Unclaimed property.

Existing law prescribes the circumstances under which property held or owing by a business association escheats to the state. Existing law specifies that any demand, savings, or matured time deposit, or account subject to a negotiable order of withdrawal, made with a banking organization escheats to the state if the owner, for more than three years, has not increased or decreased the amount of the deposit. Existing law specifies that any demand, savings, or matured time deposit, or matured investment certificate, or account subject to a negotiable order of withdrawal, or other interest in a financial organization, escheats to the state when the owner, for more than three years, has not increased or decreased the amount of the funds or deposit. This bill would require, commencing on or before January 1, 2018, for purposes of determining whether the above-described property escheats to the state, that a holder, as defined in existing law, regard specified transactions that are initiated electronically and are reflected in the books and records of a banking or financial organization as evidence of an increase or decrease in the amount of the funds or deposit in an account held by the banking or financial organization.