AB 2438

Bill Subjects

Abstract

Under the Unclaimed Property Law, all escheated property delivered to the Controller is required to be sold by the Controller to the highest bidder at public sale, as specified. All money received by the state by escheat under the law, including proceeds from the sale of escheated property, is required to be deposited in the Abandoned Property Account of the Unclaimed Property Fund, which is continuously appropriated to the Controller for expenditure in carrying out and enforcing the Unclaimed Property Law, including the payment of claims allowed by the Controller under the law, the refund of amounts deposited in error to the fund, and the payment of costs incurred by the Controller for the repair, maintenance, and upkeep of property held in the name of an account in the fund. This bill would make technical, nonsubstantive changes to these provisions.