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 |Add To My Favorites |Track Bill | Version: 04/09/25 - Amended Assembly
 03/24/25 - Amended Assembly
 02/21/25 - Introduced

 AB-1447 Unclaimed property: notice.(2025-2026)

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 Date Published: 04/09/2025 09:00 PM

AB1447:v97#DOCUMENTBill Start

 Amended
 IN 
 Assembly
 April 09, 2025

 Amended
 IN 
 Assembly
 March 24, 2025

 CALIFORNIA LEGISLATURE—
 2025–2026 REGULAR SESSION

 Assembly Bill

No. 1447

Introduced by Assembly Member Gipson

February 21, 2025

An act to amend Section 1531 of the Code of Civil Procedure, relating to unclaimed property.

LEGISLATIVE COUNSEL'S DIGEST

AB 1447, as amended, Gipson.
 Unclaimed property: notice.

Existing law, the Unclaimed Property Law, governs the disposition of unclaimed property, including the escheat of certain property to the state. Existing law requires every person holding funds or other property that escheated to the state to submit a report to the Controller that includes, among other items, the name and last known address of each person appearing to be the owner of any property, as specified. Existing law requires the Controller, within 165 days of the final date for filing such a report, to mail a notice to each person who appears to be entitled to property valued $50 or more and whose address is listed in the report or is obtained from the Franchise Tax Board, as specified.

This bill would provide that the notice described above need only be sent to an address listed in the report or obtained from the Franchise Tax Board
 when it is a valid deliverable address. The bill would specify that if the address listed in the report is not a valid deliverable address, but the Controller identifies a corrected valid deliverable address, the Controller must mail the notice to the corrected valid deliverable address.

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 1531 of the Code of Civil Procedure is amended to read:

1531.

 (a) Within one year after payment or delivery of escheated property as required by Section 1532, the Controller shall cause a notice to be published in a manner that the Controller determines to be reasonable, which may include, but not be limited to, newspapers, internet websites, radio, television, or other media. In carrying out this duty, the Controller shall not use any of the following:

(1) Money appropriated for the Controller’s audit programs.

(2) More money than the Legislature appropriates for this subdivision’s purpose.

(3) A photograph in a notice.

(4) An elected official’s name in a notice.

(b) (1) Within 165 days after the final date for filing the report required by Section 1530, the Controller shall mail a notice to each person having an address listed in the report who appears to be entitled to property of the value of fifty dollars ($50) or more escheated under this chapter, provided the address is a valid deliverable address. If the report filed pursuant to Section 1530 includes a social security number, the Controller shall request the Franchise Tax Board to provide a current address for the apparent owner on the basis of that number. The Controller shall mail the notice to the apparent owner for whom a
 current address is obtained if the address is different from the address previously reported to the Controller. If the Franchise Tax Board does not provide an address or a different address, then the Controller shall mail the notice to the address listed in the report required by Section 1530, provided the address is a valid deliverable address.

(2) If the apparent owner’s address listed in the report required by Section 1530 is not a valid deliverable address, but the Controller identifies a corrected valid deliverable address, the Controller shall mail the notice to the corrected valid deliverable address.

(c) The mailed notice shall contain all of the following:

(1) A statement that, according to a report filed with the Controller, property is being held to which the addressee appears entitled.

(2) The name and address of the person holding the property and any necessary information regarding changes of name and address of the holder.

(3) A statement that, if satisfactory proof of claim is not presented by the owner to the holder by the date specif