SACRAMENTO – California Assemblywoman Christy Smith (D-Santa Clarita) passed Assembly Bill 1637 out of the Judiciary Committee Tuesday. Co-authored by Smith and California Senator Scott Wilk (R-Santa Clarita), the bill allows the State Controller’s Office to return unclaimed property directly to state and local entities (e.g. cities, schools, agencies) without requiring these entities to file a claim.
“It is important our local cities, schools and agencies are equipped with the best resources, and that starts with returning unclaimed property,” Smith said. “SCO currently protects property in your name, but the Office cannot act on their own accord and send money to whomever is entitled to the money. I am proud to work with State Controller Betty Yee to cut through red tape and return local money to local jurisdictions.”
As of January 2019, the SCO is holding more than 48 million properties, worth an estimated $9.3 billion. Roughly 293,000 properties, worth approximately $31.3 million, belong to state and local government entities.
In 38th Assembly District alone, there is unclaimed property for local government entities in these communities:
· 58 properties valued at $11,521.08 in Santa Clarita
· 7 properties valued at $505.85 in Canyon Country
· 25 properties valued at $3,176.68 in Valencia
· 59 properties valued at $9,442.37 in Simi Valley
· 15 properties valued at $2,187.47 in Chatsworth
· 6 properties valued at $995.40 in Northridge
AB 1637 passed the Judiciary Committee unanimously and is now going to the Assembly Floor for a vote.
Smith represents California’s 38th Assembly District, which includes the communities of Santa Clarita, Simi Valley, Agua Dulce, Castaic, Santa Susana Knolls and North San Fernando Valley.