California Amnesty Update II – stayed tuned…..

California’s Governor recently signed the Budget Act of 2019 (SB 109). Within the Act, there is a provision which requires the Controller to provide the Joint Legislative Budget Committee and the chairpersons of the fiscal committees in each house of the legislature with a report on plans to provide for a one-time unclaimed property amnesty, or other options to increase compliance with the unclaimed property law in lieu of an amnesty program. The Controller must also provide options for increasing the return of unclaimed property to rightful owners. The due date for report is March 1, 2020. The State did offer an Amnesty Program about 20 years ago, for a year. Many Holders took advantage of it It was so successful and brought in so much unclaimed property penalty and interest free, the State extended the Program for a year.