AB 772: Unclaimed property: publication of notice.

Existing law, the Unclaimed Property Law, governs the disposition of unclaimed property, including the escheat of certain property to the state. Existing law requires the Controller, within one year of receiving unclaimed property, to cause a notice to be published in a newspaper of general circulation that the Controller determines is most likely to give notice to the owner of the property. Existing law requires that notice to have a specified title and to state that the owner of the property may obtain information regarding the property by inquiring with the Controller, as specified.

This bill would instead authorize the Controller to cause notice to be published in a manner he or she determines to be reasonable. The bill would prohibit the Controller, in carrying out this duty, from using (1) money appropriated for the Controllers audit programs, (2) more than the amount appropriated by the Legislature for publishing this notice, (3) a photograph, or (4) an elected officials name.