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Can you summarize Ccp Code CACL Part 3 Title 10 Chapter 7?
UNCLAIMED PROPERTY [1300. - 1615.] > Unclaimed Property Law [1500. - 1582.]
Short Summary
The provided legal document content pertains to the compliance and enforcement of the Unclaimed Property Law in California. It governs agreements related to the location, delivery, recovery, or assistance in the recovery of property reported under Section 1530. The law applies to business associations that sell travelers checks, money orders, or similar written instruments in California. It requires these business associations to maintain a record indicating the purchased instruments in the state, which may be destroyed after a designated time period. Failure to comply with this requirement may result in a civil penalty of $500 per day. The document also specifies the validity of agreements related to the recovery of unclaimed property. Agreements entered into between the filing of a report and the payment or delivery of the property are invalid. Additionally, agreements requiring the owner to pay a fee or compensation before the approval of the claim and payment of the recovered property are also invalid. However, agreements made after the payment or delivery of the property are valid if they meet certain requirements, such as being in writing, signed by the owner, and not exceeding 10 percent of the recovered property. The document further allows owners to assert at any time that an agreement to locate property is based upon excessive or unjust consideration. It also states that records of the Controller’s office pertaining to unclaimed property are not available for public inspection or copying until after the publication of notice of the property or, if publication is not required, until one year after the delivery of the property to the Controller.
Whom does it apply to?
Business associations that sell travelers checks, money orders, or similar written instruments in California
What does it govern?
Agreements related to the location, delivery, recovery, or assistance in the recovery of property reported under Section 1530
What are exemptions?
No specific exemptions are mentioned
What are the Penalties?
Civil penalty of $500 per day for failure to maintain required records
Jurisdiction
California