24 Hrs
Source:
Los Angeles Times
California Legislation on Unclaimed Stocks
California is seeking to streamline its process for claiming abandoned securities through Assembly Bill 1447, sponsored by State Controller Malia Cohen. The bill aims to clarify when the state can seize assets like stocks and mutual funds if owners do not respond to notices, potentially increasing the amount of unclaimed property transferred to the state's general fund. Business groups oppose the bill, warning it could lead to more aggressive seizures, similar to Florida’s practices, and criticize it for potentially reducing the chances for owners to reclaim their assets. The legislation is currently under review in the Senate Judiciary Committee.
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