The objective of Phase V of an unclaimed property examination is to reach agreement with the holder on the amount of escheatable property due and owing. Phase V commences with the provision of the preliminary finding schedule(s) to the holder. The preliminary finding schedule is the list of escheatable properties, and its corresponding owners derived from the auditor's analysis from Phase III and Phase IV. The holder shall have 20 days to respond to the preliminary findings and hold discussions with the third-party auditor to finalize the findings. Promptly thereafter, the final examination report is issued in accordance with Section 1180.044. The third-party auditor shall prepare and submit to the State Controller's Office unclaimed property Holder Notice Reports in accordance with the requirements of Code of Civil Procedure Section 1530 and Section 1174 of Article 5 of this Subchapter 8, and unclaimed property Holder Remit Reports with property remittance in accordance with the requirements of Code of Civil Procedure Section 1532 and Section 1174 of Article 5 of this Subchapter 8. A third-party auditor shall instruct holders and/or their agents to relinquish to the third-party auditor, or the third-party auditor's custodian, property deemed owing in accordance with Code of Civil Procedure Section 1532.

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).