CaliforniaUnclaimed property.
What it does
Existing law, the Unclaimed Property Law, governs the disposition of unclaimed property, including the escheat of certain property to the state. Existing law provides that any intangible interest in a business association escheats to this state if (1) the interest in the association is owned by a person who for more than 3 years has neither claimed a dividend or other sum nor corresponded in writing with the association or otherwise indicated an interest, as specified, and (2) the association does not know the location of the owner.
More detail
This bill would apply the 2 conditions above to any security or other intangible interest in a business association. The bill would provide that a security or interest does not escheat if either (1) the business association issues to the owner a dividend or other distribution that is, at least once every 3 years, negotiated, redeemed, or automatically deposited in an owner's account, as specified, or (2) the business association does not issue dividends or other distributions, or issues dividends that are automatically reinvested in the owner's account, and the holder's communication to the owner is not returned as undeliverable. The security or interest would escheat to the state, as specified, if the holder's communication to the owner is returned as undeliverable. The security or interest would also escheat to the state if the business association or its agent issues a dividend or other distribution to the owner at least once per year, and over a 3-year period none of that dividend or other distribution is negotiated, redeemed, or automatically deposited in an owner's account, except as specified. The bill would clarify that its provisions do not apply to a digital financial asset.
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Where it stands
- Introduced
- Passed Assembly
- Passed Senate
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2026
- Aug 13In committee: Held under submission.Latest
- Aug 3In committee: Referred to APPR. suspense file.Minor
- Vote recorded Placed on suspense file. Result: pass.Upper
- Jul 1From committee: Do pass and re-refer to Com. on APPR. (Ayes 13. Noes 0.) (June 30). Re-referred to Com. on APPR.Minor
- Jun 30
- Vote recorded Do pass, but first be re-referred to the Committee on [Appropriations]. Result: pass.Upper
- Jun 15Re-referred to Com. on JUD.Minor
- Jun 12Re-referred to Com. on RLS.Minor
- Jun 12Withdrawn from committee.Major
- Jun 11From committee chair, with author's amendments: Amend, and re-refer to committee. Read second time, amended, and re-referred to Com. on E., U & C.Major
- Jun 3Referred to Com. on E., U & C.Minor
- May 21In Senate. Read first time. To Com. on RLS. for assignment.Minor
- Vote recorded AB 2031 Petrie-Norris Consent Calendar Second Day. Result: pass.Lower
- May 21Read third time. Passed. Ordered to the Senate. (Ayes 68. Noes 0. Page 5229.)Passed Assembly
- May 14Read second time. Ordered to Consent Calendar.Minor
- May 13From committee: Do pass. To Consent Calendar. (Ayes 15. Noes 0.) (May 13).Minor
- Vote recorded Do pass. To Consent Calendar. Result: pass.Lower
- Apr 23From committee: Do pass and re-refer to Com. on APPR. with recommendation: To Consent Calendar. (Ayes 18. Noes 0.) (April 22). Re-referred to Com. on APPR.Minor
- Apr 22
- Vote recorded Do pass and be re-referred to the Committee on [Appropriations] with recommendation: To Consent Calendar. Result: pass.Lower
- Mar 2Referred to Com. on U. & E.Minor
- Feb 18From printer. May be heard in committee March 20.
- Feb 17Read first time. To print.Introduced