Unclaimed property.
Vote required
Majority
Fiscal committee
No
Appropriation
No
Current location
Appropriations
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill changes how California determines if unclaimed property (like security interests) belongs to the state. It allows businesses to notify property owners more frequently – at least annually – and provides a longer timeframe (90 days) for the Public Utilities Commission to approve or deny certain transactions. The bill also clarifies that these rules don’t apply to digital financial assets and adjusts the threshold for when a public utility needs commission approval for certain property sales.
Key provisions
- Reduces the time the Public Utilities Commission has to approve or deny advice letters from 120 to 90 days.
- Requires public utilities to notify property owners annually about potential unclaimed property.
- Establishes a requirement for at least annual communication with property owners to avoid escheatment.
- Clarifies that the bill does not apply to digital financial assets.
- Adjusts thresholds for property sales requiring commission approval based on inflation.
- Specifies that the commission must determine if a transaction is fair and reasonable to employees for certain public utilities.
- Requires public utilities to file annual reports detailing property transactions.
- Provides a process for determining when property escheatment is appropriate.
Who is affected
- Public utilities
- Business associations
- Property owners
Bill text
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Sponsors
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1 on record
Primary sponsor
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