Cal. Code Regs. tit. 2, § 1180.029 – Phase II of Examination: Devising the Examination Program.

(a) The objective of Phase II of an unclaimed property examination is
1. (1) To identify accounts which may contain abandoned properties within the examination period;
2. (2) To understand policies and procedures related to accounting for and reporting abandoned property; and
3. (3) To determine the amount of outstanding liability related to the stale-dated and dormant amounts contained in the holder's presently-maintained internal accounting system.
(b) Phase II commences with a written data and information request from the third-party auditor to the holder. The third-party auditor may request that the data and information be produced electronically. The holder shall respond to the third-party auditor's requests within 60 days or an otherwise agreed-upon time period.

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

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