BILL NUMBER: AB 1634	INTRODUCED
	BILL TEXT


INTRODUCED BY   Assembly Member Bonnie Lowenthal

                        FEBRUARY 9, 2012

   An act to amend Section 1582 of the Code of Civil Procedure,
relating to unclaimed property.


	LEGISLATIVE COUNSEL'S DIGEST


   AB 1634, as introduced, Bonnie Lowenthal. Unclaimed property.
    The Unclaimed Property Law requires a person holding funds or
other property escheated to the state to file a report with the
Controller and to pay or deliver the escheated property to the
Controller, unless another person has established his or her right to
any of the property specified in the report. The Controller is
required to publish notice within one year after payment or delivery
of the escheated property, as specified. Under existing law, any
agreement to locate, deliver, recover, or assist in the recovery of
escheated property that is entered into between the date the report
is filed and the date of publication of notice is not valid. Such an
agreement made after publication of notice is valid if the fee or
compensation agreed upon is not in excess of 10% of the recoverable
property, and the agreement is in writing and signed by the owner
after disclosure in the agreement of the nature and value of the
property and the name and address of the person or entity in
possession of the property.
   This bill would provide that any solicitation made to locate,
deliver, recover, or assist in the recovery of escheated property
shall be in writing, and shall disclose the nature and value of the
property and the name and address of the person or entity in
possession of the property.
   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 1582 of the Code of Civil Procedure is amended
to read:
   1582.   No   (a)     Any
 agreement to locate, deliver, recover, or assist in the
recovery of property reported under Section 1530, entered into
between the date a report is filed under subdivision (d) of Section
1530 and the date of publication of notice under Section 1531 is 
not  valid. Such an agreement made after publication of notice
is valid if the fee or compensation agreed upon is not in excess of
10 percent of the recoverable property  ,  and the agreement
is in writing and signed by the owner after disclosure in the
agreement of the nature and value of the property and the name and
address of the person or entity in possession of the property.
Nothing in this section shall be construed to prevent an owner from
asserting, at any time, that any agreement to locate property is
based upon an excessive or unjust consideration. 
   (b) Any solicitation made to locate, deliver, recover, or assist
in the recovery of property reported under Section 1530 shall be in
writing, and shall disclose the nature and value of the property and
the name and address of the person or entity in possession of the
property.  
    Notwithstanding 
    (c)     Notwithstanding  any other
 provision of  law, records of the Controller's
office pertaining to unclaimed property are not available for public
inspection or copying until after publication of notice of the
property or, if publication of notice of the property is not
required, until one year after delivery of the property to the
Controller.