SB 1066

The Unclaimed Property Law prescribes the circumstances under which property escheats to the state. Existing law provides different requirements for escheatment of various types of property, including the time period for escheatment to the state. Existing law provides that the Controller may liquidate various forms of property after escheatment. Existing law prohibits interest from being paid on claims for escheated property. This bill would increase the time for escheatment of all forms of property to seven years from the last contact with the owner, as specified. This bill would require the Controller to maintain the property in the form in which it was escheated, as specified. This bill would also provide that the owner of escheated property would receive interest on their escheated property starting on the day they filed their claim for the property and continuing until their property was returned to them, as specified.