Bill Text: CA AB1208 | 2021-2022 | Regular Session | Chaptered
Bill Title: Unclaimed property: secure payment of claims.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Passed) 2022-09-13 - Chaptered by Secretary of State - Chapter 270, Statutes of 2022. [AB1208 Detail]
Download: California-2021-AB1208-Chaptered.html
Assembly Bill
No. 1208
CHAPTER 270
An act to add Section 1543 to the Code of Civil Procedure, relating to unclaimed property.
[
Approved by
Governor
September 13, 2022.
Filed with
Secretary of State
September 13, 2022.
]
LEGISLATIVE COUNSEL'S DIGEST
AB 1208, Ting.
Unclaimed property: secure payment of claims.
The Unclaimed Property Law governs the disposition of unclaimed property, including the escheat of certain property to the state. Those provisions require a person holding funds or other property escheated to the state to report to the Controller certain information regarding the property and the owner, and set forth procedures whereby a person may file a claim to the property or to the net proceeds from its sale.
This bill would authorize the Controller to implement additional measures designed to streamline the secure payment of claims, as specified.
Digest Key
Vote: MAJORITY Appropriation: NO Fiscal Committee: YES Local Program: NOBill Text
The people of the State of California do enact as follows:
SECTION 1.
Section 1543 is added to the Code of Civil Procedure, to read:1543.
Notwithstanding Section 1540, the Controller may do any of the following to streamline the secure payment of claims:(a) Minimize the number of documents a claimant is required to submit for property valued at less than five thousand dollars ($5,000).
(b) Allow electronic submission of documentation to the Controller’s internet website for any claim deemed appropriate by the Controller.
(c) Authorize direct deposit by electronic fund transfer for the payment of an approved claim.
