Each year, millions of dollars’ worth of property is turned over to the State Controller by businesses unable to locate the rightful owners. Some of these uncashed checks, bank accounts, credit balances, and property could belong to your special district.
Almost sixty years ago, California established the Unclaimed Property Law to protect the public and local agency consumers. Banks, insurance companies, and other businesses are required to provide certain types of lost properties to the State Controller after a period of no activity, generally three years. The State Controller safeguards this forgotten property and works to reunite it with the rightful owners. There are over forty million properties that include cash, stocks, refunds, and insurance benefits. Thousands of these properties belong to special districts throughout California.
Even if it seems unlikely that your district has any unclaimed property, do not miss the opportunity to reclaim any funds due to your district. Visit claimit.ca.gov or call (800) 992-4647 to determine if your district has any unclaimed property. There is no expiration date to submit a claim and, for less complex claims, funds could be received within a few weeks.
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