California Code of Regulations
Title 2 - Administration
Division 2 - Financial Operations
Chapter 2 - State Controller
Subchapter 8 - Unclaimed Property Law
Article 1.5 - Electronic Funds Transfer of Cash Unclaimed Property
Section 1155.200 - Liability for Civil Penalty of 2 Percent of the Amount of the Payment

Holders remitting $2,000.00 or more of unclaimed property in any form other than electronic funds transfer shall be assessed a 2% penalty of the amount of the payment. A holder seeking relief from the penalty must file a written "Declaration Under Penalty of Perjury" statement espousing the conditions for failing to use one of the authorized electronic funds transfer processes available to them. The holder can be relieved of the penalties if the failure to remit via electronic funds transfer is due to reasonable cause and circumstances beyond the holder's control, and occurred notwithstanding the exercise of ordinary care and in the absence of willful neglect.

1. New section filed 3-26-98; operative 4-25-98 (Register 98, No. 13).
2. Change without regulatory effect amending section and NOTE filed 11-3-2022 pursuant to section 100, title 1, California Code of Regulations (Register 2022, No. 44).

Note: Authority cited: Section 1532, Code of Civil Procedure. Reference: Section 1532, Code of Civil Procedure.