On Wednesday, May 30, 2012, a hearing was held to determine whether the Court would stop the June 1st remittance reports. Judge Mendez denied the motion for a temporary restraining order, allowing the June collection of unclaimed property by the State of California.
Originally Posted: May 16, 2012
Corporate holders often lament the two-step process of reporting and remitting unclaimed property to the state of California. The first report is due October 31, where the holder lists all properties that it intends to turn over to the state. California then sends out notices to these property owners, giving owners until May 31 to respond. Holders then reconcile the preliminary fall report with the owners that responded to the California notices and remits all properties which remain by June 15.