Unclaimed property.

The Unclaimed Property Law prescribes the circumstances under which property escheats to the state. Existing law provides different requirements for escheatment of various types of property, including the time period for escheatment to the state. Existing law provides that the Controller may liquidate various forms of property after escheatment.

This bill would increase the time for escheatment of all forms of property to 7 years from the last contact with the owner, as specified. This bill would require the Controller to maintain the property in the form in which it was escheated, as specified.