General information

New Bill Amends State Account Escheat Law
September 23, 2013

AB 212 makes a slight change to the state’s law that governs when holders such as banks must submit property to the State Controller’s Office. Currently, the reporting threshold for the value of traveler’s checks, money orders, and intangible property is $50. AB 212 reduces the threshold to $25. See CBA’s Regulatory Compliance Bulletin attached, prepared by Ted Kitada of Wells Fargo Bank.