California Code of Regulations
Title 2 - Administration
Division 2 - Financial Operations
Chapter 2 - State Controller
Subchapter 8 - Unclaimed Property Law
Article 8 - Reviewing the Results of an Audit
Section 1180.055 - Interest
Universal Citation: 2 CA Code of Regs 1180.055
Current through Register 2024 Notice Reg. No. 38, September 20, 2024
(a) During the Audit Review Process, the holder may stop the accrual of interest, pursuant to CCP Section 1577, by paying the amount determined to be due in the audit billing notice.
(b) If the Review Panel's written decision determines that additional unclaimed property is due:
(1) Additional interest, pursuant to
CCP Section 1577, shall be calculated on the additional cash amounts from the
date the property should have been remitted to the postmark date on the
holder's remittance or date of electronic funds transfer posting.
(2) Additional interest shall be calculated
on securities from the date the securities should have been remitted to either
the postmark date on the remittance or the date the State Controller takes
title to the securities, whichever is earlier. See California
Administrative Code, Title 2, Subchapter 8, Article 4.5 (explaining the
methodology for calculating interest on past-due securities).
(3) If the amount to be remitted is $2,000 or
more, the holder is required to remit by Electronic Funds Transfer pursuant to
CCP Section 1532(a).
i. Any person required to
pay cash by electronic funds transfer who makes the payment by means other than
an authorized electronic funds transfer shall be liable for a civil penalty of
two percent (2%) of the amount of the payment that is due pursuant to this
section, in addition to any other penalty provided by law.
ii. Penalties are due at the time of payment,
pursuant to CCP Section 1532(g).
Note: Authority cited: Sections 1532 and 1571, Code of Civil Procedure. Reference: Sections 1571 and 1577, Code of Civil Procedure.
Disclaimer: These regulations may not be the most recent version. California may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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