BILL NUMBER: AB 1634	AMENDED
	BILL TEXT

	AMENDED IN ASSEMBLY  MARCH 22, 2012
	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, 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.  The bill would require any agreement made after
publication of notice to comply with these requirements, in addition
to those requirements described above, in order to be valid. 
   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)  (1)    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   all of
the following   conditions are met: 
    (A)     The  fee or compensation
agreed upon is not in excess of 10 percent of the recoverable
property  , and the   . 
    (B)     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
 
   (C) Any solicitation made to the owner by the other party to the
agreement after the date of publication of notice under Section 1531
complies with the requirements of subdivision (b). 
    (2)     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, 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.
   (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.