The Unclaimed Property Law governs the disposition of unclaimed property, including the escheat of certain property to the state. Those provisions require a person holding funds or other property escheated to the state to report to the Controller certain information regarding the property and the owner, and set forth procedures whereby a person may file a claim to the property or to the net proceeds from its sale.
This bill would require the Controller, by January 1, 2022, to submit to the Legislature a report, as specified, stating the Controller’s recommendations for reducing the administrative burden on property owners by streamlining the existing claims process.