AB-1447 • 2026

Unclaimed property: notice.

Taxes

Passed Legislature

This bill passed both chambers and reached final enrollment, even if later executive action is not shown here.

Sponsor: Gipson
Last action: 2025-08-19
Official status: In Senate. Held at Desk.
Effective date: Not listed

Plain English Breakdown

The official source material does not provide details on what happens if a valid address cannot be found or how the Controller identifies corrected addresses.

Unclaimed Property: Notice Requirements

This law requires notices about unclaimed property worth $50 or more to be sent only to addresses that are listed in reports and are valid and deliverable.

What This Bill Does

Requires the Controller to send a notice to people who might have unclaimed property worth $50 or more, but only if the address is valid and can receive mail.
If an address listed in reports isn't valid, the Controller must find a correct, deliverable address and send the notice there instead.

Who It Names or Affects

People who might have unclaimed property worth $50 or more.
The Controller's office which handles reports about unclaimed property.

Terms To Know

Unclaimed Property: Money, stocks, bonds, or other assets that are left untouched and go to the state if no one claims them after a certain time.
Controller's Office: The government office responsible for managing financial reports and unclaimed property notices.

Limits and Unknowns

Does not specify what happens if a valid address cannot be found.
Does not explain how the Controller identifies corrected addresses.

Bill History

2025-08-19 California Legislative Information
In Senate. Held at Desk.
2025-08-18 California Legislative Information
Ordered to the Senate.
2025-08-18 California Legislative Information
Withdrawn from Engrossing and Enrolling.
2025-07-17 California Legislative Information
In Assembly. Ordered to Engrossing and Enrolling.
2025-07-17 California Legislative Information
Read third time. Passed. Ordered to the Assembly. (Ayes 35. Noes 0. Page 2138.).
2025-07-15 California Legislative Information
Read second time. Ordered to Consent Calendar.
2025-07-14 California Legislative Information
From committee: Be ordered to second reading file pursuant to Senate Rule 28.8 and ordered to Consent Calendar.
2025-07-02 California Legislative Information
From committee: Do pass and re-refer to Com. on APPR. with recommendation: To Consent Calendar. (Ayes 13. Noes 0.) (July 1). Re-referred to Com. on APPR.
2025-05-21 California Legislative Information
Referred to Com. on JUD.
2025-05-08 California Legislative Information
In Senate. Read first time. To Com. on RLS. for assignment.
2025-05-08 California Legislative Information
Read third time. Passed. Ordered to the Senate. (Ayes 69. Noes 0. Page 1487.)
2025-05-01 California Legislative Information
Read second time. Ordered to Consent Calendar.
2025-04-30 California Legislative Information
From committee: Do pass. To Consent Calendar. (Ayes 14. Noes 0.) (April 30).
2025-04-10 California Legislative Information
Re-referred to Com. on APPR.
2025-04-09 California Legislative Information
Read second time and amended.
2025-04-08 California Legislative Information
From committee: Amend, and do pass as amended and re-refer to Com. on APPR. with recommendation: To Consent Calendar. (Ayes 12. Noes 0.) (April 8).
2025-03-25 California Legislative Information
Re-referred to Com. on JUD.
2025-03-24 California Legislative Information
From committee chair, with author's amendments: Amend, and re-refer to Com. on JUD. Read second time and amended.
2025-03-24 California Legislative Information
Referred to Com. on JUD.
2025-02-24 California Legislative Information
Read first time.
2025-02-22 California Legislative Information
From printer. May be heard in committee March 24.
2025-02-21 California Legislative Information
Introduced. To print.

Official Summary Text

AB 1447, as amended, Gipson.
Unclaimed property: notice.
Existing law, the Unclaimed Property Law, governs the disposition of unclaimed property, including the escheat of certain property to the state. Existing law requires every person holding funds or other property that escheated to the state to submit a report to the Controller that includes, among other items, the name and last known address of each person appearing to be the owner of any property, as specified. Existing law requires the Controller, within 165 days of the final date for filing such a report, to mail a notice to each person who appears to be entitled to property valued $50 or more and whose address is listed in the report or is obtained from the Franchise Tax Board, as specified.
This bill would provide that the notice described above need only be sent to an address listed in the report or obtained from the Franchise Tax Board
when it is a valid deliverable address.
The bill would specify that if the address listed in the report is not a valid deliverable address, but the Controller identifies a corrected valid deliverable address, the Controller must mail the notice to the corrected valid deliverable address.

Current Bill Text

Read the full stored bill text

Download Bill PDF