SB-822
Consumer Protection

Unclaimed property: digital financial assets.

Engrossed
CA
2025-2026 Regular Session
0
0
Track

Key Takeaways

  • Expands California's unclaimed property law to include digital financial assets like cryptocurrency.
  • Requires businesses to notify owners 6-12 months before digital assets are transferred to the state.
  • Mandates transfer of unclaimed digital assets to the state after three years of inactivity.
  • Allows the State Controller to decline custody of digital assets if not in the state's interest.

Summary

Senator Becker's legislation expands California's Unclaimed Property Law to incorporate digital financial assets, establishing new procedures for their management and eventual transfer to state custody. The bill defines digital financial assets as unclaimed property subject to escheatment after three years of owner inactivity.

Under the new provisions, holders of digital financial assets must notify apparent owners via certified mail or electronic communication 6-12 months before escheatment. These notices must include specific formatting requirements, prominently display warning language about potential state transfer, and provide a Controller-prescribed form allowing owners to confirm their current address and restart the escheatment period.

The legislation outlines precise transfer mechanisms, requiring holders to deliver digital assets to the state Controller's designated cryptocurrency custodian within 30 days of filing their unclaimed property report. For assets listed on established exchanges, sales must occur at prevailing market prices between 18 and 20 months after reporting. The Controller maintains discretion to decline custody of digital assets deemed not in the state's interest, provided written notice is given to holders within 120 days.

The bill also modifies existing notification requirements, clarifying that an apparent owner's last known address need not be complete if it sufficiently identifies California residency. These changes align the state's unclaimed property system with modern financial technologies while maintaining established protections for property owners.

Key Dates

Next Step
Referred to the Assembly Standing Committee on Judiciary
Next Step
Assembly Committee
Referred to the Assembly Standing Committee on Judiciary
Hearing scheduled for , State Capitol, Room 437
Vote on Senate Floor
Senate Floor
Vote on Senate Floor
Special Consent SB822 Becker
Senate Appropriations Hearing
Senate Committee
Senate Appropriations Hearing
Do pass
Senate Appropriations Hearing
Senate Committee
Senate Appropriations Hearing
Placed on suspense file
Senate Judiciary Hearing
Senate Committee
Senate Judiciary Hearing
Do pass, but first be re-referred to the Committee on [Appropriations] with the recommendation: To Consent Calendar
Introduced
Senate Floor
Introduced
Introduced. To Com. on RLS. for assignment. To print.

Contacts

Profile
Ash KalraD
Assemblymember
Committee Member
Not Contacted
Not Contacted
Profile
Rebecca Bauer-KahanD
Assemblymember
Committee Member
Not Contacted
Not Contacted
Profile
Josh BeckerD
Senator
Bill Author
Not Contacted
Not Contacted
Profile
Isaac BryanD
Assemblymember
Committee Member
Not Contacted
Not Contacted
Profile
Damon ConnollyD
Assemblymember
Committee Member
Not Contacted
Not Contacted
0 of 13 row(s) selected.
Page 1 of 3
Select All Legislators
Profile
Ash KalraD
Assemblymember
Committee Member
Profile
Rebecca Bauer-KahanD
Assemblymember
Committee Member
Profile
Josh BeckerD
Senator
Bill Author
Profile
Isaac BryanD
Assemblymember
Committee Member
Profile
Damon ConnollyD
Assemblymember
Committee Member
Profile
Diane DixonR
Assemblymember
Committee Member
Profile
Bill EssayliR
Assemblymember
Committee Member
Profile
Blanca PachecoD
Assemblymember
Committee Member
Profile
Diane PapanD
Assemblymember
Committee Member
Profile
Kate SanchezR
Assemblymember
Committee Member
Profile
Rick ZburD
Assemblymember
Committee Member
Profile
John HarabedianD
Assemblymember
Committee Member
Profile
Catherine StefaniD
Assemblymember
Committee Member

Get Involved

Act Now!

Email the authors or create an email template to send to all relevant legislators.

Introduced By

Josh Becker
Josh BeckerD
California State Senator
40% progression
Bill has passed all readings in its first house and is ready to move to the other house (5/29/2025)

Latest Voting History

May 29, 2025
PASS
Senate Floor
Vote on Senate Floor
AyesNoesNVRTotalResult
380240PASS

Key Takeaways

  • Expands California's unclaimed property law to include digital financial assets like cryptocurrency.
  • Requires businesses to notify owners 6-12 months before digital assets are transferred to the state.
  • Mandates transfer of unclaimed digital assets to the state after three years of inactivity.
  • Allows the State Controller to decline custody of digital assets if not in the state's interest.

Get Involved

Act Now!

Email the authors or create an email template to send to all relevant legislators.

Introduced By

Josh Becker
Josh BeckerD
California State Senator

Summary

Senator Becker's legislation expands California's Unclaimed Property Law to incorporate digital financial assets, establishing new procedures for their management and eventual transfer to state custody. The bill defines digital financial assets as unclaimed property subject to escheatment after three years of owner inactivity.

Under the new provisions, holders of digital financial assets must notify apparent owners via certified mail or electronic communication 6-12 months before escheatment. These notices must include specific formatting requirements, prominently display warning language about potential state transfer, and provide a Controller-prescribed form allowing owners to confirm their current address and restart the escheatment period.

The legislation outlines precise transfer mechanisms, requiring holders to deliver digital assets to the state Controller's designated cryptocurrency custodian within 30 days of filing their unclaimed property report. For assets listed on established exchanges, sales must occur at prevailing market prices between 18 and 20 months after reporting. The Controller maintains discretion to decline custody of digital assets deemed not in the state's interest, provided written notice is given to holders within 120 days.

The bill also modifies existing notification requirements, clarifying that an apparent owner's last known address need not be complete if it sufficiently identifies California residency. These changes align the state's unclaimed property system with modern financial technologies while maintaining established protections for property owners.

40% progression
Bill has passed all readings in its first house and is ready to move to the other house (5/29/2025)

Key Dates

Next Step
Referred to the Assembly Standing Committee on Judiciary
Next Step
Assembly Committee
Referred to the Assembly Standing Committee on Judiciary
Hearing scheduled for , State Capitol, Room 437
Vote on Senate Floor
Senate Floor
Vote on Senate Floor
Special Consent SB822 Becker
Senate Appropriations Hearing
Senate Committee
Senate Appropriations Hearing
Do pass
Senate Appropriations Hearing
Senate Committee
Senate Appropriations Hearing
Placed on suspense file
Senate Judiciary Hearing
Senate Committee
Senate Judiciary Hearing
Do pass, but first be re-referred to the Committee on [Appropriations] with the recommendation: To Consent Calendar
Introduced
Senate Floor
Introduced
Introduced. To Com. on RLS. for assignment. To print.

Latest Voting History

May 29, 2025
PASS
Senate Floor
Vote on Senate Floor
AyesNoesNVRTotalResult
380240PASS

Contacts

Profile
Ash KalraD
Assemblymember
Committee Member
Not Contacted
Not Contacted
Profile
Rebecca Bauer-KahanD
Assemblymember
Committee Member
Not Contacted
Not Contacted
Profile
Josh BeckerD
Senator
Bill Author
Not Contacted
Not Contacted
Profile
Isaac BryanD
Assemblymember
Committee Member
Not Contacted
Not Contacted
Profile
Damon ConnollyD
Assemblymember
Committee Member
Not Contacted
Not Contacted
0 of 13 row(s) selected.
Page 1 of 3
Select All Legislators
Profile
Ash KalraD
Assemblymember
Committee Member
Profile
Rebecca Bauer-KahanD
Assemblymember
Committee Member
Profile
Josh BeckerD
Senator
Bill Author
Profile
Isaac BryanD
Assemblymember
Committee Member
Profile
Damon ConnollyD
Assemblymember
Committee Member
Profile
Diane DixonR
Assemblymember
Committee Member
Profile
Bill EssayliR
Assemblymember
Committee Member
Profile
Blanca PachecoD
Assemblymember
Committee Member
Profile
Diane PapanD
Assemblymember
Committee Member
Profile
Kate SanchezR
Assemblymember
Committee Member
Profile
Rick ZburD
Assemblymember
Committee Member
Profile
John HarabedianD
Assemblymember
Committee Member
Profile
Catherine StefaniD
Assemblymember
Committee Member