Companies Are Not The Only Ones Who Report Unclaimed Property Incorrectly
This blog recently mentioned an agreement between a life insurer and the State of California to settle claims of allegedly improper reporting and delivery of unclaimed property. According to a recent article in the Contra Costa Times (CA), a California grand jury has determined that several municipalities in Solano County, California have improperly handled unclaimed property. According to the article, several towns have not reported or remitted unclaimed property in several years. The investigation also found that all seven municipalities did not maintain policies and procedures for the handling, reporting and delivery of unclaimed property.
Unclaimed property noncompliance, it’s not just for private holders. No word on whether the California State Controller’s Office will assess penalties or interest.