Avelino Valencia
- Democratic
- Assemblymember
- District 68
Author
The Unclaimed Property Law provides that all intangible personal property of an apparent owner whose last known address or domicile was in the state, including intangible personal property maintained in a deposit or an account, which is held in a fiduciary capacity for the benefit of another person, escheats to the state if for more than 3 years after it becomes payable or distributable, the apparent owner has not taken specified actions showing an interest in or control of the property. This bill would provide that intangible property held in a digital financial asset account escheats to the state 3 years after either written or electronic communication to the owner is returned undelivered, or the date of the last exercise of ownership interest, as defined, by the owner. The bill would require the holder of a private key for a digital financial asset account that has escheated to the state to transfer the digital financial asset to the Controller. The bill would authorize the Controller to appoint a custodian that holds a valid license issued by the Department of Financial Protection and Innovation, as specified.
In committee: Held under submission.
Withdrawn from committee.
In committee: Hearing postponed by committee.
Read second time and amended. Re-referred to Com. on B. & F.I.
From committee: Amend, and do pass as amended and re-refer to Com. on B. & F.I. (Ayes 13. Noes 0.) (July 1).
In Senate. Read first time. To Com. on RLS. for assignment.
Read third time. Passed. Ordered to the Senate. (Ayes 78. Noes 0. Page 2012.)
Read second time. Ordered to third reading.
From committee: Amend, and do pass as amended. (Ayes 11. Noes 0.) (May 23).
Assembly Rule 63 suspended. (Ayes 51. Noes 16. Page 1644.)
Read second time and amended. Ordered returned to second reading.
In committee: Set, first hearing. Referred to APPR. suspense file.
Re-referred to Com. on APPR. pursuant to Assembly Rule 96.
From committee chair, with author's amendments: Amend, and re-refer to Com. on ELECTIONS. Read second time and amended.
In committee: Set, first hearing. Hearing canceled at the request of author.
From committee: Do pass and re-refer to Com. on ELECTIONS. (Ayes 9. Noes 0.) (April 21). Re-referred to Com. on ELECTIONS.
From committee chair, with author's amendments: Amend, and re-refer to Com. on B. & F. Read second time and amended.
Referred to Coms. on B. & F. and ELECTIONS.
From printer. May be heard in committee March 23.
Read first time. To print.
| Bill Text Versions | Format |
|---|---|
| AB1052 | HTML |
| 02/20/25 - Introduced | |
| 03/28/25 - Amended Assembly | |
| 05/01/25 - Amended Assembly | |
| 05/23/25 - Amended Assembly | |
| 07/03/25 - Amended Senate |
| Document | Format |
|---|---|
| 04/18/25- Assembly Banking and Finance | |
| 05/12/25- Assembly Appropriations | |
| 05/28/25- ASSEMBLY FLOOR ANALYSIS | |
| 06/27/25- Senate Judiciary | |
| 08/15/25- Senate Appropriations |
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