SB 822: Unclaimed property: digital financial assets.

The bill clarifies that digital financial assets are a form of intangible property subject to the unclaimed property law. An apparent owner's last known address does not need to be a complete mailing address if it is sufficient to identify it as being within the state. Holders of digital financial assets must notify apparent owners prior to the assets escheating. A form created by the state controller can be used to restart the escheatment period. Escheated digital financial assets must be transferred from the holder to the state controller. The state controller can select custodians for the management and safekeeping of escheated digital financial assets. The state controller can convert digital financial assets to fiat currency. A person who makes a valid claim for an escheated digital financial asset can receive the asset or the net proceeds received by the controller from the sale.