Business Journal: State Agency Opens Rancho Cordova Office
The State Controller’s office is adding staff and moving to Rancho Cordova. It’s all a part of the agency’s effort to track down owners of unclaimed property. Shana Lynch with the Business Journal explains.
Friday, October 12, 2007
The state doesn’t want your money. Well, it does, but it’s making a good-faith effort to find you before it takes it. The State Controller’s unclaimed property division will add 87 people to its current staff of 140 workers. This is in response to a new law calling for more robust efforts contacting owners of dormant safe deposit boxes and bank accounts. The accounts get transferred to the state if they’re inactive for three years. The division is also moving from its East Sacramento office to Rancho Cordova to house the larger operation. Since 1959, $5.3 billion of unclaimed property has been turned over to the state. However, it has to pay any valid claim made, no matter how old.