Unclaimed property: time frames.
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AB 2209 — Unclaimed property: time frames.
Last action — From committee: Without further action pursuant to Joint Rule 62(a).
No card. One bill, free forever — alerts when it moves.
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✓Introduced
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2In Committee
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3Passed Assembly
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4Passed Senate
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5To Executive
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6Enacted
This bill died with 2017-2018 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.
Summary
The Unclaimed Property Law (UPL) prescribes the circumstances under which unclaimed personal property held by a banking or financial organization, business association, or other holder of personal property escheats to the state. The UPL specifies that any demand, savings, or matured time deposit, or account subject to a negotiable order of withdrawal, made with a banking organization escheats to the state if the owner, for more than 3 years, has not had specified activity on the account, except as specified. This bill would extend this 3-year period to 5 years. The UPL requires a banking or financial organization, if it has in its records an address for the apparent owner, which the records do not disclose to be inaccurate, to make reasonable efforts to notify by mail any owner that the owner deposit, account, shares, or other interest in the banking or financial organization will escheat to the state, as specified. Existing law requires the notice be given either not less than 2 years nor more than 2 12 years after the last activity by or with the owner, with respect to the account, deposit, shares, or other interest, or not less than 6 nor more than 12 months before the time the account, deposit, shares, or other interest becomes reportable to the Controller, as specified. This bill would extend the initial time frame, described above, of 2 years and nor more than 2 12 years after the last activity, to not less than 3 nor more than 3 12 years.
Bill Text
What changed in the latest version
1 added · 1 removed1 line(s) added, 1 removed.
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View plain text versions (2)
- Introduced 02/12/18 - Introduced Current pdf February 12, 2018
- AB2209 View text html
Action History
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From committee: Without further action pursuant to Joint Rule 62(a).
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In committee: Set, final hearing. Failed passage.
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In committee: Set, second hearing. Hearing canceled at the request of author.
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In committee: Set, first hearing. Hearing canceled at the request of author.
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Referred to Com. on JUD.
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From printer. May be heard in committee March 15.
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Read first time. To print.
Sponsors
- Steven S. Choi · Primary
Sponsorship breakdown
Export CSV (upgrade) →1 sponsors · 0 co-sponsors · 121 not signed on · 3 voted No
Sponsors (1)
- Choi, Steven S. Republican
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.
Votes
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Unaffiliated | 3 | 5 | 0 | 0 |
| Democratic | 0 | 2 | 0 | 0 |
| Total | 3 | 7 | 0 | 0 |
| % of votes cast | 30% | 70% | 0% | 0% |
How each member voted (10)
| Member | Party | Vote |
|---|---|---|
| Holden | — | Nay |
| Maienschein | — | Yea |
| Chau | — | Nay |
| Gonzalez Fletcher | — | Nay |
| Chiu | — | Nay |
| Kiley | — | Yea |
| Cunningham | — | Yea |
| Mark Stone | — | Nay |
| Kalra, Ash | Democratic | Nay |
| Reyes, Eloise Gómez | Democratic | Nay |
Subjects
Frequently asked questions
- What does AB 2209 do?
- The Unclaimed Property Law (UPL) prescribes the circumstances under which unclaimed personal property held by a banking or financial organization, business association, or other holder of personal property escheats to the state. The UPL specifies that any demand, savings, or matured time deposit, or account subject to a negotiable order of withdrawal, made with a banking organization escheats to the state if the owner, for more than 3 years, has not had specified activity on the account, except as specified. This bill would extend this 3-year period to 5 years. The UPL requires a banking or financial organization, if it has in its records an address for the apparent owner, which the records do not disclose to be inaccurate, to make reasonable efforts to notify by mail any owner that the owner deposit, account, shares, or other interest in the banking or financial organization will escheat to the state, as specified. Existing law requires the notice be given either not less than 2 years nor more than 2 12 years after the last activity by or with the owner, with respect to the account, deposit, shares, or other interest, or not less than 6 nor more than 12 months before the time the account, deposit, shares, or other interest becomes reportable to the Controller, as specified. This bill would extend the initial time frame, described above, of 2 years and nor more than 2 12 years after the last activity, to not less than 3 nor more than 3 12 years.
- Who sponsors AB 2209?
- AB 2209 is sponsored by Choi, Steven S. (Republican).
- What is the current status of AB 2209?
- This bill died with 2017-2018 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
- Where can I track AB 2209?
- Track AB 2209 free on One Click Politics — get push/email alerts when it moves.
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