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    SB-822
    Consumer Protection

    Unclaimed property: digital financial assets.

    Engrossed
    CA
    ∙
    2025-2026 Regular Session
    0
    0
    Track
    Track

    Key Takeaways

    • Establishes digital financial assets like cryptocurrency as property subject to state unclaimed property laws.
    • Requires businesses to notify owners by mail or email 6-12 months before digital assets are transferred to the state.
    • Mandates transfer of unclaimed digital assets to the state controller's cryptocurrency custodian after three years.
    • Authorizes the state controller to sell escheated digital assets on established exchanges at market prices.

    Summary

    Senator Becker's legislation expands California's Unclaimed Property Law to encompass digital financial assets, establishing new protocols for how these assets are identified, reported, and transferred to state custody. The bill creates specific notification requirements for holders of unclaimed digital assets, mandating they contact apparent owners via certified mail or electronic means 6-12 months before escheatment.

    The legislation requires holders to transfer unclaimed digital assets to the state Controller's designated cryptocurrency custodian within 30 days of filing their unclaimed property report. Digital assets listed on established exchanges must be sold at prevailing market prices between 18-20 months after reporting. The Controller maintains discretion to decline custody of digital assets deemed not in the state's interest to manage.

    The bill modifies how the state determines jurisdiction over unclaimed property by clarifying that an apparent owner's last known address need not be complete, only sufficient to identify California residency. It also aligns notification procedures for digital assets with existing requirements for other forms of unclaimed property, including specific content and formatting standards for owner communications.

    For implementation, the Controller must create standardized forms for owner interaction and establish secure custody arrangements for digital assets. Holders face civil penalties of 2% for failing to execute required electronic funds transfers. The legislation preserves owners' ability to reclaim their property, with provisions allowing them to restart the three-year escheatment period by confirming their current contact information or demonstrating interest in the assets.

    Key Dates

    Next Step
    Referred to the Assembly Standing Committee on Banking and Finance
    Next Step
    Assembly Committee
    Referred to the Assembly Standing Committee on Banking and Finance
    Hearing scheduled for , State Capitol, Room 447
    Assembly Judiciary Hearing
    Assembly Committee
    Assembly Judiciary Hearing
    Do pass and be re-referred to the Committee on [Banking and Finance] with recommendation: To Consent Calendar
    Assembly Judiciary Hearing
    Assembly Committee
    Assembly Judiciary Hearing
    Do pass and be re-referred to the Committee on [Banking and Finance] with recommendation: To Consent Calendar
    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
    Phillip ChenR
    Assemblymember
    Committee Member
    Not Contacted
    Not Contacted
    Profile
    Blanca RubioD
    Assemblymember
    Committee Member
    Not Contacted
    Not Contacted
    Profile
    Josh BeckerD
    Senator
    Bill Author
    Not Contacted
    Not Contacted
    Profile
    Mike FongD
    Assemblymember
    Committee Member
    Not Contacted
    Not Contacted
    Profile
    Diane DixonR
    Assemblymember
    Committee Member
    Not Contacted
    Not Contacted
    0 of 10 row(s) selected.
    Page 1 of 2
    Select All Legislators
    Profile
    Phillip ChenR
    Assemblymember
    Committee Member
    Profile
    Blanca RubioD
    Assemblymember
    Committee Member
    Profile
    Josh BeckerD
    Senator
    Bill Author
    Profile
    Mike FongD
    Assemblymember
    Committee Member
    Profile
    Diane DixonR
    Assemblymember
    Committee Member
    Profile
    Pilar SchiavoD
    Assemblymember
    Committee Member
    Profile
    Esmeralda SoriaD
    Assemblymember
    Committee Member
    Profile
    Avelino ValenciaD
    Assemblymember
    Committee Member
    Profile
    Maggy KrellD
    Assemblymember
    Committee Member
    Profile
    Michelle RodriguezD
    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

    View History
    July 1, 2025
    PASS
    Assembly Committee
    Assembly Judiciary Hearing
    AyesNoesNVRTotalResult
    120012PASS

    Key Takeaways

    • Establishes digital financial assets like cryptocurrency as property subject to state unclaimed property laws.
    • Requires businesses to notify owners by mail or email 6-12 months before digital assets are transferred to the state.
    • Mandates transfer of unclaimed digital assets to the state controller's cryptocurrency custodian after three years.
    • Authorizes the state controller to sell escheated digital assets on established exchanges at market prices.

    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 encompass digital financial assets, establishing new protocols for how these assets are identified, reported, and transferred to state custody. The bill creates specific notification requirements for holders of unclaimed digital assets, mandating they contact apparent owners via certified mail or electronic means 6-12 months before escheatment.

    The legislation requires holders to transfer unclaimed digital assets to the state Controller's designated cryptocurrency custodian within 30 days of filing their unclaimed property report. Digital assets listed on established exchanges must be sold at prevailing market prices between 18-20 months after reporting. The Controller maintains discretion to decline custody of digital assets deemed not in the state's interest to manage.

    The bill modifies how the state determines jurisdiction over unclaimed property by clarifying that an apparent owner's last known address need not be complete, only sufficient to identify California residency. It also aligns notification procedures for digital assets with existing requirements for other forms of unclaimed property, including specific content and formatting standards for owner communications.

    For implementation, the Controller must create standardized forms for owner interaction and establish secure custody arrangements for digital assets. Holders face civil penalties of 2% for failing to execute required electronic funds transfers. The legislation preserves owners' ability to reclaim their property, with provisions allowing them to restart the three-year escheatment period by confirming their current contact information or demonstrating interest in the assets.

    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 Banking and Finance
    Next Step
    Assembly Committee
    Referred to the Assembly Standing Committee on Banking and Finance
    Hearing scheduled for , State Capitol, Room 447
    Assembly Judiciary Hearing
    Assembly Committee
    Assembly Judiciary Hearing
    Do pass and be re-referred to the Committee on [Banking and Finance] with recommendation: To Consent Calendar
    Assembly Judiciary Hearing
    Assembly Committee
    Assembly Judiciary Hearing
    Do pass and be re-referred to the Committee on [Banking and Finance] with recommendation: To Consent Calendar
    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

    View History
    July 1, 2025
    PASS
    Assembly Committee
    Assembly Judiciary Hearing
    AyesNoesNVRTotalResult
    120012PASS

    Contacts

    Profile
    Phillip ChenR
    Assemblymember
    Committee Member
    Not Contacted
    Not Contacted
    Profile
    Blanca RubioD
    Assemblymember
    Committee Member
    Not Contacted
    Not Contacted
    Profile
    Josh BeckerD
    Senator
    Bill Author
    Not Contacted
    Not Contacted
    Profile
    Mike FongD
    Assemblymember
    Committee Member
    Not Contacted
    Not Contacted
    Profile
    Diane DixonR
    Assemblymember
    Committee Member
    Not Contacted
    Not Contacted
    0 of 10 row(s) selected.
    Page 1 of 2
    Select All Legislators
    Profile
    Phillip ChenR
    Assemblymember
    Committee Member
    Profile
    Blanca RubioD
    Assemblymember
    Committee Member
    Profile
    Josh BeckerD
    Senator
    Bill Author
    Profile
    Mike FongD
    Assemblymember
    Committee Member
    Profile
    Diane DixonR
    Assemblymember
    Committee Member
    Profile
    Pilar SchiavoD
    Assemblymember
    Committee Member
    Profile
    Esmeralda SoriaD
    Assemblymember
    Committee Member
    Profile
    Avelino ValenciaD
    Assemblymember
    Committee Member
    Profile
    Maggy KrellD
    Assemblymember
    Committee Member
    Profile
    Michelle RodriguezD
    Assemblymember
    Committee Member