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 1155.250 - Electronic Funds Transfer Procedure

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) Before a holder can utilize electronic
					 funds transfer, the holder must register with the State Controller's Office by
					 completing an "Authorization Agreement for Electronic Funds Transfer" (Form SCO
					 EFT-1 (01/11)), and provide the required account information to the State
					 Controller's Office prior to initiating an electronic funds transfer
					 payment.
(b) After a holder
					 completes and returns an "Authorization Agreement For Electronic Funds
					 Transfer," (Form SCO EFT-1 (01/11)), the holder should contact the State's data
					 collector to conduct a pretest on ACH Debit transactions to validate accounting
					 information.
(c) If a holder wishes
					 to remit unclaimed property funds by Fedwire, a Registration for Remittance by
					 Fedwire" (SCO EFT-3 01/11)), must be completed and returned to the State
					 Controller's Office. The holder is responsible for ensuring that remittance by
					 Fedwire is made timely.
(d) ACH
					 DEBIT and ACH CREDIT remitters of unclaimed property must provide the following
					 information when remitting unclaimed property by electronic funds transfer:
* FEIN -- This is the Federal Employer Identification
						Number.
* BRANCH NUMBER -- For financial institutions this may be
						a branch or a section within a branch. If the remitter does not have a branch
						number, one will be supplied by the State Controller's Office specifically for
						the purposes of remitting via electronic funds transfer.
* REMITTER NAME.
* REMITTER ADDRESS.
* COMPANY NAME IF DIFFERENT THAN REMITTER NAME.
* UNCLAIMED PROPERTY REMITTER TYPE CODE -- This code will
						identify the type of holder that is remitting unclaimed property.
* REMITTANCE TYPE CODE -- This identifies the type of
						unclaimed property.
* REMITTANCE AMOUNT -- This is the amount of the
						unclaimed property remittance.
(e) In addition to the information specified
					 in (d) above, the following information must be provided in the registration
					 and unclaimed property reporting process for ACH Debit transactions:
* BANK NAME
* BANK ACCOUNT NUMBER
* TRANSIT and ROUTING NUMBER
* TYPE OF ACCOUNT
* METHOD OF COMMUNICATING EFT
						REMITTANCES
(f) In addition
					 to the information in (d) above, the following information must be provided in
					 the unclaimed property reporting process for ACH Credit transactions:
* REMITTING instructions to your bank or other evidence
						of remittance that connects the remittance to the annual unclaimed property
						report.
1. New
						section filed 3-26-98; operative 4-25-98 (Register 98, No. 13).
2.
						Amendment of subsections (a)-(c) and amendment of NOTE filed 9-19-2012;
						operative 10-19-2012 (Register 2012, No. 38).
Note: Authority cited: Sections
						  1532(a)
						  and
						  1580,
						  Code of Civil Procedure. Reference: Section
						  1532,
						  Code of Civil Procedure.