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AB-1208 Unclaimed property: secure payment of claims.(2021-2022)

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Date Published: 02/19/2021 09:00 PM
AB1208:v99#DOCUMENT


CALIFORNIA LEGISLATURE— 2021–2022 REGULAR SESSION

Assembly Bill
No. 1208


Introduced by Assembly Member Ting

February 19, 2021


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


LEGISLATIVE COUNSEL'S DIGEST


AB 1208, as introduced, 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.
Vote: MAJORITY   Appropriation: NO   Fiscal Committee: YES   Local Program: NO  

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.