Bill Text: CA AB2611 | 2013-2014 | Regular Session | Introduced

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Bill Title: Unclaimed property: auditing standards.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2014-03-13 - Referred to Com. on JUD. [AB2611 Detail]

Download: California-2013-AB2611-Introduced.html

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BILL NUMBER: AB 2611	INTRODUCED
	BILL TEXT


INTRODUCED BY   Assembly Member Bocanegra

                        FEBRUARY 21, 2014

   An act to amend Section 1571 of the Code of Civil Procedure,
relating to unclaimed property.


	LEGISLATIVE COUNSEL'S DIGEST


   AB 2611, as introduced, Bocanegra. Unclaimed property: auditing
standards.
   Existing law, the Unclaimed Property Law, authorizes the
Controller to examine the records of a person 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 requires
the examination to be conducted by a licensing or regulating agency,
as specified, and requires the Controller to adopt guidelines as to
the policies and procedures governing the activity of third-party
auditors who are hired by the Controller.
   This bill would require an examination of records to be conducted
in accordance with the generally accepted government auditing
standards, and would require the Controller to adopt regulations, on
or before July 1, 2015, in accordance with those standards, as to the
policies and procedures governing the activity of third-party
auditors hired by the Controller.
   Vote: majority. Appropriation: no. Fiscal committee: yes.
State-mandated local program: no.


THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:

  SECTION 1.  Section 1571 of the Code of Civil Procedure is amended
to read:
   1571.  (a) The Controller may at reasonable times and upon
reasonable notice examine the records of  any  
a  person if the Controller has reason to believe that the
person is a holder who has failed to report property that should have
been reported pursuant to this chapter.
   (b)  When   If  requested by the
Controller, the examination shall be conducted by  any
  a  licensing or regulating agency otherwise
empowered by the laws of this state to examine the records of the
holder  in accordance with the generally accepted government
auditing standards  . For the purpose of determining compliance
with this chapter, the Commissioner of Financial Institutions is
vested with full authority to examine the records of any banking
organization and any savings association doing business within this
state but not organized under the laws of or created in this state.
   (c) Following a public hearing, the Controller shall adopt
 guidelines   regulations, on or before July 1,
2015, in accordance with the generally accepted government auditing
  standards,  as to the policies and procedures
governing the activity of third-party auditors who are hired by the
Controller  to conduct examinations pursuant to this section
 .
   (d)  Following a public hearing, the Controller shall
adopt guidelines, on or before July 1, 1999, establishing forms,
policies, and procedures to enable a person to dispute or appeal the
results of any record examination conducted pursuant to this section.
  A person subjected to a record examination pursuant
to this section may dispute or appeal the results of the examination
using forms, and in accordance with policies and procedures,
established pursuant to guidelines adopted by the Controller.