BILL NUMBER: AB 1634	AMENDED
	BILL TEXT

	AMENDED IN ASSEMBLY  MARCH 6, 2012

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 amended, 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   , current
mailing address, and telephone number or Internet Web site  of
the person or entity in possession of the property  on the front
page of the solicitation in at least a 12-point type  .
   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.  (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   , curr   ent
mailing address, and telephone number or Internet Web site  of
the person or entity in possession of the property  on the front
page of the solicitation in at least a 12-point type  .
   (c) Notwithstanding any other 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.