Leawood, KS – July 27, 2021: The State of California has amended Section 1532 of the Code reducing the threshold amount for unclaimed cash that must paid to the State Controller via electronic funds transfer. California Senate Bill 308 (SB 308) was first introduced on February 4, 2021 and was approved by Governor Newsom on July 16, 2021. The new law is effective January 1, 2022.
Section 1532 of the Code requires a person holding funds or other property escheated to the state to file a report and pay or deliver the escheated property to the Controller. Prior to this amendment, persons holding unclaimed cash in the amount of $20,000.00 or more were required to make payment to the Controller via electronic funds transfer. The Amendment reduces this amount to $2,000.00.
To read California SB 308 click here: CA SB 308
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