Callifornia unclaimed property laws may change
The current manner in which CA holds unclaimed property may have a change. A bill has been introduced regarding unclaimed money and property.
There are billions of dollars worth of property unclaimed by Californians. Some officials want the state to be more aggressive about finding the owners.
Under California law the state is the recipient of an abandoned safe deposit boxes and bank accounts after three years on inactivity and when the bank cannot locate the owner, the contents and money go to the state. For unclaimed wages and salaries the time limit is one year.
The state holds the property until the owner claims it. The money does not always get claimed. Unclaimed property has become a significant source of revenue for the state, at more than $800 million annually.
State Controller Steve Westly has the responsibility to return money, property and other assets unclaimed in the State. Over the past years he has traveled around the state to return unclaimed property. He has found that people think the money is in a vault waiting to be claimed. However, that is not so. Per Westly, the governor and legislature are using unclaimed property to cover the state’s budget mess and he wants it to stop.
A bill introduced by Sen. Carole Migden, D-San Francisco, would change the way the property is handled. Westly says it would create a lock box or public trust fund so the state couldn’t touch the money. The bill also calls for the state to increase its efforts to find rightful owners and provide more information on how to access the unclaimed treasures. It would allow the state to notify other government entities including cities and counties if the state is holding their property.
Want to know if you have any money in California or any other state? Click here for a free search for unclaimed money. It is fast and easy. A search of all state and federal databases is done. You may have money and other assets to claim.
