Plain English Breakdown
The official material confirms the bill passed both chambers but does not list an effective date or final executive action details.
AB-1447: Rules for Sending Unclaimed Property Notices
This law requires that notices about unclaimed property worth $50 or more be sent only to addresses confirmed as valid and able to receive mail.
What This Bill Does
- Requires the Controller to send a notice only if the address listed in the report or obtained from the Franchise Tax Board is a valid deliverable address.
- Mandates that if an original address is invalid but the Controller finds a corrected, valid address, they must mail the notice to the new address.
Who It Names or Affects
- The State Controller's office
- People who hold funds or property for others and submit reports
- Individuals listed as owners of unclaimed property valued at $50 or more
Terms To Know
- Unclaimed Property Law
- The existing rules that govern what happens to money or items when the owner cannot be found, including transferring ownership to the state.
- Escheat
- The process where property transfers ownership from a person to the state government under current law.
- Valid deliverable address
- An address listed in a report or obtained from the Franchise Tax Board that is confirmed as able to receive mail.
Limits and Unknowns
- The official source does not specify how the Controller identifies a corrected valid address if the original one fails.
- The text does not state what happens if no valid address can be found for an owner with property over $50.