February 21, 2012
The California Controller is amending the unclaimed property regulations to update the Electronic Fund Transfer Forms and remove language requiring prior approval to remit funds by Fedwire. Unclaimed property holders will also have the option to provide transit routing numbers on company letterhead instead of submitting a voided check. Communications for ACH debit transactions and verification language was also changed to reflect the Controller’s vendor contract. There is also a clarification regarding due dates for reports so holders indicate the report type and the due date by selecting the appropriate box on the form. The regulatory changes also repeal the requirement that holders maintain records for seven years after property is reported. The Controller’s Office believes that the Unclaimed Property Law does not provide any record retention period or place any limitation on record keeping requirements.