State bill targets abandoned stocks and mutual funds
By The BriefBrief
California’s State Controller Malia Cohen sponsored Assembly Bill 1447 to streamline how the state takes custody of securities when owners are deemed absent. Current law allows securities to be declared abandoned if owners don’t log in or show interest for three years, but business groups and some Democratic lawmakers oppose the proposal.
WHO:State Controller Malia Cohen; business groups; Democratic lawmakers
WHAT:Assembly Bill 1447 would 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 is intended to streamline the process for California to take custody of securities when the owner is deemed absent.
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