California Financial Code

§ 3503

FIN § 3503 Effective Jan 1, 2024Div. 1.25 · Ch. 5

Statute text

(a)(1) A covered person that has control of a digital financial asset for one or more persons shall at all times maintain in its control an amount of each type of digital financial asset sufficient to satisfy the aggregate entitlements of the persons to the type of digital financial asset.

(2)If a covered person violates this subdivision, the property interests of the persons in the digital financial asset are pro rata property interests in the type of digital financial asset to which the persons are entitled without regard to the time the persons became entitled to the digital financial asset or the covered person obtained control of the digital financial asset.

(b)A digital financial asset maintained for purposes of compliance with this section shall meet all of the following criteria:

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Legislative history

Added by Stats. 2023, Ch. 792, Sec. 1. (AB 39) Effective January 1, 2024.