California AB1447 modifies escheat laws for unclaimed property, requiring holders to notify owners and transfer funds to the state if inactive for.

California AB1447 amends the Code of Civil Procedure to change how unclaimed property escheats to the state. It requires holders of deposits, accounts, shares, or other interests to notify owners if there has been no activity for three years. If the owner does not respond within six months, the property escheats to the state. The notice must include details about the property, the escheat process, and a form for the owner to confirm their address. The Controller must also publish a notice about unclaimed property.

California AB1447 modifies escheat laws for unclaimed property, requiring holders to notify owners and transfer funds to the state if inactive for.

California AB1447 amends the Code of Civil Procedure to change how unclaimed property escheats to the state. It requires holders of deposits, accounts, shares, or other interests to notify owners if there has been no activity for three years. If the owner does not respond within six months, the property escheats to the state. The notice must include details about the property, the escheat process, and a form for the owner to confirm their address. The Controller must also publish a notice about unclaimed property.