Amended by Stats. 1978, Ch. 1183.
The State Controller is hereby authorized to make necessary rules and regulations to carry out the provisions of this chapter.
Article 7 - Miscellaneous
California Code of Civil Procedure — §§ 1580-1582
Sections (3)
Amended by Stats. 1975, Ch. 25.
(a)Any business association that sells in this state its travelers checks, money orders, or other similar written instruments (other than third-party bank checks) on which such business association is directly liable, or that provides such travelers checks, money orders, or similar written instruments to others for sale in this state, shall maintain a record indicating those travelers checks, money orders, or similar written instruments that are purchased from it in this state.
(b)The record required by this section may be destroyed after it has been retained for such reasonable time
as the State Controller shall designate by regulation.
(c)Any business association that willfully fails to comply with this section is liable to the state for a civil penalty of five hundred dollars ($500) for each day of such failure to comply, which penalty may be recovered in an action brought by the State Controller.
Amended by Stats. 2022, Ch. 282, Sec. 5. (AB 2280) Effective January 1, 2023.
(a)(1) An agreement to locate, deliver, recover, or assist in the recovery of property reported under Section 1530 is invalid if either of the following apply:
(A) The agreement is entered into between the date a report is filed under subdivision (d) of Section 1530 and the date the property is paid or delivered under Section 1532.
(B) The agreement requires the owner to pay a fee or compensation prior to approval of the claim and payment of the recovered property to the owner by the Controller.
(2)An agreement to locate, deliver, recover, or assist in the recovery of property reported under Section 1530 made after payment or delivery under Section 1532 is valid if it meets all of the following requirements:
(A)The agreement is in writing and includes a disclosure of the nature and value of the property, that the Controller is in possession
of the property, and the address where the owner can directly claim the property from the Controller.
(B)The agreement is signed by the owner after receipt of the disclosure described in subparagraph (A).
(C)The fee or compensation agreed upon is not in excess of 10 percent of the recovered
property.
(3)This subdivision shall not be construed to prevent an owner from asserting, at any time, that an agreement to locate property is based upon an excessive or unjust consideration.
(b)Notwithstanding any other provision of law, records of the Controller’s office pertaining to unclaimed property are not available for public inspection or copying until after publication of notice of the property or, if publication of notice of the property is not required, until one year after delivery of the property to the
Controller.