Existing law, the Unclaimed Property Law, governs the disposition of unclaimed property, including the escheat of certain property to the state. Existing law requires every person holding funds or other property that escheated to the state to submit a report to the Controller that includes, among other items, the name and last known address of each person appearing to be the owner of any property, as specified. Existing law requires the Controller, within 165 days of the final date for filing such a report, to mail a notice to each person who appears to be entitled to property valued $50 or more and whose address is listed in the report or is obtained from the Franchise Tax Board, as specified.

This bill would provide that the notice described above need only be sent to an address listed in the report or obtained from the Franchise Tax Board when it is a valid deliverable address. The bill would specify that if the address listed in the report is not a valid deliverable address, but the Controller identifies a corrected valid deliverable address, the Controller must mail the notice to the corrected valid deliverable address.