Existing law, the Unclaimed Property Law (UPL) , prescribes the circumstances under which personal property escheats to the state and prescribes the manner in which escheated property must be delivered to the State Controller. Existing law establishes the Unclaimed Property Fund, a continuously appropriated fund, for the purpose of receiving money under the UPL. Existing law requires all money received under the Unclaimed Property Law to be deposited into the Abandoned Property Account of the Unclaimed Property Fund, which includes the proceeds of abandoned and escheated property as well as interest and penalties related to the failure to deliver or the untimely delivery of such property.
This bill would deem a class action settlement payment to be abandoned if a class member cannot be located, does not file a claim for payment, or does not cash the settlement payment, as specified. The bill would provide that abandoned payments escheat to the state 90 days after their abandonment. The bill would make all class action settlements subject to these provisions. By increasing the revenue to a continuously appropriated fund, the bill would make an appropriation.

Statutes affected:
SB 849: 92010 EDC
02/21/25 - Introduced: 92010 EDC
03/26/25 - Amended Senate: 92010 EDC