(a) Section 1577 does not apply to, and interest may not be imposed upon, any escheated property paid or delivered to the Controller at any time on or before December 31, 2002.
(b) Subdivision (a) shall apply only if the following requirements are met:
(1) On or before January 1, 2003, the holder of the property was not the subject of an investigation by the Attorney General or a party to litigation with the Controller, relating to the property. “Investigation by the Attorney General” means an investigation being conducted under any law authorizing the investigation, including, but not limited to, investigations authorized by or conducted pursuant to Article 2 (commencing with Section 11180) of Chapter 2 of Part 1 of Division 3 of Title 2 of the Government Code by the office of the Attorney General relating to the escheat of property subject to subdivision (a).
(2) On or before January 3, 2000, the holder of the property was not the subject of an audit by the Controller relating to the property. “Audit by the Controller” means a formal field audit of the propertyholder’s books and records by audit personnel of the Controller’s office for the purpose of determining compliance with this chapter.
(3) The property was required to be reported on or before November 1, 1999.
(4) The property is surrendered directly to the state or its authorized agent.
(5) Reports respecting the property are reported by electronic media satisfactory to the Controller, provided that paper reports shall be permitted with respect to holders reporting fewer than 50 accounts or other items.
(6) All property reported after the effective date of this act shall be reported on a report separate from property currently reportable, and may not be reported with property not eligible for the amnesty program.
(7) The property is paid or delivered to the Controller at the time the report is made.
(8) Securities are remitted in accordance with Section 1532.
(9) Records shall be maintained in a manner satisfactory to the Controller, to permit verification and compliance audits.
(c) Nothing in subdivision (a) shall create an entitlement to a refund of interest paid to the Controller prior to the effective date of this section.
(d) The Controller shall conduct an outreach and publicity program regarding the provisions of this section.
(e) The Controller shall submit a report to the Legislature on the amnesty program. The report shall include a comprehensive accounting of all unclaimed property surrendered under the amnesty program, the date the property was surrendered, and the identities of the holders of surrendered unclaimed property. The report shall be published no later than July 31, 2003.
(f) Nothing in this section shall preclude liability pursuant to Article 9 (commencing with Section 12650) of Chapter 6 of Title 2 of Division 3 of the Government Code regarding false claims. Reporting or filing extensions shall not be granted for property under this section.
(Amended by Stats. 2002, Ch. 22, Sec. 1. Effective April 17, 2002.)
Last modified: October 25, 2018