Reporting Guidelines for Holders of Unclaimed Property ...
California State Controller Malia M. Cohen Unclaimed Property Division
The 5 Steps to Reporting Unclaimed Property to California
Follow the five steps in this guide to better understand the timeline and requirements for California's unique tworeport unclaimed property reporting process.
Attend a Free Webinar
Visit the Trainings and Tutorials page to sign up for a free webinar on the reporting process.
Timeline
Dormancy Period
Identify Reportable Unclaimed Property
Where is the property?
Property is Held by the
Business
6-12 Months Prior to Notice
Report Due Date
Send Due Diligence Letters and Respond to Owners
We're Here to Help!
The State Controller's Office (SCO) Outreach and Compliance Unit (OCU) educates holders through
webinars, speaking engagements, and more. Visit the SCO website at GoReport.sco. for reporting information or contact the OCU to schedule one-on-one assistance.
Outreach and Compliance Unit
(916) 464-6088
UPDHolderOutreach@sco.
GoReport.sco.
Before Nov 1
(Before May 1 for Life
Insurance)
Submit a Notice Report
Nov 1 - May 31
(May 1 - Nov 30
for Life
Respond to Owners from SCO
Insurance)
Pre-escheat Notices
Jun 1 - 15
(Dec 1 - 15 for Life Insurance)
Submit Remit Report and Remittance to SCO
Property is sent to SCO
Rev. 10/2022
The 5 Steps to Reporting Unclaimed Property to California
STEP
Identify Reportable Unclaimed Property
1
California businesses review financial records annually to determine if they are holding any property that has remained dormant or inactive for the applicable dormancy period, which is
typically three years, but one year for payroll and wages. Some of the more common types of
unclaimed property include checking and savings accounts, customer overpayments, payroll
checks, insurance proceeds, stocks, other securities, and utility deposits.
For more information see: How to Reduce Unclaimed Property Liability
STEP
Send Due Diligence Letters and Respond to Owners
2
Due diligence is the process businesses with unclaimed property, referred to as holders, must follow to notify owners with unclaimed property valued at $50.00 or more (and all securities
and safe deposit boxes regardless of value) that their property may be transferred to the
State of California. If an owner responds to a due diligence notice confirming interest in the
property, the holder must reunite the owner with the property, for example by reissuing a
dormant check or reactivating an inactive account.
For more information see: Due Diligence Quick Guide
STEP
Submit a Notice Report
3
The Notice Report is the first report of California's two-part reporting process. This report is due before November 1 of each year (May 1 for life insurance companies). This report
provides SCO with details of all reportable property the business is holding. Do not remit any
properties with this report.
For more information see: Notice Report Checklist
STEP
Respond to Owners from SCO Pre-escheat Notices
4
After receiving the Notice Report, SCO will send pre-escheat notices to reported owners. These notifications will inform owners to contact the holder to claim their unclaimed property
before the mandatory Remit Report period (typically June 1 to June 15, or December 1 to
December 15 for life insurance companies). Once contact is made the holder is expected to
reunite property with the rightful property owner instead of remitting it to the state.
Submit Remit Report and Remittance to SCO
STEP
5
The Remit Report is the second report of the two-part reporting process. This report is due between June 1 and June 15 (or December 1 and December 15 for life insurance companies),
and holders must transfer properties to the state that were not claimed by owners. Properties
that were reunited with owners should be removed from the Remit Report. For more information see: Remit Report Checklist
All materials and information contained within this guide are for informational purposes only and do not constitute legal advice.
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