CA SB 822

Title: Unclaimed property: digital financial assets.
Author: Josh Becker

Summary
SB 822, as amended, Becker. Unclaimed property: digital financial assets. 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.With regard to all types of property, this 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 clarify that digital financial assets are a form of intangible property subject to the UPL. 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 also would permit the Controller, in their discretion, to determine that it is not in the state’s interest to take custody of digital financial assets, as specified. The bill would make the provisions regarding the sale of securities and their return to their owner applicable to digital financial assets, as specified.

Status
Ordered to special consent calendar.

Bill Documents
CA SB 822 - 04/10/25 - Amended Senate
04/10/25 - CA SB 822 (04/10/25 - Amended Senate)