Unclaimed property: notice.

Assembly Member Gipson's proposal to modify California's unclaimed property notification system focuses on ensuring notices reach their intended recipients through enhanced address verification requirements. The legislation revises how the State Controller's Office handles address validation when attempting to contact individuals who may be entitled to unclaimed property valued at $50 or more.

Under the measure, the Controller would mail notices only to addresses confirmed as valid and deliverable. When addresses provided in holder reports are invalid, the Controller must attempt to obtain corrected addresses from the Franchise Tax Board using Social Security numbers when available. If a valid alternative address is identified, the Controller would be required to send notices to the updated location. The bill maintains existing requirements for notice content, including statements about the property being held, holder information, and claim submission instructions.

The legislation preserves current restrictions on the Controller's notification methods, prohibiting the use of audit program funds, photographs, or elected officials' names in published notices. These notices may continue to appear through various media channels, including newspapers, websites, radio, and television, as determined reasonable by the Controller's office.