California 2011-2012 Regular Session Status: Enacted

SB 495 — Unclaimed property.

Last action — Chaptered by Secretary of State. Chapter 305, Statutes of 2011.

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. ✓
    Passed Senate
  4. ✓
    Passed Assembly
  5. ✓
    To Executive
  6. 6
    Enacted

This bill has been enacted into law. Introduced February 17, 2011. Enacted.

Prognosis

Likely to advance 70% · moderate confidence

Where this bill stands today.

Odds of enactment

High

How often bills like it became law.

  • Enacted

    Current position in the legislative process.

  • 1 sponsor

    1 primary, 0 co-sponsors signed on.

  • Cleared a recorded vote

    Passed 8 recorded votes so far.

Prognosis reads this bill's own signals — stage, sponsorship breadth, committee status, recorded votes and cross-state momentum. Odds come from a model trained on which bills have become law.

Summary

(1) Existing law provides that the contents of a safe deposit box, or the proceeds of their sale, held in this state by a business association escheat to the state if unclaimed by the owner for more than 3 years, as specified. This bill would make a clarifying, technical change to this provision. (2) Existing law specifies the circumstances under which property held or owing by a business association escheats to the state, including funds the business association holds in a retirement account or plan. Existing law also specifies the circumstances under which tangible and intangible personal property, and income and increments to that property, held in a fiduciary capacity escheat to the state if the owner fails to take certain actions within a period of 3 years after the property becomes payable or distributable to him or her. This bill would specify additional circumstances under which certain funds in retirement accounts and plans become due and payable for purposes of escheat and would exempt tangible or intangible property from escheating to the state if the fiduciary and owner of the property have taken certain actions regarding the property. (3) Existing law requires a person holding funds or other property escheated to the state to file a report with the Controller and to pay or deliver the escheated property to the Controller within a specified time, unless another person has established his or her right to any of the property specified in the report. Under existing law, the person holding the property is required to report that property to the Controller as well as any other property that does not appear to be subject to escheat. This bill would instead require the person holding the property to report to the Controller only the property subject to escheat. The bill would make additional technical changes. (4) Existing law requires that property delivered to the Controller that has no apparent commercial value be retained for a period of not less than 18 months from the date the property is delivered. This bill would require that this property be retained for a period of not less than 7 years.

Bill Text

Action History

  1. Chaptered by Secretary of State. Chapter 305, Statutes of 2011.

  2. Approved by the Governor.

  3. Enrolled and presented to the Governor at 4:30 p.m.

  4. Assembly amendments concurred in. (Ayes 38. Noes 0. Page 2149.) Ordered to engrossing and enrolling.

  5. In Senate. Concurrence in Assembly amendments pending.

  6. Read third time. Passed. (Ayes 71. Noes 3. Page 2581.) Ordered to the Senate.

  7. Ordered to third reading.

  8. Read third time and amended. (Page 2453.)

  9. Ordered to third reading.

  10. From consent calendar.

  11. Read second time. Ordered to consent calendar.

  12. From committee: Do pass. Ordered to consent calendar. (Ayes 16. Noes 0.) (July 13).

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

  14. From committee: Do pass and re-refer to Com. on APPR. with recommendation: To consent calendar. (Ayes 10. Noes 0.) (June 21). Re-referred to Com. on APPR.

  15. Referred to Com. on JUD.

  16. In Assembly. Read first time. Held at Desk.

  17. Read third time. Passed. (Ayes 39. Noes 0. Page 1282.) Ordered to the Assembly.

  18. Ordered to special consent calendar.

  19. Read second time. Ordered to third reading.

  20. From committee: Do pass. (Ayes 9. Noes 0. Page 1118.) (May 26).

  21. Set for hearing May 26.

  22. Placed on APPR. suspense file.

  23. Set for hearing May 23.

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

  25. From committee: Do pass as amended and re-refer to Com. on APPR. (Ayes 5. Noes 0. Page 860.) (May 3).

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

  27. Set for hearing May 3.

  28. Referred to Com. on JUD.

  29. From printer. May be acted upon on or after March 20.

  30. Introduced. Read first time. To Com. on RLS. for assignment. To print.

Sponsors

  • Fuller · Primary

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 121 not signed on

Sponsors (1)

  • Fuller

Co-sponsors (0)

None.

Not signed on (121)

121 members have not signed on to this bill.

Show all 121 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Votes

Unfinished Business SB495 Fuller Concurrence

Passed 38 Yea · 0 Nay · 2 Other
Party YeaNayPresentNot Voting
Unaffiliated 35002
Republican 1000
Democratic 2000
Total 38002
% of votes cast 95%0%0%5%
How each member voted (40)
Member Party Vote
Yee — Yea
Hancock — Yea
Hernandez — Yea
Blakeslee — Yea
Huff — Yea
Liu — Yea
Walters — Yea
Wolk — Yea
Lowenthal — Yea
Cannella — Yea
De León — Yea
Negrete McLeod — Yea
Rubio — Yea
Runner — Not Voting
Fuller — Yea
Dutton — Yea
Harman — Not Voting
Anderson — Yea
Leno — Yea
Pavley — Yea
Steinberg — Yea
Vargas — Yea
Wright — Yea
Alquist — Yea
Kehoe — Yea
Lieu — Yea
Price — Yea
Simitian — Yea
Wyland — Yea
Corbett — Yea
Emmerson — Yea
Correa — Yea
Evans — Yea
DeSaulnier — Yea
Beth Gaines — Yea
Bill Berryhill — Yea
La Malfa — Yea
Calderon, Lisa Democratic Yea
Padilla, Stephen C. Democratic Yea
Strickland, Tony Republican Yea

Official roll call →

SB 495 Fuller Senate Third Reading By BERRYHILL

Passed 71 Yea · 3 Nay · 6 Other
Party YeaNayPresentNot Voting
Unaffiliated 68306
Republican 2000
Democratic 1000
Total 71306
% of votes cast 89%4%0%8%
How each member voted (80)
Member Party Vote
Hagman — Yea
Feuer — Yea
Furutani — Yea
Galgiani — Yea
Fong — Yea
Butler — Yea
Gordon — Yea
Halderman — Yea
Hall — Yea
Hayashi — Yea
Carter — Yea
Portantino — Yea
John A. Pérez — Yea
Mitchell — Yea
Hill — Yea
Fletcher — Yea
Huber — Yea
Jeffries — Yea
Cedillo — Yea
Atkins — Yea
Lara — Yea
Ammiano — Yea
Logue — Yea
Block — Yea
Chesbro — Yea
Conway — Yea
Cook — Yea
Davis — Yea
Donnelly — Yea
Mendoza — Yea
Miller — Yea
Monning — Yea
Morrell — Yea
Nestande — Yea
Nielsen — Yea
Olsen — Yea
Pan — Yea
Silva — Yea
Skinner — Yea
Solorio — Yea
Swanson — Yea
Wagner — Yea
Wieckowski — Yea
Campos — Not Voting
Allen — Nay
Bonilla — Not Voting
Gatto — Nay
Gorell — Not Voting
Hueso — Not Voting
Norby — Nay
Torres — Not Voting
Achadjian — Yea
Alejo — Yea
Beall — Yea
Blumenfield — Yea
Bradford — Yea
Brownley — Yea
Buchanan — Yea
Harkey — Yea
Huffman — Yea
Knight — Yea
Ma — Yea
Mansoor — Yea
Perea — Yea
Smyth — Yea
Valadao — Yea
Williams — Not Voting
Eng — Yea
Dickinson — Yea
Yamada — Yea
Fuentes — Yea
Garrick — Yea
Beth Gaines — Yea
Bill Berryhill — Yea
Bonnie Lowenthal — Yea
Roger Hernández — Yea
V. Manuel Pérez — Yea
Calderon, Lisa Democratic Yea
Grove, Shannon Republican Yea
Jones, Brian W. Republican Yea

Official roll call →

Do pass, to Consent Calendar.

Passed 16 Yea · 0 Nay · 1 Other
Party YeaNayPresentNot Voting
Unaffiliated 15001
Democratic 1000
Total 16001
% of votes cast 94%0%0%6%
How each member voted (17)
Member Party Vote
Hall — Yea
Hill — Yea
Mitchell — Not Voting
Campos — Yea
Davis — Yea
Dickinson — Yea
Donnelly — Yea
Lara — Yea
Nielsen — Yea
Norby — Yea
Solorio — Yea
Wagner — Yea
Blumenfield — Yea
Bradford — Yea
Harkey — Yea
Fuentes — Yea
Calderon, Lisa Democratic Yea

Official roll call →

Special Consent #4

Passed 39 Yea · 0 Nay · 1 Other
Party YeaNayPresentNot Voting
Unaffiliated 36001
Republican 1000
Democratic 2000
Total 39001
% of votes cast 98%0%0%3%
How each member voted (40)
Member Party Vote
Yee — Yea
Wyland — Yea
Evans — Yea
Cannella — Yea
Fuller — Yea
Hancock — Yea
Lowenthal — Yea
Corbett — Yea
De León — Yea
Harman — Yea
Negrete McLeod — Yea
Hernandez — Yea
Rubio — Yea
Huff — Yea
Kehoe — Yea
Runner — Not Voting
Blakeslee — Yea
Dutton — Yea
Leno — Yea
Lieu — Yea
Liu — Yea
Pavley — Yea
Steinberg — Yea
Walters — Yea
Wolk — Yea
Wright — Yea
Alquist — Yea
Anderson — Yea
Price — Yea
Simitian — Yea
Vargas — Yea
Emmerson — Yea
Correa — Yea
DeSaulnier — Yea
Beth Gaines — Yea
Bill Berryhill — Yea
La Malfa — Yea
Calderon, Lisa Democratic Yea
Padilla, Stephen C. Democratic Yea
Strickland, Tony Republican Yea

Official roll call →

Do pass.

Passed 9 Yea · 0 Nay
Party YeaNayPresentNot Voting
Unaffiliated 9000
Total 9000
% of votes cast 100%0%0%0%
How each member voted (9)
Member Party Vote
Runner — Yea
Kehoe — Yea
Lieu — Yea
Pavley — Yea
Price — Yea
Steinberg — Yea
Alquist — Yea
Walters — Yea
Emmerson — Yea

Official roll call →

Placed on Appropriations Suspense file.

Passed 9 Yea · 0 Nay
Party YeaNayPresentNot Voting
Unaffiliated 9000
Total 9000
% of votes cast 100%0%0%0%
How each member voted (9)
Member Party Vote
Runner — Yea
Kehoe — Yea
Lieu — Yea
Price — Yea
Steinberg — Yea
Alquist — Yea
Pavley — Yea
Walters — Yea
Emmerson — Yea

Official roll call →

Subjects

finance
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does SB 495 do?
(1) Existing law provides that the contents of a safe deposit box, or the proceeds of their sale, held in this state by a business association escheat to the state if unclaimed by the owner for more than 3 years, as specified. This bill would make a clarifying, technical change to this provision. (2) Existing law specifies the circumstances under which property held or owing by a business association escheats to the state, including funds the business association holds in a retirement account or plan. Existing law also specifies the circumstances under which tangible and intangible personal property, and income and increments to that property, held in a fiduciary capacity escheat to the state if the owner fails to take certain actions within a period of 3 years after the property becomes payable or distributable to him or her. This bill would specify additional circumstances under which certain funds in retirement accounts and plans become due and payable for purposes of escheat and would exempt tangible or intangible property from escheating to the state if the fiduciary and owner of the property have taken certain actions regarding the property. (3) Existing law requires a person holding funds or other property escheated to the state to file a report with the Controller and to pay or deliver the escheated property to the Controller within a specified time, unless another person has established his or her right to any of the property specified in the report. Under existing law, the person holding the property is required to report that property to the Controller as well as any other property that does not appear to be subject to escheat. This bill would instead require the person holding the property to report to the Controller only the property subject to escheat. The bill would make additional technical changes. (4) Existing law requires that property delivered to the Controller that has no apparent commercial value be retained for a period of not less than 18 months from the date the property is delivered. This bill would require that this property be retained for a period of not less than 7 years.
Who sponsors SB 495?
SB 495 is sponsored by Fuller.
What is the current status of SB 495?
This bill has been enacted into law. Introduced February 17, 2011. Enacted.
Where can I track SB 495?
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