CaliforniaUnclaimed property: digital financial assets.
What it does
The Unclaimed Property Law (UPL) prescribes the circumstances under which intangible property escheats to the state, including how and when apparent owners must be notified that their property is at risk of escheating and the manner in which escheated property must be delivered to the State Controller. Intangible property is only subject to the UPL if the apparent owner's last known address is within the state or, if that address is unknown, if there is another link to the state, as specified. Existing law provides how and when securities that escheat to the state pursuant to the UPL may be sold and how the securities or funds from their sale may be returned to their owner.
More detail
This bill would clarify that digital financial assets are a form of intangible property subject to the UPL. With regard to digital financial assets, the bill would specify that an apparent owner's last known address need not be a complete mailing address if the address is sufficient to identify that it is within the state. The bill would prescribe requirements for holders of digital financial assets to notify apparent owners prior to the assets escheating, which would include a form created by the Controller that may be returned to the holder by the apparent owner to restart the escheatment period, as specified. The bill would specify how escheated digital financial assets must be transferred from the holder to the Controller. The bill would authorize the Controller to select one or more custodians for the management and safekeeping of digital financial assets that have escheated to the state, as specified. The bill would authorize the Controller to convert digital financial assets to fiat currency, as specified. The bill would entitle a person who makes a valid claim for a digital financial asset delivered to the Controller to receive that digital financial asset or, if the asset has been converted, to receive the net proceeds received by the Controller from the sale.
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Where it stands
- Introduced
- Passed Senate
- Passed Assembly
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2025
- Oct 11Chaptered by Secretary of State. Chapter 660, Statutes of 2025.Latest
- Oct 11Approved by the Governor Gavin Newsom.Became Law
- Sep 23Enrolled and presented to the Governor at 2 p.m.To Governor
- Sep 13Assembly amendments concurred in. (Ayes 37. Noes 0. Page 3029.) Ordered to engrossing and enrolling.Major
- Vote recorded Unfinished Business SB822 Becker et al. Concurrence. Result: pass.Upper
- Vote recorded SB 822 Becker Senate Third Reading By Valencia. Result: pass.Lower
- Sep 12In Senate. Concurrence in Assembly amendments pending.
- Sep 12Read third time. Passed. (Ayes 80. Noes 0. Page 3406.) Ordered to the Senate.Passed Assembly
- Sep 5Ordered to third reading.Minor
- Sep 5Read third time and amended.Major
- Sep 5Assembly Rule 69(b)(1) suspended.
- Sep 3Ordered to third reading.Minor
- Sep 3Read third time and amended.Major
- Sep 3Read second time. Ordered to third reading.Minor
- Sep 2Read second time and amended. Ordered to second reading.Major
- Aug 29From committee: Do pass as amended. (Ayes 11. Noes 0.) (August 29).Major
- Vote recorded Do pass as amended. Result: pass.Lower
- Aug 20August 20 set for first hearing. Placed on APPR. suspense file.
- Jul 16Read second time and amended. Re-referred to Com. on APPR.Major
- Jul 15From committee: Do pass as amended and re-refer to Com. on APPR. (Ayes 9. Noes 0.) (July 14).Major
- Jul 14
- Vote recorded Do pass as amended and be re-referred to the Committee on [Appropriations]. Result: pass.Lower
- Jul 7July 7 set for first hearing canceled at the request of author.
- Jul 2From committee: Do pass and re-refer to Com. on B. & F. with recommendation: To consent calendar. (Ayes 12. Noes 0.) (July 1). Re-referred to Com. on B. & F.Minor
- Jul 1
- Vote recorded Do pass and be re-referred to the Committee on [Banking and Finance] with recommendation: To Consent Calendar. Result: pass.Lower
- Jun 23From committee with author's amendments. Read second time and amended. Re-referred to Com. on JUD.Major
- Jun 13June 24 set for second hearing canceled at the request of author.
- Jun 11June 17 set for first hearing canceled at the request of author.
- Jun 5Referred to Com. on JUD.Minor
- May 29In Assembly. Read first time. Held at Desk.Minor
- Vote recorded Special Consent. Result: pass.Upper
- May 29Read third time. Passed. (Ayes 38. Noes 0. Page 1330.) Ordered to the Assembly.Passed Senate
- May 27Ordered to special consent calendar.
- May 23Read second time. Ordered to third reading.Minor
- Vote recorded Do pass. Result: pass.Upper
- May 23From committee: Do pass. (Ayes 6. Noes 0. Page 1214.) (May 23).Minor
- May 16Set for hearing May 23.
- May 5May 5 hearing: Placed on APPR. suspense file.
- Vote recorded Placed on suspense file. Result: pass.Upper
- Apr 25Set for hearing May 5.
- Apr 23From committee: Do pass and re-refer to Com. on APPR. with recommendation: To consent calendar. (Ayes 13. Noes 0. Page 838.) (April 22). Re-referred to Com. on APPR.Minor
- Apr 22
- Vote recorded Do pass, but first be re-referred to the Committee on [Appropriations] with the recommendation: To Consent Calendar. Result: pass.Upper
- Apr 11Set for hearing April 22.
- Apr 10From committee with author's amendments. Read second time and amended. Re-referred to Com. on JUD.Major
- Apr 2Re-referred to Com. on JUD.Minor
- Mar 25From committee with author's amendments. Read second time and amended. Re-referred to Com. on RLS.Major
- Mar 12Referred to Com. on RLS.Minor
- Feb 24Read first time.Minor
- Feb 24From printer. May be acted upon on or after March 24.
- Feb 21Introduced. To Com. on RLS. for assignment. To print.Introduced