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: 2026-04-24
Official status: Set for hearing May 4.
Effective date: Not listed

Plain English Breakdown

The official source material does not provide specific details on how interest rates are calculated or what happens if a claim is made after seven years, leaving these points as unknowns.

Unclaimed Property Law Changes

This law changes the time before unclaimed property becomes state property to seven years after last contact and requires interest on claims for returned property.

What This Bill Does

Increases the time before unclaimed property escheats to the state from less than seven years to exactly seven years after the last known contact with the owner.
Requires the Controller to maintain the form of unclaimed property as it was when it became unclaimed, without changing or selling it.
Provides that people who claim their unclaimed property will receive interest on that property starting from the day they file a claim until the property is returned.

Who It Names or Affects

People who have lost track of property and want to reclaim it.
The state Controller, who manages unclaimed property.

Terms To Know

Escheatment: When unclaimed property becomes the property of the state after a certain period without contact from the owner.
Controller: The person in charge of managing unclaimed property for the state.

Limits and Unknowns

Does not specify how interest rates will be calculated.
Does not explain what happens if someone claims their property after seven years have passed.

Bill History

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.) (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 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

Read the full stored bill text

Download Bill PDF