Overview
- SB 822, signed by Gov. Gavin Newsom, adds “digital financial assets” to California’s Unclaimed Property Law.
- Dormant custodial accounts escheat after three years of no owner contact, with a pre‑escheat notice required 6–12 months in advance using a Controller‑approved form that can restart the clock.
- After final reporting, holders must deliver the exact asset in kind within 30 days, including any keys needed for transfer, to a custodian chosen by the State Controller and licensed by the DFPI.
- The Controller may convert holdings to cash only between 18 and 20 months after reporting, and successful claimants receive the asset if still held or the net sale proceeds if conversion occurred.
- Self‑custody wallets and platform‑only items such as loyalty points or in‑game currencies are outside the law’s scope, while groups like Coinbase and CBAC back the measure as a template for other states.