Our Unclaimed Property Team reviews California AB 2280, which would allow the State Controller’s Office to establish a new California Voluntary Compliance Program.
- The proposed VCP would be available only to certain holders
- To qualify for the interest waiver, a holder would be required to participate in an educational training program and meet other requirements
- The controller would be authorized to reinstate interest for any holder that does not comply with reporting and payment requirements
Read the full advisory here.