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AB-2198 Unclaimed property: secure payment of claims.(2019-2020)

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Date Published: 06/04/2020 09:00 PM

Amended  IN  Assembly  June 04, 2020
Amended  IN  Assembly  May 04, 2020


Assembly Bill
No. 2198

Introduced by Assembly Member Ting

February 12, 2020

An act to add Section 1543 to the Code of Civil Procedure, relating to unclaimed property.


AB 2198, as amended, Ting. Unclaimed property: report to the Legislature. 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 require authorize the Controller, by January 1, 2022, Controller to implement additional measures designed to streamline the secure payment of claims, as specified.
Vote: MAJORITY   Appropriation: NO   Fiscal Committee: YES   Local Program: NO  

The people of the State of California do enact as follows:


 Section 1543 is added to the Code of Civil Procedure, to read:

 Notwithstanding Section 1540, by January 1, 2022, 1540, the Controller shall may do any of the following to streamline the secure payment of claims by doing all of the following: claims:

(a)For property worth five thousand dollars ($5,000) or less, if the Controller can identify the owner without the submission of claim documents, the Controller shall initiate a transfer of the property to the owner.


(a) Minimize the number of documents a claimant is required to submit for property under five thousand dollars ($5,000).


(b) Allow electronic submission of documentation to the Controller’s internet website for all claims. any claim deemed appropriate by the Controller.

(d)Increase the maximum threshold amount for claims that may be submitted online to ten thousand dollars ($10,000).

(c) Authorize the direct deposit by electronic fund transfer for the payment of an approved claim.