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SB-822 • 2026

Unclaimed property: digital financial assets.

Unclaimed property: digital financial assets.

Enacted

This bill passed the Legislature and reached final enactment based on the latest official action.

Sponsor
Becker
Last action
2025-10-11
Official status
Chaptered by Secretary of State. Chapter 660, Statutes of 2025.
Effective date
Not listed

Plain English Breakdown

The official source material did not provide an effective date for the bill, leaving this detail uncertain.

Unclaimed Property: Digital Financial Assets

This law clarifies that digital financial assets are subject to unclaimed property laws and sets rules for their management by the state.

What This Bill Does

  • Clarifies that digital financial assets are a form of intangible property under the Unclaimed Property Law (UPL).
  • Specifies that an apparent owner’s last known address need not be complete if it identifies the location within the state.
  • Requires holders to notify owners before their digital financial assets escheat to the state, including providing a form to restart the clock on unclaimed status.
  • Outlines how escheated digital financial assets must be transferred from holders to the State Controller.
  • Authorizes the State Controller to select custodians for managing and safekeeping these assets.
  • Permits the State Controller to convert digital financial assets into fiat currency if necessary.

Who It Names or Affects

  • People who have unclaimed digital financial assets.
  • Companies holding digital financial assets on behalf of owners.
  • The State Controller and custodians managing unclaimed property.

Terms To Know

Digital Financial Assets
Items like cryptocurrencies or other digital money that can be stored electronically.
Unclaimed Property Law (UPL)
The law governing the circumstances under which intangible property escheats to the state and how it is managed.

Limits and Unknowns

  • The effective date of this bill has not been specified.
  • It is unclear how many digital financial assets will be affected by these new rules.

Bill History

  1. 2025-10-11 California Legislative Information

    Chaptered by Secretary of State. Chapter 660, Statutes of 2025.

  2. 2025-10-11 California Legislative Information

    Approved by the Governor.

  3. 2025-09-23 California Legislative Information

    Enrolled and presented to the Governor at 2 p.m.

  4. 2025-09-13 California Legislative Information

    Assembly amendments concurred in. (Ayes 37. Noes 0. Page 3029.) Ordered to engrossing and enrolling.

  5. 2025-09-12 California Legislative Information

    In Senate. Concurrence in Assembly amendments pending.

  6. 2025-09-12 California Legislative Information

    Read third time. Passed. (Ayes 80. Noes 0. Page 3406.) Ordered to the Senate.

  7. 2025-09-05 California Legislative Information

    Ordered to third reading.

  8. 2025-09-05 California Legislative Information

    Read third time and amended.

  9. 2025-09-05 California Legislative Information

    Assembly Rule 69(b)(1) suspended.

  10. 2025-09-03 California Legislative Information

    Ordered to third reading.

  11. 2025-09-03 California Legislative Information

    Read third time and amended.

  12. 2025-09-03 California Legislative Information

    Read second time. Ordered to third reading.

  13. 2025-09-02 California Legislative Information

    Read second time and amended. Ordered to second reading.

  14. 2025-08-29 California Legislative Information

    From committee: Do pass as amended. (Ayes 11. Noes 0.) (August 29).

  15. 2025-08-20 California Legislative Information

    August 20 set for first hearing. Placed on APPR. suspense file.

  16. 2025-07-16 California Legislative Information

    Read second time and amended. Re-referred to Com. on APPR.

  17. 2025-07-15 California Legislative Information

    From committee: Do pass as amended and re-refer to Com. on APPR. (Ayes 9. Noes 0.) (July 14).

  18. 2025-07-07 California Legislative Information

    July 7 set for first hearing canceled at the request of author.

  19. 2025-07-02 California Legislative Information

    From committee: Do pass and re-refer to Com. on B. & F. with recommendation: To consent calendar. (Ayes 12. Noes 0.) (July 1). Re-referred to Com. on B. & F.

  20. 2025-06-23 California Legislative Information

    From committee with author's amendments. Read second time and amended. Re-referred to Com. on JUD.

  21. 2025-06-13 California Legislative Information

    June 24 set for second hearing canceled at the request of author.

  22. 2025-06-11 California Legislative Information

    June 17 set for first hearing canceled at the request of author.

  23. 2025-06-05 California Legislative Information

    Referred to Com. on JUD.

  24. 2025-05-29 California Legislative Information

    In Assembly. Read first time. Held at Desk.

  25. 2025-05-29 California Legislative Information

    Read third time. Passed. (Ayes 38. Noes 0. Page 1330.) Ordered to the Assembly.

  26. 2025-05-27 California Legislative Information

    Ordered to special consent calendar.

  27. 2025-05-23 California Legislative Information

    Read second time. Ordered to third reading.

  28. 2025-05-23 California Legislative Information

    From committee: Do pass. (Ayes 6. Noes 0. Page 1214.) (May 23).

  29. 2025-05-16 California Legislative Information

    Set for hearing May 23.

  30. 2025-05-05 California Legislative Information

    May 5 hearing: Placed on APPR. suspense file.

  31. 2025-04-25 California Legislative Information

    Set for hearing May 5.

  32. 2025-04-23 California Legislative Information

    From committee: Do pass and re-refer to Com. on APPR. with recommendation: To consent calendar. (Ayes 13. Noes 0. Page 838.) (April 22). Re-referred to Com. on APPR.

  33. 2025-04-11 California Legislative Information

    Set for hearing April 22.

  34. 2025-04-10 California Legislative Information

    From committee with author's amendments. Read second time and amended. Re-referred to Com. on JUD.

  35. 2025-04-02 California Legislative Information

    Re-referred to Com. on JUD.

  36. 2025-03-25 California Legislative Information

    From committee with author's amendments. Read second time and amended. Re-referred to Com. on RLS.

  37. 2025-03-12 California Legislative Information

    Referred to Com. on RLS.

  38. 2025-02-24 California Legislative Information

    Read first time.

  39. 2025-02-24 California Legislative Information

    From printer. May be acted upon on or after March 24.

  40. 2025-02-21 California Legislative Information

    Introduced. To Com. on RLS. for assignment. To print.

Official Summary Text

SB 822, Becker.
Unclaimed property: digital financial assets.
The Unclaimed Property Law (UPL) prescribes the circumstances under which intangible property escheats to the state, including how and when apparent owners must be notified that their property is at risk of escheating and the manner in which escheated property must be delivered to the State Controller. Intangible property is only subject to the UPL if the apparent owner’s last known address is within the state or, if that address is unknown, if there is another link to the state, as specified. Existing law provides how and when securities that escheat to the state pursuant to the UPL may be sold and how the securities or funds from their sale may be returned to their owner.
This bill would clarify that digital financial assets are a form of intangible property subject to the UPL. With regard to digital financial assets, the bill would specify that
an apparent owner’s last known address need not be a complete mailing address if the address is sufficient to identify that it is within the state. The bill would prescribe requirements for holders of digital financial assets to notify apparent owners prior to the assets escheating, which would include a form created by the Controller that may be returned to the holder by the apparent owner to restart the escheatment period, as specified. The bill would specify how escheated digital financial assets must be transferred from the holder to the Controller. The bill would authorize the Controller to select one or more custodians for the management and safekeeping of digital financial assets that have escheated to the state, as specified. The bill would authorize the Controller to convert digital financial assets to fiat currency, as specified. The bill would entitle a person who makes a valid claim for a digital financial asset delivered to the Controller to receive that digital financial asset or, if the asset
has been converted, to receive the net proceeds received by the Controller from the sale.

Current Bill Text

Read the full stored bill text 
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