AB 2031: Unclaimed property.

Official summary

Legislative Counsel’s Digest (official, as of the latest version). Written by nonpartisan legislative staff; reproduced verbatim.

Existing law, the Unclaimed Property Law, governs the disposition of unclaimed property, including the escheat of certain property to the state. Existing law provides that any intangible interest in a business association escheats to this state if (1) the interest in the association is owned by a person who for more than 3 years has neither claimed a dividend or other sum nor corresponded in writing with the association or otherwise indicated an interest, as specified, and (2) the association does not know the location of the owner.

This bill would apply the 2 conditions above to any security or other intangible interest in a business association. The bill would provide that a security or interest does not escheat if either (1) the business association issues to the owner a dividend or other distribution that is, at least once every 3 years, negotiated, redeemed, or automatically deposited in an owner’s account, as specified, or (2) the business association does not issue dividends or other distributions, or issues dividends that are automatically reinvested in the owner’s account, and the holder’s communication to the owner is not returned as undeliverable. The security or interest would escheat to the state, as specified, if the holder’s communication to the owner is returned as undeliverable. The security or interest would also escheat to the state if the business association or its agent issues a dividend or other distribution to the owner at least once per year, and over a 3-year period none of that dividend or other distribution is negotiated, redeemed, or automatically deposited in an owner’s account, except as specified. The bill would clarify that its provisions do not apply to a digital financial asset.

Sponsors

Sponsors by party (alphabetical): Democratic 1

“Support” is shown only as formal sponsorship recorded by the legislature. Roll-call votes are available on the official bill page.

Recent official actions

1. August 13, 2026In committee: Held under submission.
2. August 3, 2026In committee: Referred to APPR. suspense file.
3. July 1, 2026From committee: Do pass and re-refer to Com. on APPR. (Ayes 13. Noes 0.) (June 30). Re-referred to Com. on APPR.
4. June 15, 2026Re-referred to Com. on JUD.
5. June 12, 2026Re-referred to Com. on RLS.
6. June 12, 2026Withdrawn from committee.
7. June 11, 2026From committee chair, with author's amendments: Amend, and re-refer to committee. Read second time, amended, and re-referred to Com. on E., U & C.
8. June 3, 2026Referred to Com. on E., U & C.
9. May 21, 2026In Senate. Read first time. To Com. on RLS. for assignment.
10. May 21, 2026Read third time. Passed. Ordered to the Senate. (Ayes 68. Noes 0. Page 5229.)
11. May 14, 2026Read second time. Ordered to Consent Calendar.
12. May 13, 2026From committee: Do pass. To Consent Calendar. (Ayes 15. Noes 0.) (May 13).