Today's Law As Amended

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AB-2773 Unclaimed property voluntary disclosure program.(2017-2018)



SECTION 1.

 Section 1577.6 is added to the Code of Civil Procedure, to read:

1577.6.
 (a) The Controller shall establish a program for the voluntary disclosure of unclaimed for the purpose of resolving and compromising claims for unclaimed property that is otherwise owing to the state under this chapter.
(b) A holder of unclaimed property that has exceeded its dormancy period that has not reported the property in accordance with applicable reporting deadlines may enroll into the unclaimed property voluntary disclosure program by doing all of the following:
(1) Executing a participation agreement with the Controller in a format accepted by the Controller.
(2) Accurately reviewing its books and records, and reporting all unclaimed property due to the Controller for the past 10 years, starting from the date when the holder’s intent to enter into an agreement under the program was accepted by the Controller.
(3) Making payment of the property in full, or entering into a payment plan, within 12 months from the date the holder’s intent to enter into an agreement under the program was accepted by the Controller, or by another date determined by the Controller.
(c) The Controller shall waive interest and penalty charges otherwise owed under Sections 1576 and 1577 for holders who are accepted into the unclaimed property voluntary disclosure program, complete the voluntary disclosures in good faith, and act consistently with program requirements.
(d) The Controller shall determine eligibility for the unclaimed property voluntary disclosure program. A holder is ineligible to participate in the program if the holder is the subject of an audit or investigation of compliance with this chapter at the time the request for participation is made.
(e) The Controller shall not audit the holder for the periods covered by a voluntary disclosure agreement under this section, unless the Controller reasonable determines that the holder has made a fraudulent or willful misrepresentation as to a voluntary disclosure.
(f) The Controller may adopt regulations for the implementation and enforcement of the unclaimed property voluntary disclosure program.
(g) This section shall remain in effect only until January 1, 2024, and as of that date is repealed, unless a later enacted statute that is enacted before January 1, 2024, deletes or extends that date.