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Bill

SB 1066

Unclaimed property.

2025-2026 Regular Session Introduced by Roger Niello

SB 1066 modifies California's unclaimed property laws governing dormant accounts and forgotten assets held by businesses and financial institutions.

Referred to Com. on JUD.
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WeVote Research Nonpartisan
Bill Summary · SB 1066

Legislative bill overview

SB 1066 addresses California's unclaimed property laws, which govern funds that have been dormant or forgotten by their owners and are held by businesses, financial institutions, and other entities. The bill was recently introduced and is currently in the Rules Committee awaiting assignment to substantive committees for review.

Why is this important

Unclaimed property affects millions of Californians who have forgotten bank accounts, insurance payouts, utility deposits, and other assets. The state currently holds billions in unclaimed funds, and changes to these laws can impact both how easily individuals can claim their property and how states manage these assets.

Potential points of contention

  • Holding period changes: Any modification to how long businesses must hold dormant funds before turning them over to the state could affect both consumers seeking recovery and businesses managing liability
  • Escheat fund usage: Debate may arise over whether unclaimed property should remain dedicated to returning funds to owners or be used for general state revenue purposes
  • Compliance burden: Changes could increase or decrease regulatory requirements for businesses holding unclaimed property, affecting small businesses differently than large corporations

Compiled from official sources — confirm details with the bill’s official record.

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