Californians Beware!
Calif passed a law years back called the "Escheat" Law. This was so if there was no activity on a bank account within 3 years, the State "takes" it for "safekeeping" until the owner or family members can claim it.
Well now it's in full scale abuse, with the Govenators full approval! Any and all accounts, including things like safety deposit boxes, are being confiscated and sold for pennies on the dollar. One Sacramento couple just discovered that the one million in stock certificates in their safe deposit box was confiscated and sold for $175,000. Other documents like birth certificates, marriage license, etc, are simply shredded! Even if you have accounts in other States, they are going after those too.
The most outrageous part of it is, you have no legal recourse! Last year this "enterprise" netted the state $700 million dollars, and most of the victims don't even know what they thought was safe, has been looted and sold.
Check your accounts now!
Well now it's in full scale abuse, with the Govenators full approval! Any and all accounts, including things like safety deposit boxes, are being confiscated and sold for pennies on the dollar. One Sacramento couple just discovered that the one million in stock certificates in their safe deposit box was confiscated and sold for $175,000. Other documents like birth certificates, marriage license, etc, are simply shredded! Even if you have accounts in other States, they are going after those too.
The most outrageous part of it is, you have no legal recourse! Last year this "enterprise" netted the state $700 million dollars, and most of the victims don't even know what they thought was safe, has been looted and sold.
Check your accounts now!
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This is ludicrous... 0 -
Sounds like Cali is becoming more of a communist state the Washington state is. Or is that thier effort to redistribute wealth? 0 -
Indiana is very diligent about attempting to return "unclaimed" cash. Seems strange that CA wouldn't do the same. 0 -
And someone members here have something to say about how wonderful the state of california is?
here is the link to the law:
http://www.sco.ca.gov/col/ucp/lawregs/ucplaw.pdf
quote:
?1513.5. Notice of Escheat Given by Banking or Financial Organization
(a) Except as provided in subdivision (c), if the holder has in its records an address for the apparent owner, which the holder's records do not disclose to be inaccurate, every banking or financial organization shall make reasonable efforts to notify by mail any customer that the customer's deposit, account, shares, or other interest in the banking or financial organization will escheat to the state pursuant to subdivision (a) or (b) of Section 1513. The holder shall give notice either:
(1) Not less than two years nor more than two and one-half years after the date of last activity by, or communication with, the owner with respect to the account, deposit, shares, or other interest, as shown on the record of the financial organization.
(2) Not less than six nor more than 12 months before the time the account, deposit, shares, or other interest becomes reportable to the Controller in accordance with this chapter.
(b) The notice required by this section shall specify the time that the deposit, account, shares, or other interest will escheat and the effects of escheat, including the necessity for filing a claim for the return of the deposit, account, shares, or other interest. The notice required by this section shall, in bold or in a font a minimum of two points larger than the rest of the notice, (1) specify that since the date of last activity, or for the last two years, there has been no customer activity on the deposit, account, shares, or other interest; (2) identify the deposit, account, shares, or other interest by number or identifier; (3) indicate that the deposit, account, shares, or other interest is in danger of escheating to the state; and (4) specify that the California Unclaimed Property Law requires banks, banking organizations, and financial organizations to transfer funds
of a deposit, account, shares, or other interest if it has been inactive for three years. It shall also include a form, as prescribed by the Controller, by which the customer may declare an intention to maintain the deposit, account, shares, or other interest. If that form is filled out, signed by the customer, and returned to the banking or financial organization, it shall satisfy the requirement of paragraph (3) of subdivision (a) or paragraph (3) of subdivision (b) of Section 1513. The banking or financial organization may impose a service charge on the deposit, account, shares, or other interest for this notice in an amount not to exceed the administrative cost of mailing the notice and form and in no case to exceed two dollars ($2).
(c) Notice as provided by subdivisions (a) and (b) shall not be required for deposits, accounts, shares, or other interests of less than fifty dollars ($50), and no service charge may be made for notice on these items.
?1514. Safe Deposit Box
The contents of any safe deposit box or any other safekeeping repository, held in this state by a business association, escheat to this state if unclaimed by the owner for more than three years from the date on which the lease or rental period on the box or other repository expired, or from the date of termination of any agreement because of which the box or other repository was furnished to the owner without cost, whichever last occurs.0 -
quote: Indiana is very diligent about attempting to return "unclaimed" cash. Seems strange that CA wouldn't do the same.
Henry, Arnold SchwarzenKennedy has put us deeper in debt, and is spending more than when Grayout Davis was in office. He forgot how the job position was opened for him to begin with![}:)] Now that he's got us so deep in debt (that my great grandchildren will be still be paying on), legal robbery of the citizens seems to be okay to pay it off.0 -
Here is an article that I found on the subject:
http://www.sco.ca.gov/col/ucp/
quote:Welcome to the State Controller's Office
Unclaimed Property (UCP) Program Web site
Fellow Californians:
On June 1, 2007, a federal court in Sacramento directed the State Controller's Office to not accept any unclaimed property until new laws are passed which allow this office to adequately notify owners that, unless claimed, lost property being held by a business will be transferred to the State for safekeeping.
The court injunction also continues the "no-notice, no-sale" policy that I implemented shortly after taking office in January to protect the contents of safe deposit boxes and stocks, bonds and other securities.
The original purpose of California's unclaimed property law was for the State to both (a) safeguard lost property from being used by private interests for their own gain, and (b) reunite the lost property with their rightful owners. Unfortunately, decades of policy decisions and statutory changes have created an unclaimed property program that cannot live up to its original intent, and as a consequence, prompted the court to intervene.
I have sponsored comprehensive reform legislation (SB 919 by Senator Mike Machado) and am working diligently with the Legislature and the Governor to fix the state's unclaimed property laws. Specifically, this bill will allow the State to provide timely notice to all property owners, restore interest paid on claims and impose strict penalties on banks, utility companies and other businesses that fail to comply with the law and notify their customers of unclaimed property they are holding. If adopted, I am confident that this proposal will fix the unclaimed property law and restore the public's confidence that their lost property will be safeguarded by the State until they claim what is rightfully theirs.
However, while the State is not receiving any escheated property at this time, property owners are encouraged to continue to search for their unclaimed, lost or forgotten property through this website. It is my goal and intent to reunite property owners with their property in a timely manner.
Sincerely,
JOHN CHIANG,
California State Controller
Click the piggy bank to see if the State Controller's Office is holding Unclaimed Property for you.
Piggy Bank0 -
I hate californa 0
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