SB 1066 seeks to improve California’s unclaimed property by aligning incentives and policies that are consumer friendly to property holders in three distinct ways:
- It would give owners more time before property is deemed abandoned, reducing the risk that property is turned over to the state too soon.
- It would require the State Controller to retain escheated property in the same form in which it was received, helping preserve the assets’ value and making recovery easier for the owner.
- It would incentivize the quick processing and return of property once an application is submitted by allowing interest to be applied commencing the date of the submitted application.