Bill > AB1447

This bill amends California's existing Unclaimed Property Law to clarify and improve the process of notifying property owners about unclaimed assets. Currently, when property is considered "escheated" (legally transferred to the state due to being unclaimed), the Controller is required to mail notices to property owners. The bill specifies that these notices should only be sent to valid, deliverable addresses. If the original address in the report is not deliverable, but the Controller can identify a corrected, valid address, the notice must be sent to that corrected address. This change aims to ensure that more property owners have the opportunity to be informed about and potentially reclaim their unclaimed property. The bill maintains existing requirements that the notice include details about the property, the holder of the property, and potential consequences if the owner does not claim the property, such as the possibility of the property being sold or destroyed. The goal is to improve communication with property owners and increase the likelihood that unclaimed assets are returned to their rightful owners.

Budget and Finance, Justice

https://leginfo.legislature.ca.gov/faces/billStatusClient.xhtml?bill_id=202520260AB1447