SB-1066 • 2026

Unclaimed property.

Passed Legislature

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

Sponsor: Niello
Last action: 2026-06-04
Official status: Referred to Com. on JUD.
Effective date: Not listed

Plain English Breakdown

Checked against official source text during the last sync.

Unclaimed Property Law Changes

This law changes how long unclaimed property stays with the state before it becomes owned by the government and requires interest payments for people who claim their lost property.

What This Bill Does

Increases the time period from when a person last contacted an organization about their property to seven years before the property is given to the state.
Requires the Controller to keep unclaimed property in its original form after it becomes state property.
Allows people who claim their lost property to receive interest on that property starting from the day they file a claim until the property is returned to them.

Who It Names or Affects

People who have lost track of property like money, stocks, or bonds.
The Controller's office which manages unclaimed property for the state.

Terms To Know

Escheatment: When unclaimed property is given to the government after a certain period of time.
Controller: The person in charge of managing state finances and unclaimed property.

Limits and Unknowns

Does not specify what happens if someone claims their property after seven years.
Does not explain how interest rates are determined for returned property.

Bill History

2026-06-04 California Legislative Information
Referred to Com. on JUD.
2026-05-27 California Legislative Information
In Assembly. Read first time. Held at Desk.
2026-05-27 California Legislative Information
Read third time. Passed. (Ayes 39. Noes 0.) Ordered to the Assembly.
2026-05-19 California Legislative Information
Read second time. Ordered to third reading.
2026-05-18 California Legislative Information
Read second time and amended. Ordered to second reading.
2026-05-18 California Legislative Information
From committee: Do pass as amended. (Ayes 7. Noes 0.) (May 14).
2026-05-08 California Legislative Information
Set for hearing May 14.
2026-05-04 California Legislative Information
May 4 hearing: Placed on APPR. suspense file.
2026-04-24 California Legislative Information
Set for hearing May 4.
2026-04-22 California Legislative Information
From committee: Do pass and re-refer to Com. on APPR. (Ayes 13. Noes 0. Page 3977.) (April 21). Re-referred to Com. on APPR.
2026-04-13 California Legislative Information
From committee with author's amendments. Read second time and amended. Re-referred to Com. on JUD.
2026-04-09 California Legislative Information
Set for hearing April 21.
2026-04-08 California Legislative Information
Re-referred to Com. on JUD.
2026-03-25 California Legislative Information
From committee with author's amendments. Read second time and amended. Re-referred to Com. on RLS.
2026-02-26 California Legislative Information
Referred to Com. on RLS.
2026-02-13 California Legislative Information
From printer. May be acted upon on or after March 15.
2026-02-12 California Legislative Information
Introduced. Read first time. To Com. on RLS. for assignment. To print.

Official Summary Text

SB 1066, as amended, Niello.
Unclaimed property.
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
7
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.

Current Bill Text

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