The California Code of Civil Procedure (CCP) section 1500 et seq. requires banks, corporations, and other entities to report and transfer property to the State Controller’s Office when there has been no activity for a certain period of time, generally three years. In order to comply with this requirement, businesses need to review their books and records annually to determine if they hold any reportable unclaimed property. If a business fails to report, pay, or deliver unclaimed property within the time prescribed by law, it is liable for penalty and/or interest at the rate of 12 percent per annum.
Unclaimed property includes, but is not limited to:
- payroll checks
- accounts payable or receivable checks
- credit balances
- bank accounts
- customer overpayments
- money orders
- and insurance proceeds
The Outreach and Compliance Unit is available to assist businesses with the reporting process. Find a list of reporting resources on the State Controller’s website or contact the Outreach and Compliance Unit.
Find out if the State Controller is holding Unclaimed Property belonging to you.