California 2013-2014 Regular Session Status: In Committee

AB 1011 — Unclaimed property: interest payment.

Last action — From committee: Filed with the Chief Clerk pursuant to Joint Rule 56.

  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed Assembly
  4. 4
    Passed Senate
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 2013-2014 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

The Unclaimed Property Law, which is administered by the Controller, governs the disposition of unclaimed property, including the escheat of certain property to the state. Existing law specifies the procedures for transferring the property from the holder of the property to the state and for administering the property. Existing law sets forth procedures whereby a person may file a claim to the property or to the net proceeds from its sale. Existing law prohibits the payment of interest on a claim paid by the Controller under the Unclaimed Property Law. This bill would require that the Controller add interest, at specified rates, to the amount of any claim paid by the Controller to an owner under the Unclaimed Property Law. The bill would also impose the requirement to pay interest on a former holder of property, as specified, who compensates an owner of property that has escheated and been remitted to the Controller. The bill would allow a former holder who makes such a payment to seek reimbursement in that amount from the Controller, as specified.

Bill Text

Action History

  1. From committee: Filed with the Chief Clerk pursuant to Joint Rule 56.

  2. Died pursuant to Art. IV, Sec. 10(c) of the Constitution.

  3. In committee: Set, second hearing. Held under submission.

  4. In committee: Set, first hearing. Referred to APPR. suspense file.

  5. Re-referred to Com. on APPR.

  6. Read second time and amended.

  7. From committee: Do pass as amended and re-refer to Com. on APPR. (Ayes 8. Noes 1.) (April 30).

  8. In committee: Hearing postponed by committee.

  9. In committee: Set, first hearing. Hearing canceled at the request of author.

  10. Referred to Com. on JUD.

  11. Read first time.

  12. From printer. May be heard in committee March 26.

  13. Introduced. To print.

Sponsors

  • Salas · Primary

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 121 not signed on · 1 voted No

Sponsors (1)

  • Salas

Co-sponsors (0)

None.

Not signed on (121)

121 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

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Votes

Subjects

finance
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Frequently asked questions

What does AB 1011 do?
The Unclaimed Property Law, which is administered by the Controller, governs the disposition of unclaimed property, including the escheat of certain property to the state. Existing law specifies the procedures for transferring the property from the holder of the property to the state and for administering the property. Existing law sets forth procedures whereby a person may file a claim to the property or to the net proceeds from its sale. Existing law prohibits the payment of interest on a claim paid by the Controller under the Unclaimed Property Law. This bill would require that the Controller add interest, at specified rates, to the amount of any claim paid by the Controller to an owner under the Unclaimed Property Law. The bill would also impose the requirement to pay interest on a former holder of property, as specified, who compensates an owner of property that has escheated and been remitted to the Controller. The bill would allow a former holder who makes such a payment to seek reimbursement in that amount from the Controller, as specified.
Who sponsors AB 1011?
AB 1011 is sponsored by Salas.
What is the current status of AB 1011?
This bill died with 2013-2014 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track AB 1011?
Track AB 1011 free on One Click Politics — get push/email alerts when it moves.

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