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Article: State Controller Connell's Amnesty Program to Governor.
- Article from:
- PR Newswire
- Article date:
- August 23, 2000
CopyrightCOPYRIGHT 2000 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Bill Puts Financial Institutions on Notice to Turn Over Unclaimed Property
SACRAMENTO, Aug. 22 /PRNewswire/ --
The legislature has passed a bill sponsored by State Controller Kathleen Connell and authored by Assemblyman John Dutra (D, Fremont) which gives utilities, banks, and other financial institutions one year to turn over Unclaimed Property to the State Controller's office or face interest charges of 12% per year.
Unclaimed Property is money left in bank accounts, unreturned utility deposits and even items left in safety deposit boxes that have been inactive for at least three years. By law, institutions holding such property are required ...