asset
The term digital asset means any digital representation of value which is recorded on a cryptographically-secured distributed ledger or other similar technology.
(3) Employee benefit plan
The term employee benefit plan
has the meaning given that term under section 3(3) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1002(3)).
(4) Financial institution
The term financial institution
—
(A)
has the meaning given that term under section 5312 of title 31, United States Code; and
(B)
includes any—
(i)
national bank;
(ii)
transfer agent; or
(iii)
centralized digital asset exchange.
(5) Investment account
The term investment account
means an account, including a retirement account, that can be used to hold, manage, buy, sell, or trade a digital asset or security.
(6) Security
The term security
has the meaning given that term under section 3 of the Securities Exchange Act of 1934 (15 U.S.C. 78c).
(7) State
The term State
means each of the several States, the District of Columbia, and each territory or possession of the United States.
(g) Rule of application
This section shall apply to a covered asset, proceeds from the sale of a covered asset, and a payment related to a covered asset—
(1)
that is held or beneficially owned by a person or entity on or after the date of enactment of this Act; and
(2)
the custody of which has not been yielded pursuant to a State unclaimed property law, regulation, or administrative action or other means of escheatment as of the date of enactment of this Act.