Legislation for California Unclaimed Property Voluntary Compliance Program Signed by Governor
On Tuesday, September 13, California Assembly Bill 2280 (“CA AB 2280”) was signed into law by Governor Gavin Newsom . As we noted in our earlier True Alerts, CA AB 2280 authorizes the state’s Controller to create a Voluntary Compliance Program (VCP), providing holders an opportunity to report and remit past-due unclaimed property reportable to the State of California without the mandatory interest assessment of 12 percent per annum. You can read our earlier update regarding CA AB 2280 which includes the specific details of the proposed VCP here.
Now that the bill has been signed into law, it is up to the State Controller’s Office (SCO) to develop the mechanics of the program, which if created would be available to holders no sooner than January 1, 2023. True Partners will monitor the SCO for information on how companies can apply to the VCP and any other updates regarding the implementation of the VCP.
Please reach out to any member of the True Partners Unclaimed Property Management Team if you have any questions about this or any other unclaimed property developments likely to impact your company.