The Unclaimed Property Law (UPL) specifies the circumstances under which unclaimed personal property held by a banking or financial institution, business association, or other holder of personal property escheats to the state. The UPL requires a banking or financial organization, if it has in its records an address for the apparent owner, which the records do not disclose to be inaccurate, to make reasonable efforts to notify by mail any customer that the customer's deposit, account, shares, or other interest in the banking or financial organization will escheat to the state, as specified. The UPL authorizes a banking or financial organization to impose a service charge for the notice on the deposit, account, shares, or other interest in an amount up to $2 but not exceeding the administrative cost of mailing or electronically sending the notice, but prohibits a banking or financial institution from imposing a service charge for notice on items of less than $50. The UPL requires every person holding funds or other property that escheated to the state to submit a report to the Controller that includes, among other items, the name and last known address of each person appearing to be the owner of any property, except traveler's checks and money orders, worth at least $50 that escheated to the state and, for items worth less than $50, the nature and identifying number, if any, or description of any intangible property reported in aggregate. The UPL requires that the report be filed before November 1 of each year, except with regard to the report of life insurance corporations and of all insurance corporation demutualization proceeds subject to a specified statute, in which case the UPL requires that the report be filed before May 1 of each year.
California AB 212 (20132014) — Unclaimed property.
The Unclaimed Property Law (UPL) specifies the circumstances under which unclaimed personal property held by a banking or financial institution, business association, or other holder of personal property escheats to the state. The UPL requires a banking or financial organization, if it has in its records an address for the apparent owner, which the records do not disclose to be inaccurate, to make reasonable efforts to notify by mail any customer that the customer's deposit, account, shares, or other interest in the banking or financial organization will escheat to the state, as specified. The UPL authorizes a banking or financial organization to impose a service charge for the notice on the deposit, account, shares, or other interest in an amount up to $2 but not exceeding the administrative cost of mailing or electronically sending the notice, but prohibits a banking or financial institution from imposing a service charge for notice on items of less than $50. The UPL requires every person holding funds or other property that escheated to the state to submit a report to the Controller that includes, among other items, the name and last known address of each person appearing to be the owner of any property, except traveler's checks and money orders, worth at least $50 that escheated to the state and, for items worth less than $50, the nature and identifying number, if any, or description of any intangible property reported in aggregate. The UPL requires that the report be filed before November 1 of each year, except with regard to the report of life insurance corporations and of all insurance corporation demutualization proceeds subject to a specified statute, in which case the UPL requires that the report be filed before May 1 of each year.
Version chain
The bill's text revisions, in order — the diff chain from filing to enrollment.
Do pass and be re-referred to the Committee on Appropriations. — 7–2 (pass) · lower
AB 212 LOWENTHAL Assembly Third Reading — 54–22 (pass) · lower
Do pass as amended. — 12–5 (pass) · lower
AB 212 LOWENTHAL Concurrence in Senate Amendments — 54–23 (pass) · lower
Sponsors
Lowenthal — primary (person)
Timeline
The legislative action history — every referral, reading, and vote.
2013-01-31 Read first time. To print. reading-1
2013-02-01 From printer. May be heard in committee March 3.
2013-02-07 Referred to Com. on JUD. referral-committee
2013-04-02 From committee: Do pass and re-refer to Com. on APPR. (Ayes 7. Noes 2.) (April 2). Re-referred to Com. on APPR. committee-passage-favorable, referral-committee, committee-passage
2013-04-10 In committee: Set, first hearing. Referred to APPR. suspense file. referral-committee
2013-05-24 From committee: Do pass as amended. (Ayes 12. Noes 5.) (May 24). committee-passage-favorable, committee-passage, amendment-passage
2013-05-24 Read second time and amended. Ordered to second reading. reading-2, reading-1, amendment-passage
2013-05-28 Read second time. Ordered to third reading. reading-2, reading-1
2013-05-29 Read third time. Passed. Ordered to the Senate. (Ayes 54. Noes 22. Page 1736.) reading-3, reading-1, passage
2013-05-29 In Senate. Read first time. To Com. on RLS. for assignment. reading-1
2013-06-13 Referred to Com. on JUD. referral-committee
2013-06-24 From committee chair, with author's amendments: Amend, and re-refer to committee. Read second time, amended, and re-referred to Com. on JUD. amendment-introduction, amendment-passage, reading-2, reading-1, referral-committee
2013-07-03 From committee: Do pass and re-refer to Com. on APPR. (Ayes 4. Noes 2.) (July 2). Re-referred to Com. on APPR. committee-passage-favorable, referral-committee, committee-passage
2013-08-12 In committee: Placed on APPR. suspense file.
2013-08-30 From committee: Do pass. (Ayes 7. Noes 0.) (August 30). committee-passage-favorable, committee-passage
2013-09-03 Read second time. Ordered to third reading. reading-2, reading-1
2013-09-09 Read third time. Passed. Ordered to the Assembly. (Ayes 39. Noes 0. Page 2246.). reading-3, reading-1, passage
2013-09-09 In Assembly. Concurrence in Senate amendments pending. May be considered on or after September 11 pursuant to Assembly Rule 77.
Fabio