SECTIONS 1580-1582 - California Statutes

CODE OF CIVIL PROCEDURE

SECTION 1580-1582

1580. The State Controller is hereby authorized to make necessary
rules and regulations to carry out the provisions of this chapter.

1581. (a) Any business association that sells in this state its
travelers checks, money orders, or other similar written instruments
(other than third-party bank checks) on which such business
association is directly liable, or that provides such travelers
checks, money orders, or similar written instruments to others for
sale in this state, shall maintain a record indicating those
travelers checks, money orders, or similar written instruments that
are purchased from it in this state.
(b) The record required by this section may be destroyed after it
has been retained for such reasonable time as the State Controller
shall designate by regulation.
(c) Any business association that willfully fails to comply with
this section is liable to the state for a civil penalty of five
hundred dollars ($500) for each day of such failure to comply, which
penalty may be recovered in an action brought by the State
Controller.

1582. No agreement to locate, deliver, recover, or assist in the
recovery of property reported under Section 1530, entered into
between the date a report is filed under subdivision (d) of Section
1530 and the date of publication of notice under Section 1531 is
valid. Such an agreement made after publication of notice is valid if
the fee or compensation agreed upon is not in excess of 10 percent
of the recoverable property and the agreement is in writing and
signed by the owner after disclosure in the agreement of the nature
and value of the property and the name and address of the person or
entity in possession of the property. Nothing in this section shall
be construed to prevent an owner from asserting, at any time, that
any agreement to locate property is based upon an excessive or unjust
consideration.
Notwithstanding any other provision of law, records of the
Controller's office pertaining to unclaimed property are not
available for public inspection or copying until after publication of
notice of the property or, if publication of notice of the property
is not required, until one year after delivery of the property to the
Controller.