Event Brief
UPDATED Aug 25, 2026 at 7:00 AM ET
Aug 24, 2026 at 6:00 PM ET
Bill would speed seizure of abandoned stocks
By The BriefBrief
California Assembly Bill 1447, sponsored by State Controller Malia Cohen, would streamline how the state takes custody of securities when owners are deemed absent. Current law allows securities to be declared abandoned after three years without account activity or inquiries, but business groups and some Democrats oppose the proposal.
WHO: State Controller Malia Cohen; business groups; Democratic lawmakers
WHAT: Proposed legislation (AB 1447) to define and streamline California’s process for taking custody of abandoned stocks and mutual funds.
WHEN: Reported Aug 24, 2026 at 5:00 PM ET
WHERE: California
WHY: The bill would change the process for how California declares securities abandoned and takes custody when owners have not logged in or shown interest for three years.
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