Unclaimed Property Law

Under the existing Unclaimed Property Law, any tangible or intangible personal property, demand, savings, or matured time deposit, or other prescribed deposits or accounts escheat to the state when the owner of the deposits or accounts has not, for more than 3 years, indicated an interest in the deposit, as specified. The Unclaimed Property Law authorizes the Controller to examine a person's records if the Controller has reason to believe that the person has failed to report property that should have been reported pursuant to that law. Existing law also permits the Controller to bring an action for specified purposes to enforce the Unclaimed Property Law. This bill would instead authorize the Controller to examine records under this law even if the holder of those records does not believe that he or she has failed to report property, as required. This bill would also require a court to award the Controller its costs and attorney's fees if he or she prevails on an action to enforce the Unclaimed Property Law, as specified.