Unclaimed property
Unclaimed-money claimants could earn interest under SB 1066
Senator Roger Niello’s SB 1066 would pay simple interest from the day a successful claim is filed, at the lower of 5% or the 13-week Treasury bill rate. It would also keep securities and digital assets in kind when the state still holds them.
California owners trying to reclaim unclaimed money or property could get more back under SB 1066. The bill would add interest to successful claims and require the state to return securities and digital assets in their original form when possible.
- Successful claimants would get interest from the day they file.
- The rate would be capped at 5% or the 13-week Treasury bill rate.
- California would try to return securities in kind, not cash them out first.
- Digital financial assets would also stay in kind when possible.
- The dormancy period would rise to seven years from last contact.
In California, people trying to reclaim forgotten money or property could get a better payoff under SB 1066. Senator Roger Niello’s bill would pay simple interest on successful unclaimed-property claims from the day the claim is filed until the property is returned, while telling the Controller to keep property in the form it was escheated whenever possible.
Interest while the claim waits
That interest would not be open-ended. The rate would be the lower of 5% a year or the bond-equivalent rate on 13-week U.S. Treasury bills, which keeps the payment tied to a market benchmark instead of letting it drift higher.
For people waiting on cash that has sat with the state, the change matters because the clock starts when the claim is filed, not after a longer fight over paperwork or ownership. Successful claimants would receive interest all the way until the property is back in their hands.
Why the asset itself matters
The bill also tries to avoid turning everything into cash first. If securities are still in custody, the owner would get the securities back. If they have already been sold, the owner would get the net proceeds instead.
Digital financial assets get similar treatment. They could be converted to fiat currency 18 to 20 months after the report is filed, but if they are still held when a claim is approved, the owner would get the digital assets themselves rather than a cash substitute.
A longer clock before property goes dormant
SB 1066 would also stretch the dormancy period to seven years from the owner’s last contact before property is treated as unclaimed and turned over. That gives Californians more time before old accounts, securities or other assets land with the state instead of staying in private hands. Available vote records show the bill advanced without recorded no votes.