BILL NUMBER: AB 355	INTRODUCED
	BILL TEXT


INTRODUCED BY   Assembly Member Eduardo Garcia

                        FEBRUARY 17, 2015

   An act to amend Section 1530 of the Code of Civil Procedure,
relating to unclaimed property.


	LEGISLATIVE COUNSEL'S DIGEST


   AB 355, as introduced, Eduardo Garcia. Unclaimed property: safe
deposit boxes.
   Existing law, the Unclaimed Property Law, governs the disposition
of unclaimed property, including the escheat of certain property to
the state. Existing law provides for the escheat to the state of the
contents of, or proceeds of sale of the contents of, any safe deposit
box or any other safekeeping repository held in the state by a
business association, as specified. In cases where the contents of a
safe deposit box or other safekeeping repository escheat to the
state, existing law requires the business association to report to
the Controller certain information regarding the property and owner,
including a description of the property and the place where it is
held and may be inspected by the Controller.
   This bill would additionally require the business association to
include in its report to the Controller any name attached to an item
inside a safe deposit box or other safekeeping repository that is
different from the name of the owner.
   Vote: majority. Appropriation: no. Fiscal committee: no.
State-mandated local program: no.


THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:

  SECTION 1.  Section 1530 of the Code of Civil Procedure is amended
to read:
   1530.  (a) Every person holding funds or other property escheated
to  this   the  state under this chapter
shall report to the Controller as provided in this section.
   (b) The report shall be on a form prescribed or approved by the
Controller and shall include:
   (1) Except with respect to traveler's checks and money orders, the
name, if known, and last known address, if any, of each person
appearing from the records of the holder to be the owner of any
property of value of at least fifty dollars ($50) escheated under
this chapter. This paragraph shall become inoperative on July 1,
2014.
   (2) Except with respect to traveler's checks and money orders, the
name, if known, and last known address, if any, of each person
appearing from the records of the holder to be the owner of any
property of value of at least twenty-five dollars ($25) escheated
under this chapter. This paragraph shall become operative on July 1,
2014.
   (3) In the case of escheated funds of life insurance corporations,
the full name of the insured or annuitant, and his or her last known
address, according to the life insurance corporation's records.
   (4) In the case of the contents of a safe deposit box or other
safekeeping repository or in the case of other tangible property, a
description of the property  ,   including any name
attached to an item inside the safe deposit box or other safekeeping
repository that is different from the name of the owner,  and
the place where it is held and may be inspected by the Controller.
The report shall set forth any amounts owing to the holder for unpaid
rent or storage charges and for the cost of opening the safe deposit
box or other safekeeping repository, if any, in which the property
was contained.
   (5) The nature and identifying number, if any, or description of
any intangible property and the amount appearing from the records to
be due, except that items of value under twenty-five dollars ($25)
each may be reported in aggregate.
   (6) Except for any property reported in the aggregate, the date
when the property became payable, demandable, or returnable, and the
date of the last transaction with the owner with respect to the
property.
   (7) Other information which the Controller prescribes by rule as
necessary for the administration of this chapter.
   (c) If the holder is a successor to other persons who previously
held the property for the owner, or if the holder has changed his or
her name while holding the property, he or she shall file with his or
her report all prior known names and addresses of each holder of the
property.
   (d) The report shall be filed before November 1 of each year as of
June 30 or fiscal yearend next preceding, but the report of life
insurance corporations, and the report of all insurance corporation
demutualization proceeds subject to Section 1515.5, shall be filed
before May 1 of each year as of December 31 next preceding. The
initial report for property subject to Section 1515.5 shall be filed
on or before May 1, 2004, with respect to conditions in effect on
December 31, 2003, and all property shall be determined to be
reportable under Section 1515.5 as if that section were in effect on
the date of the insurance company demutualization or related
reorganization. The Controller may postpone the reporting date upon
his or her own motion or upon written request by any person required
to file a report.
   (e) The report, if made by an individual, shall be verified by the
individual; if made by a partnership, by a partner; if made by an
unincorporated association or private corporation, by an officer; and
if made by a public corporation, by its chief fiscal officer or
other employee authorized by the holder.