CaliforniaUnclaimed property: escheat to the state.
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 requires every person holding funds or other property that escheated to the state to submit a report to the Controller that includes, among other items, the name and last known address of each person appearing to be the owner of any property, as specified. Existing law requires the Controller, within 165 days of the final date for filing such a report, to mail a notice to each person who appears to be entitled to property valued $50 or more and whose address is listed in the report or is obtained from the Franchise Tax Board, as specified.
More detail
This bill would provide that the notice described above need only be sent to an address listed in the report or obtained from the Franchise Tax Board when it is a valid deliverable address. The bill would specify that if the address listed in the report is not a valid deliverable address, but the Controller identifies a corrected valid deliverable address, the Controller must mail the notice to the corrected valid deliverable address.
Under existing law, the Unclaimed Property Law, if the property holder does not claim or correspond regarding any dividend, distribution, or other item, as specified, held or owing to the holder by a business association, the item escheats to the state within 3 years after the date prescribed for payment or delivery of the item. Under existing law, any intangible interest in a business association escheats to the state if both (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 or indicated an interest in the item, as specified, and (2) the association does not know the location of the owner at the end of the 3-year period.
This bill would expand the provisions regarding the escheatment of intangible interests to include securities and include in the requirements for escheatment that the owner does not respond to the required notice or otherwise indicate an interest within the prescribed time period, as specified. The bill would also amend the notice to be sent to the owners of securities or other intangible interests before they escheat to the state.
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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 10From committee: Be re-referred to Com. on JUD. pursuant to Senate Rule 29.10(b). (Ayes 5. Noes 0.) Re-referred to Com. on JUD.Latest
- Aug 10Re-referred to Com. on RLS. pursuant to Senate Rule 29.10(b).Minor
- Aug 10Read third time and amended. Ordered to second reading.Major
- Aug 10Ordered to third reading.Minor
- Aug 10(Ayes 30. Noes 9. Page 5313.)
- Aug 10Action rescinded whereby the bill was read third time, passed, and to Assembly.Major
- 2025
- Aug 19In Senate. Held at Desk.
- Aug 18Ordered to the Senate.
- Aug 18Withdrawn from Engrossing and Enrolling.
- Jul 17In Assembly. Ordered to Engrossing and Enrolling.Minor
- Vote recorded Consent Calendar 2nd. Result: pass.Upper
- Jul 17Read third time. Passed. Ordered to the Assembly. (Ayes 35. Noes 0. Page 2138.).Passed Senate
- Jul 15Read second time. Ordered to Consent Calendar.Minor
- Jul 14From committee: Be ordered to second reading file pursuant to Senate Rule 28.8 and ordered to Consent Calendar.Minor
- Jul 2From committee: Do pass and re-refer to Com. on APPR. with recommendation: To Consent Calendar. (Ayes 13. Noes 0.) (July 1). Re-referred to Com. on APPR.Minor
- Jul 1
- Vote recorded Do pass, but first be re-referred to the Committee on [Appropriations] with the recommendation: To Consent Calendar. Result: pass.Upper
- May 21Referred to Com. on JUD.Minor
- May 8In Senate. Read first time. To Com. on RLS. for assignment.Minor
- Vote recorded AB 1447 Gipson Consent Calendar Second Day. Result: pass.Lower
- May 8Read third time. Passed. Ordered to the Senate. (Ayes 69. Noes 0. Page 1487.)Passed Assembly
- May 1Read second time. Ordered to Consent Calendar.Minor
- Apr 30From committee: Do pass. To Consent Calendar. (Ayes 14. Noes 0.) (April 30).Minor
- Vote recorded Do pass. To Consent Calendar. Result: pass.Lower
- Apr 10Re-referred to Com. on APPR.Minor
- Apr 9Read second time and amended.Major
- Apr 8From committee: Amend, and do pass as amended and re-refer to Com. on APPR. with recommendation: To Consent Calendar. (Ayes 12. Noes 0.) (April 8).Major
- Vote recorded Do pass as amended, and be re-referred to the Committee on [Appropriations] with recommendation: To Consent Calendar. Result: pass.Lower
- Mar 25Re-referred to Com. on JUD.Minor
- Mar 24From committee chair, with author's amendments: Amend, and re-refer to Com. on JUD. Read second time and amended.Major
- Mar 24Referred to Com. on JUD.Minor
- Feb 24Read first time.Minor
- Feb 22From printer. May be heard in committee March 24.
- Feb 21Introduced. To print.Introduced