Bill Text: CA AB2198 | 2019-2020 | Regular Session | Amended

California Assembly Bill 2198 (Prior Session Legislation)

NOTE: There are more recent revisions of this legislation. Read Latest Draft

Bill Title: Unclaimed property: secure payment of claims.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Engrossed - Dead) 2020-08-20 - In committee: Held under submission. [AB2198 Detail]

Download: California-2019-AB2198-Amended.html

Amended IN Assembly May 04, 2020

CALIFORNIA LEGISLATURE— 2019–2020 REGULAR SESSION

Assembly Bill

No. 2198

Introduced by Assembly Member Ting

February 12, 2020

An act to add Section ~~1583~~ 1543 to the Code of Civil Procedure, relating to unclaimed property.

LEGISLATIVE COUNSEL'S DIGEST

AB 2198, as amended, Ting. Unclaimed property: report to the Legislature.

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.~~ implement additional measures designed to streamline the secure payment of claims, as specified.

Vote: MAJORITY Appropriation: NO Fiscal Committee: YES Local Program: NO

The people of the State of California do enact as follows:

SECTION 1.

Section 1543 is added to the Code of Civil Procedure, to read:

1543.
Notwithstanding Section 1540, by January 1, 2022, the Controller shall streamline the secure payment of claims by doing all of the following:
(a) For property worth five thousand dollars ($5,000) or less, if the Controller can identify the owner without the submission of claim documents, the Controller shall initiate a transfer of the property to the owner.
(b) Minimize the number of documents a claimant is required to submit for property under five thousand dollars ($5,000).
(c) Allow electronic submission of documentation to the Controller’s internet website for all claims.
(d) Increase the maximum threshold amount for claims that may be submitted online to ten thousand dollars ($10,000).

SECTION 1.Section 1583 is added to the Code of Civil Procedure, to read:
1583.
(a)By January 1, 2022, the Controller shall submit to the Legislature a report stating the Controller’s recommendations for reducing the administrative burden on property owners by streamlining the claims process described in Section 1540.
~~(b)The report to the Legislature required by this section shall be submitted in compliance with Section 9795 of the Government Code.~~