CA AB1052

Establishes that property held in digital financial asset accounts escheats to the state after 3 years from either the date communications to the owner are returned undelivered or the last exercise of ownership interest by the owner

Defines "exercise of ownership interest" to include conducting transactions, electronically accessing the account, activity on other accounts with the same holder, or any action demonstrating the owner knows the property exists

Requires holders with full control of private keys for escheated digital financial assets to transfer the assets in their native form to the Controller; holders with only partial keys must maintain the assets until transfer becomes possible

Authorizes the Controller to select one or more custodians licensed by the Department of Financial Protection and Innovation to manage escheated digital financial assets, considering factors such as secure storage, cybersecurity, regulatory compliance, and anti-money laundering obligations

Adds "digital financial asset account" and related terms to the Unclaimed Property Law definitions, with "digital financial asset" defined by reference to Section 3102(g) of the Financial Code