AB 2117

  • California Assembly Bill
  • 2009-2010 Regular Session
  • Introduced in Assembly
  • Assembly
  • Senate
  • Governor

Unclaimed property.

Bill Subjects

Unclaimed Property.


(1) The Unclaimed Property Law provides for the escheat to the state of abandoned property, including certain deposits, accounts, shares, or other interests with a banking or financial organization, business association, or other holder of personal property. Under existing law, the holder of abandoned property transfers the property to the Controller after the property is inactive for a period of 3 years, including when the owner has not increased or decreased the amount of a deposit, cashed an interest check, or presented a passbook or other similar evidence of a deposit for the crediting of interest. This bill would extend this 3‑year period to require that the holder transfer the abandoned property to the Controller after the property is inactive for a period of 5 years. (2) Existing law allows any person, excluding another state, who claims an interest in property paid or delivered to the Controller under the above provisions of law to file a claim to the property or to the net proceeds from its sale. Existing law requires the Controller to consider each claim within 180 days after it is filed. Existing law also requires the Controller, following a public hearing, to adopt guidelines and forms that provide instructions to assist owners in filing a claim. This bill would require the Controller to add interest, at a prescribed rate, to the amount of any claim paid to the owner under these provisions for the period the property was on deposit in the Unclaimed Property Fund, except as specified. It would require a holder who pays to the owner property that has escheated to the state and that, if claimed from the Controller, would be subject to the provisions regarding the payment of interest to add interest in accordance with those provisions, and would require the Controller to repay that interest to the holder. This bill would also delete the requirement that the Controller adopt guidelines and forms, as provided. (3) Existing law requires that all money received pursuant to the Unclaimed Property Law, including proceeds from the sale of property, be deposited in the Abandoned Property Account in the Unclaimed Property Fund. This fund is continuously appropriated to the Controller, who is required to transfer all money in the fund in excess of $50,000 to the General Fund at the end of each month, as specified. This bill would delete the requirement that the Controller transfer all money in the Unclaimed Property Fund in excess of $50,000 to the General Fund.

Bill Sponsors (1)



Nov 30, 2010


From committee without further action.

Mar 23, 2010


In committee: Set first hearing. Failed passage. Reconsideration granted.

Mar 18, 2010


Re-referred to Com. on JUD.

  • Referral-Committee
Com. on JUD.

Mar 17, 2010


From committee chair, with author's amendments: Amend, and re-refer to Com. on JUD. Read second time and amended.

Mar 04, 2010


Referred to Com. on JUD.

  • Referral-Committee
Com. on JUD.

Feb 19, 2010


From printer. May be heard in committee March 21.

Feb 18, 2010


Read first time. To print.

Bill Text

Bill Text Versions Format
02/18/10 - Introduced PDF
03/17/10 - Amended Assembly PDF

Related Documents

Document Format
No related documents.


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