If you think you are entitled to any unclaimed property in California or have some unsettled unclaimed assets, then keep reading. Millions of properties in California are deemed unclaimed. The primary reason - financial institutions being unable to communicate with the owners. And as a result the property becomes unclaimed and its proceeds are forwarded to the state government of California.
You can claim your property rightfully under the administration of John Chiang, California State Controller. His administration has been able to send around whooping 2.5 million unclaimed notices to people. Last year in 2007-08 this number was around 1.2 million. Thanks to their efforts of forming a locator unit which finds and tracks down the actual owners and seeks them to claim their property. However, their priority is to send notices to people who never have had received any such notices so that they could be informed as soon as possible about their unclaimed property and assets in California state.
The administration is acting actively and has imposed fines on financial institutions who fail to notify state about the unclaimed assets. As one of the important reform the state has passed a legislation wherein banks will need to hold the unclaimed accounts for 5 years in place of current 3 years. Apart from that state has also restored the Interest paid on unclaimed property and money. They have implemented better systems which can process the loans more quickly and smartly. In their constant endeavor to help people, state has started to post the unclaimed property details on their website to help people easily locate their unclaimed property.
As a responsible state resident you should get in touch with the state government and take their help. State governments have been able to successfully process payments of around $2 billion, nationwide. If you cannot manage the process of filing claim and recovery, hire a professional agency to do it on your part.
Source: ezinearticles
You can claim your property rightfully under the administration of John Chiang, California State Controller. His administration has been able to send around whooping 2.5 million unclaimed notices to people. Last year in 2007-08 this number was around 1.2 million. Thanks to their efforts of forming a locator unit which finds and tracks down the actual owners and seeks them to claim their property. However, their priority is to send notices to people who never have had received any such notices so that they could be informed as soon as possible about their unclaimed property and assets in California state.
The administration is acting actively and has imposed fines on financial institutions who fail to notify state about the unclaimed assets. As one of the important reform the state has passed a legislation wherein banks will need to hold the unclaimed accounts for 5 years in place of current 3 years. Apart from that state has also restored the Interest paid on unclaimed property and money. They have implemented better systems which can process the loans more quickly and smartly. In their constant endeavor to help people, state has started to post the unclaimed property details on their website to help people easily locate their unclaimed property.
As a responsible state resident you should get in touch with the state government and take their help. State governments have been able to successfully process payments of around $2 billion, nationwide. If you cannot manage the process of filing claim and recovery, hire a professional agency to do it on your part.
Source: ezinearticles