SACRAMENTO, CA — The California State Controller’s Office (SCO) has announced a broad modernization of the state’s Unclaimed Property Program. Guided by new legislation and improved technology, the initiative is designed to enhance security, increase efficiency, and simplify the experience for both reporting businesses (“holders”) and claimants.

What’s changing

New Unclaimed Property Management System

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California is replacing its legacy platform with a new Unclaimed Property Management System. The upgrade introduces:

• A modern online reporting portal for businesses, built to support faster, more reliable submissions.
  
  
• Digitized workflows that reduce manual handling and improve transparency from intake through review.
  
  
• Automated fraud-detection tools to better identify irregular submissions and protect rightful owners.
  
  

Expected impact on timelines

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The Unclaimed Property Division is currently experiencing high claim volumes. While short-term demand may affect throughput, the new system is intended to shorten processing times over the long term by improving the way reports and claims are received, validated, and routed. Under current law, the Controller’s Office may take up to 180 days to review a complete claim package.

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For businesses (holders)

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Voluntary Compliance Program (VCP)

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To encourage accurate reporting of past-due items, California has implemented a Voluntary Compliance Program. Businesses that enroll and satisfy all program requirements may qualify for interest waivers. The VCP is intended to:

• Bring older liabilities into compliance,
  
  
• Reduce future audit exposure, and
  
  
• Standardize internal processes for ongoing reporting.
  
  

Holder readiness checklist (high-level):

• Review internal records for dormant accounts and unresolved credits.
  
  
• Align procedures with current California requirements for due diligence, reporting, and remittance.
  
  
• Consider VCP participation if prior-period items exist.
  
  

For claimants (the public)

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What this modernization means for you

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The system changes aim to make it easier to find and claim property by improving clarity of instructions and status visibility during review. Californians are encouraged to search periodically for property held in their name, especially if they have moved, changed names, or closed accounts in recent years.

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Processing expectations

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• Claims are handled in the order received.
  
  
• The up to 180-day review window applies once a claim is complete.
  
  
• Responding promptly to any follow-up requests helps prevent avoidable delays.
  
  

Clarifications on newer asset types

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Virtual currency

Recent legislation clarifies how virtual currency is treated within California’s program, aligning procedures with the realities of digital assets while preserving consumer protections.

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Class-action settlement payments

Updates also clarify the handling of class-action settlement payments, helping ensure consistent treatment and routing under the state’s unclaimed property framework.

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Security, integrity, and public trust

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• Stronger authentication and review: The system’s digital workflows and analytics are intended to reduce fraud risk without adding unnecessary friction for legitimate claimants.
  
  
• Data protection: Modernized intake and handling are designed to protect sensitive information while the state safeguards assets until they are claimed.
  
  

Transition considerations

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• Short-term adjustments: As the new system comes online, some services may experience brief maintenance windows. The goal is to minimize disruptions while delivering a more stable and user-friendly platform.
  
  
• Continuous improvement: The SCO will continue refining processes based on usage patterns, fraud-prevention needs, and stakeholder feedback.
  
  

Frequently asked (at a glance)

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Is there a deadline to file a claim?
- Unclaimed property is held on behalf of rightful owners; claims can generally be filed at any time, subject to state rules.

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Who issues payment?
- After approval, payment is issued by the State of California.

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Why might my claim take longer?
- High volume, incomplete documentation, or complex ownership (multiple owners, estates, trusts) may require additional review.

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How residents and businesses can prepare now

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Residents & heirs

• Search periodically for your name (and prior names) and old addresses.
  
  
• Keep current contact details ready if you start a claim, and respond quickly to any state requests.
  
  

Businesses

• Verify you are following current California due-diligence and reporting procedures.
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• Evaluate participation in the Voluntary Compliance Program if you have past-due items.