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Can you summarize 2 CACR Division 2, Chapter 2, Subchapter 8?
State Controller > Unclaimed Property Law
Short Summary
The provided legal document content covers various aspects of the Unclaimed Property Law in California. It includes guidelines for determining reasonable cause in cases of non-compliance, reporting requirements for unclaimed property, remitting funds through electronic funds transfer, defining terms and concepts related to the law, valuing securities and delivering them to the State Controller’s Office, charges lawfully withheld from property, and discontinuance of payment of interest or dividends. These documents apply to holders of unclaimed property, entities reporting and delivering property that escheats, and holders of intangible interests. Specific penalties include a 2% civil penalty for holders who fail to use authorized electronic funds transfer processes, but relief from penalties can be granted under certain conditions. No specific exemptions are mentioned in these documents.
Whom does it apply to?
Holders of unclaimed property, entities reporting and delivering property that escheats, holders of intangible interests as evidenced by stock records or membership records of a business association
What does it govern?
Reasonable cause in relation to the reporting, payment, or delivery of unclaimed property; reporting requirements under the Unclaimed Property Law; remitting funds by ACH debit for the Electronic Funds Transfer of Cash Unclaimed Property; defining terms and concepts related to the Unclaimed Property Law; valuation of securities for calculating interest under the Unclaimed Property Law; delivery dates for various types of securities and certificates to be remitted to the State Controller's Office; charges lawfully withheld from property; discontinuance of payment of interest or dividends on property subject to Code of Civil Procedure Section 1513(a)(1)(A) or (a)(2)(A)
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
2% civil penalty for holders who fail to use authorized electronic funds transfer processes; relief from penalties can be granted under certain conditions
Jurisdiction
California