ClaimNotify.org: Public Service Announcement
FOR IMMEDIATE RELEASE
California Announces Major Changes to Unclaimed Property Program
SACRAMENTO, CA – The California State Controller’s Office (SCO) has announced a series of significant updates to its Unclaimed Property Program, marking a comprehensive modernization effort to improve the efficiency and security of the state's system. These changes, driven by new legislation and technology, are set to streamline the process for both businesses and claimants.
At the core of the modernization is the implementation of a new Unclaimed Property Management System, which is replacing the state's outdated legacy platform. This technological overhaul includes the introduction of a new online reporting portal for businesses, designed to provide a more efficient and secure site for submitting unclaimed property reports. The system also introduces digital workflows and automated fraud detection to better protect against fraudulent claims.
While the Unclaimed Property Division acknowledges that it is currently experiencing a high volume of claims, this new system is expected to help reduce processing times in the future. The project’s stated goals include improving efficiency in processing holder reports and claims, which will increase the speed at which property is reunited with its owners. The law currently allows up to 180 days for the review of a complete claim package.
In addition to technological updates, the state has implemented a Voluntary Compliance Program (VCP) to encourage businesses to report past-due unclaimed property. The program offers the potential for interest waivers to holders who fulfill all program requirements. Furthermore, new legislation has been introduced to clarify the handling of specific property types, such as virtual currency and class-action settlement payments, bringing the state's program into alignment with evolving financial practices.
These initiatives are part of the SCO's broader commitment to safeguarding the assets of Californians and making the process of claiming property more accessible. All residents are encouraged to regularly check the state’s official website for any unclaimed property in their name.