AB 355, as amended, 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 tobegin delete an itemend deletebegin insert
a United States savings bond or military awardend insert 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 1530 of the Code of Civil Procedure is
2amended to read:
(a) Every person holding funds or other property
4escheated to the state under this chapter shall report to the
5Controller as provided in this section.
6(b) The report shall be on a form prescribed or approved by the
7Controller and shall include:
8(1) Except with respect to traveler’s checks and money orders,
9the name, if known, and last known address, if any, of each person
10appearing from the records of the holder to be the owner of any
11property of value of at least fifty dollars ($50) escheated under
12this chapter. This paragraph shall become inoperative on July 1,
132014.
14(2) Except with respect to traveler’s checks and money orders,
15the
name, if known, and last known address, if any, of each person
16appearing from the records of the holder to be the owner of any
17property of value of at least twenty-five dollars ($25) escheated
18under this chapter. This paragraph shall become operative on July
191, 2014.
20(3) In the case of escheated funds of life insurance corporations,
21the full name of the insured or annuitant, and his or her last known
22address, according to the life insurance corporation’s records.
23(4) In the case of the contents of a safe deposit box or other
24safekeeping repository or in the case of other tangible property, a
25description of the property, including any name attached tobegin delete an itemend delete
26begin insert
a United States savings bond or military awardend insert inside the safe
27deposit box or other safekeeping repository that is different from
28the name of the owner, and the place where it is held and may be
29inspected by the Controller. The report shall set forth any amounts
30owing to the holder for unpaid rent or storage charges and for the
31cost of opening the safe deposit box or other safekeeping
32repository, if any, in which the property was contained.
33(5) The nature and identifying number, if any, or description of
34any intangible property and the amount appearing from the records
35to be due, except that items of value under twenty-five dollars
36($25) each may be reported in aggregate.
37(6) Except for any property reported in the aggregate, the date
38when the property became payable, demandable, or returnable,
P3 1and the date of the last transaction with the
owner with respect to
2the property.
3(7) Other information which the Controller prescribes by rule
4as necessary for the administration of this chapter.
5(c) If the holder is a successor to other persons who previously
6held the property for the owner, or if the holder has changed his
7or her name while holding the property, he or she shall file with
8his or her report all prior known names and addresses of each
9holder of the property.
10(d) The report shall be filed before November 1 of each year as
11of June 30 or fiscal yearend next preceding, but the report of life
12insurance corporations, and the report of all insurance corporation
13demutualization proceeds subject to Section 1515.5, shall be filed
14before May 1 of each year as of December 31 next preceding. The
15initial report for property subject to Section 1515.5 shall be
filed
16on or before May 1, 2004, with respect to conditions in effect on
17December 31, 2003, and all property shall be determined to be
18reportable under Section 1515.5 as if that section were in effect
19on the date of the insurance company demutualization or related
20reorganization. The Controller may postpone the reporting date
21upon his or her own motion or upon written request by any person
22required to file a report.
23(e) The report, if made by an individual, shall be verified by the
24individual; if made by a partnership, by a partner; if made by an
25unincorporated association or private corporation, by an officer;
26and if made by a public corporation, by its chief fiscal officer or
27other employee authorized by the holder.
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