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 Bill Text - AB-1052 Digital financial assets.

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 |Add To My Favorites |Track Bill | Version: 07/03/25 - Amended Senate
 05/23/25 - Amended Assembly
 05/01/25 - Amended Assembly
 03/28/25 - Amended Assembly
 02/20/25 - Introduced

 AB-1052 Digital financial assets.(2025-2026)

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 Date Published: 07/03/2025 09:00 PM

AB1052:v95#DOCUMENTBill Start

 Amended
 IN 
 Senate
 July 03, 2025

 Amended
 IN 
 Assembly
 May 23, 2025

 Amended
 IN 
 Assembly
 May 01, 2025

 Amended
 IN 
 Assembly
 March 28, 2025

 CALIFORNIA LEGISLATURE—
 2025–2026 REGULAR SESSION

 Assembly Bill

No. 1052

Introduced by Assembly Member Valencia

February 20, 2025

 An act to amend Sections 1501 and 1520 of, and to add Sections 1516.5 and 1516.6 to, the Code of Civil Procedure, and to add Section 3802 to the Financial Code, relating to digital assets.

LEGISLATIVE COUNSEL'S DIGEST

AB 1052, as amended, Valencia.
 Digital financial assets.

The Digital Financial Assets Law generally regulates digital financial assets and digital financial asset business activity. On or after July 1, 2026, the law prohibits a person from engaging in digital financial asset business activity unless the person is licensed by the Department of Financial Protection and Innovation or is exempt from that licensure requirement, as specified.

This bill would authorize an individual or business located within this state to accept payment in the form of a digital financial asset for the sale of any goods or services, and it would deem the use of a digital financial asset as a form of payment in a private transaction to be valid and legal consideration.

The Unclaimed Property Law provides that all intangible personal property of an apparent owner whose last known address or domicile was in the state, including intangible personal property maintained in a deposit or an account, which is held in a fiduciary capacity for the benefit of another person, escheats to the state if for more than 3 years after it becomes payable or distributable, the apparent owner has not taken specified actions showing an interest in or control of the property.

This bill would provide that intangible property held in a digital financial asset account escheats to the state 3 years after either written or electronic communication to the owner is returned undelivered, or the date of the last exercise of ownership interest, as defined, by the owner. The bill would require the holder of a private
 key for a digital financial asset account that has escheated to the state to transfer the digital financial asset to a custodian designated by the Controller. The bill would require authorize the Controller to appoint a custodian no later than January 1, 2027, as specified. that holds a valid license issued by the Department of Financial Protection and
 Innovation, as specified.

Digest Key

 Vote:
 MAJORITY 
 Appropriation:
 NO 
 Fiscal Committee:
 YES 
 Local Program:
 NO 

Bill Text

The people of the State of California do enact as follows:

SECTION 1.

 Section 1501 of the Code of Civil Procedure is amended to read:

1501.

 As used in this chapter, unless the context otherwise requires:

(a) “Apparent owner” means the person who appears from the records of the holder to be entitled to property held by the holder.

(b) “Banking organization” means any national or state bank, trust company, banking company, land bank, savings bank, safe-deposit company, private banker, or any similar organization.

(c) “Business association” means any private corporation, joint stock company, business trust, partnership, or any association for business purposes of two or more individuals, whether or not for profit, including, but
 not by way of limitation, a banking organization, financial organization, life insurance corporation, and utility.

(d) “Digital account holder” means a customer account, wallet, or other repository device maintained by an owner with a holder, which could contain one or more types of digital financial assets, fiat currency, or other property.

(e) “Digital financial asset” means a virtual currency, cryptocurrency, or other digital-only asset that confers economic, proprietary, or access rights or powers.
 has the same meaning as defined in subdivision (g) of Section 3102 of the Financial Code.

(f) “Financial organization” means any federal or state savings and loan association, building and loan association, credit