Josh Becker
- Democratic
- Senator
- District 13
Author
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. 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.
Chaptered by Secretary of State. Chapter 660, Statutes of 2025.
Approved by the Governor.
Enrolled and presented to the Governor at 2 p.m.
Assembly amendments concurred in. (Ayes 37. Noes 0. Page 3029.) Ordered to engrossing and enrolling.
Read third time. Passed. (Ayes 80. Noes 0. Page 3406.) Ordered to the Senate.
In Senate. Concurrence in Assembly amendments pending.
Read third time and amended.
Ordered to third reading.
Assembly Rule 69(b)(1) suspended.
Read second time. Ordered to third reading.
Ordered to third reading.
Read third time and amended.
Read second time and amended. Ordered to second reading.
From committee: Do pass as amended. (Ayes 11. Noes 0.) (August 29).
August 20 set for first hearing. Placed on APPR. suspense file.
Read second time and amended. Re-referred to Com. on APPR.
From committee: Do pass as amended and re-refer to Com. on APPR. (Ayes 9. Noes 0.) (July 14).
July 7 set for first hearing canceled at the request of author.
From 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.
From committee with author's amendments. Read second time and amended. Re-referred to Com. on JUD.
June 24 set for second hearing canceled at the request of author.
June 17 set for first hearing canceled at the request of author.
In Assembly. Read first time. Held at Desk.
Read third time. Passed. (Ayes 38. Noes 0. Page 1330.) Ordered to the Assembly.
Ordered to special consent calendar.
From committee: Do pass. (Ayes 6. Noes 0. Page 1214.) (May 23).
Read second time. Ordered to third reading.
Set for hearing May 23.
May 5 hearing: Placed on APPR. suspense file.
Set for hearing May 5.
From 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.
Set for hearing April 22.
From committee with author's amendments. Read second time and amended. Re-referred to Com. on JUD.
From committee with author's amendments. Read second time and amended. Re-referred to Com. on RLS.
From printer. May be acted upon on or after March 24.
Read first time.
Introduced. To Com. on RLS. for assignment. To print.
| Bill Text Versions | Format |
|---|---|
| SB822 | HTML |
| 02/21/25 - Introduced | |
| 03/25/25 - Amended Senate | |
| 04/10/25 - Amended Senate | |
| 06/23/25 - Amended Assembly | |
| 07/16/25 - Amended Assembly | |
| 09/02/25 - Amended Assembly | |
| 09/03/25 - Amended Assembly | |
| 09/05/25 - Amended Assembly | |
| 09/18/25 - Enrolled | |
| 10/11/25 - Chaptered |
| Document | Format |
|---|---|
| 04/16/25- Senate Judiciary | |
| 05/02/25- Senate Appropriations | |
| 05/26/25- Sen. Floor Analyses | |
| 06/27/25- Assembly Judiciary | |
| 07/11/25- Assembly Banking and Finance | |
| 08/18/25- Assembly Appropriations | |
| 09/03/25- ASSEMBLY FLOOR ANALYSIS | PDF PDF PDF |
| 09/05/25- ASSEMBLY FLOOR ANALYSIS | |
| 09/12/25- Sen. Floor Analyses |
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