SB 1115: Unclaimed Property Law

(a)The Controller may at reasonable times and upon reasonable notice examine the records of any a person even if the Controller has reason to believe that the person is a holder who person does not believe that he or she has failed to report property that should have been reported pursuant to this chapter.

(b)When requested by the Controller, the examination shall be conducted by any a licensing or regulating agency otherwise empowered by the laws of this state to examine the records of the holder. For the purpose of determining compliance with this chapter, the Commissioner of Business Oversight is vested with full authority to examine the records of any a banking organization and any or savings association doing business within this state but not organized under the laws of or created in this state.

(c)Following a public hearing, the Controller shall adopt guidelines as to the policies and procedures governing the activity of third-party auditors who are hired by the Controller.

(d)Following a public hearing, the Controller shall adopt guidelines, on or before July 1, 1999, establishing forms, policies, and procedures to enable a person to dispute or appeal the results of any a record examination conducted pursuant to this section.

(a)The State Controller may bring an action in a court of appropriate jurisdiction, as specified in this section, for any of the following purposes:

(1)To enforce the duty of any a person under this chapter to permit the examination of the records of such person. persons records.

(2)For a judicial determination that particular property is subject to escheat by this state pursuant to this chapter.

(3)To enforce the delivery of any property to the State Controller as required under this chapter.

(b)The State Controller may bring an action under this chapter in any court of this state a state court of appropriate jurisdiction in any of the following cases:

(1)Where the The holder is any a person domiciled in this state, or is a government or governmental subdivision or agency of this state.

(2)Where the The holder is any a person engaged in or transacting business in this state, although not domiciled in this state.

(3)Where the The property is tangible personal property and is held in this state.

(c)In any case where no court of this state can If a state court cannot obtain jurisdiction over the holder, the State Controller may bring an action in any federal or state court with jurisdiction over the holder.