Unclaimed property voluntary disclosure program.

Under existing law, property held by a person that belongs to another and that is unclaimed for more than specified periods escheats to the state. Existing law requires persons holding unclaimed property to report and deliver it to the Controller within a prescribed time period, and imposes interest payments and penalties for a failure to do so. Existing law also provides that any person who paid or delivered unclaimed property to the Controller on or before December 31, 2002, in accordance with specified requirements, is not subject to statutory interest payments. This bill would require the Controller to create a program for the voluntary disclosure of unclaimed property consistent with specified requirements. The bill would require the Controller to waive interest and penalty charges for holders who are accepted into the program, complete the voluntary disclosures in good faith, and act consistent with program requirements. The program would repeal on January 1, 2024.