The Controller is authorized, at reasonable times and upon reasonable notice, to examine the records of any person if the Controller has reason to believe that the person is a holder who has failed to report property that should have been reported pursuant to Code of Civil Procedure Sections 1500 et seq. Reasons to believe that a person has failed to report property include, but are not limited to: (a) Inconsistencies, omissions, or lack of detail in a holder's past reports; (b) Inconsistencies or differences between a holder's past reports and similarly-sized holders or holders in a similar line of business; (c) A holders' history of reporting or history of compliance or noncompliance; or (d) Available public data regarding the holder, including without limitation, annual company reports, and press materials.

Note: Authority cited: Section 1571, Code of Civil Procedure. Reference: Section 1571, Code of Civil Procedure.

History

1. New section filed 4-22-2025; operative 7-1-2025 (Register 2025, No. 17).