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Under current law, a person holding funds or escheated property worth at least $50 is required to submit a report to the controller that includes the name and last known address of the owner of any property (except traveler’s checks and money orders). Items valued less than $50 require the nature and identifying number, or a description of any intangible property reported.
AB 212 lowers the aggregate reporting threshold of unclaimed property from $50 to $25. The bill also requires holders to include the name and last known address of the property owner—except traveler’s checks and money orders—if the property is valued at $25 or more.
The bill authorizes the holder to impose a service charge of up to $2 for notices on a deposit, account, shares, or other interest that is valued at more than $2 (lowered from $50).
For more information, view the Leagues' Technical Information and Procedures (TIPs) Bulletin 13-45.
In addition, the controller’s office has issued its winter newsletter, which includes articles on the following topics:
IMPROVE YOUR COMPLIANCE IN 2016
updated 11/24/15 07:46 AM
Informative ComplySight Webinars
Kick off the New Year with ComplySight and make sure your regulatory compliance is at its finest in 2016 and beyond.
NEW FFIEC MGMT. BOOKLET
updated 11/16/15 12:06 PM
NCUA Portal Open to CUs
The Federal Financial Institutions Examination Council (FFIEC) issued a revised Management booklet, as part of the FFIEC Information Technology Examination Handbook (IT Handbook). Click here for the booklet.