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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:
NCUA'S PARTICIPATION LENDING WEBINAR
updated 08/31/15 05:08 PM
Plus, Procedures for Sensitive Info
Credit unions considering participation lending can get valuable information during an upcoming webinar, “Participation Lending in a Safe and Sound Manner,” offered by the National Credit Union Administration (NCUA).
ACCESS COMPLIANCE BULLETINS TODAY
updated 08/24/15 10:09 AM
Plus: 'NCUA Report' Posted
As a reminder, “TIPS Bulletins” have transitioned to PolicyWorks and will continue as compliance bulletins on the PolicyWorks website.