Unclaimed property: escheat to the state.
Vote required
Majority
Fiscal committee
No
Appropriation
No
Current location
Judiciary
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill amends California law regarding how the state notifies people about unclaimed property. Currently, the Controller must mail notices to individuals who appear to be entitled to property valued at $50 or more. The bill clarifies that the notice only needs to be sent to a valid deliverable address. If the listed address is invalid, the Controller must attempt to obtain and use a corrected valid address before sending the notice.
Key provisions
- Clarifies that notices for unclaimed property must be sent to a valid deliverable address.
- Requires the Controller to attempt to obtain and use a corrected valid deliverable address if the listed address is invalid.
- Specifies that the Controller can obtain a corrected address from the Franchise Tax Board using a social security number.
- Outlines the information that must be included in the mailed notice to the recipient.
- States the purpose of the notice is to inform owners about potential unclaimed property.
- Prohibits the use of Controller audit funds, legislative appropriations, photographs, or elected officials' names in the notice.
Who is affected
- Individuals who may be entitled to unclaimed property
- The Controller's office
- The Franchise Tax Board
- Property holders
- State residents
Notable changes
Bill text
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Sponsors
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1 on record
Primary sponsor
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