California Assembly Bill AB2438 Latest Draft

 BILL NUMBER: AB 2438INTRODUCED BILL TEXT INTRODUCED BY Assembly Member Huffman FEBRUARY 24, 2012 An act to amend Section 1564 of the Code of Civil Procedure, relating to unclaimed property. LEGISLATIVE COUNSEL'S DIGEST AB 2438, as introduced, Huffman. Unclaimed property. Under the Unclaimed Property Law, all escheated property delivered to the Controller is required to be sold by the Controller to the highest bidder at public sale, as specified. All money received by the state by escheat under the law, including proceeds from the sale of escheated property, is required to be deposited in the Abandoned Property Account of the Unclaimed Property Fund, which is continuously appropriated to the Controller for expenditure in carrying out and enforcing the Unclaimed Property Law, including the payment of claims allowed by the Controller under the law, the refund of amounts deposited in error to the fund, and the payment of costs incurred by the Controller for the repair, maintenance, and upkeep of property held in the name of an account in the fund. This bill would make technical, nonsubstantive changes to these provisions. Vote: majority. Appropriation: no. Fiscal committee: no. State-mandated local program: no. THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS: SECTION 1. Section 1564 of the Code of Civil Procedure is amended to read: 1564. (a) All money received under this chapter, including the proceeds from the sale of property under Section 1563, shall be deposited in the Unclaimed Property Fund in an account titled "Abandoned Property." (b) Notwithstanding Section 13340 of the Government Code, all money in the Abandoned Property Account in the Unclaimed Property Fund is hereby continuously appropriated to the Controller, without regard to fiscal years, for expenditure in accordance with law in carrying out and enforcing the provisions of this chapter, including, but not limited to, the following purposes: (1) For payment of claims allowed by the Controller under the provisions of this chapter. (2) For refund, to the person making  such   the  deposit, of amounts, including overpayments, deposited in error in  such   the  fund. (3) For payment of the cost of appraisals incurred by the Controller covering property held in the name of an account in  such   the  fund. (4) For payment of the cost incurred by the Controller for the purchase of lost instrument indemnity bonds, or for payment to the person entitled  thereto   to those bonds  , for any unpaid lawful charges or costs  which   that  arose from holding any specific property or any specific funds  which   that  were delivered or paid to the Controller, or  which   that  arose from complying with this chapter with respect to  such   that  property or funds. (5) For payment of amounts required to be paid by the state as trustee, bailee, or successor in interest to the preceding owner. (6) For payment of costs incurred by the Controller for the repair, maintenance, and upkeep of property held in the name of an account in  such   the  fund. (7) For payment of costs of official advertising in connection with the sale of property held in the name of an account in such fund. (8) For transfer to the General Fund as provided in subdivision (c). (9) For transfer to the Inheritance Tax Fund of the amount of any inheritance taxes determined to be due and payable to the state by any claimant with respect to any property claimed by him or her under  the provisions of  this chapter. (c) At the end of each month, or more often if he or she deems it advisable, the Controller shall transfer all money in the Abandoned Property Account in excess of fifty thousand dollars ($50,000) to the General Fund. Before making this transfer, the Controller shall record the name and last known address of each person appearing from the holders' report to be entitled to the escheated property and the name and last known address of each insured person or annuitant, and with respect to each policy or contract listed in the report of a life insurance corporation, its number, and the name of the corporation. The record shall be available for public inspection at all reasonable business hours.