Voluntary Compliance Program

Are you holding unclaimed property that has not been reported? Good news! Under the California State Controller’s Voluntary Compliance Program (VCP) you may qualify for a waived interest assessment. Approved and enrolled holders that fulfill all program requirements, including completing a training program and meeting reporting deadlines, will be eligible for waived interest on past-due unclaimed property reported under the program.

It is the mission of the California State Controller’s Office (SCO) Unclaimed Property Division to reunite lost and abandoned property with its rightful owner, safeguard those properties from being used by private interests or personal gain, relieve holders of unclaimed property of the expense and liability associated with unclaimed property, and provide a central source for owners to locate and claim their property. The purpose of the VCP is to develop a community of compliance by enabling and incentivizing holders of unclaimed property, including first time filers, to come into compliance with California’s Unclaimed Property Law (Code of Civil Procedure [CCP] Section 1500 et. seq.) without examination or penalty. The Controller further seeks to enable holders to report timely and consistently, in future years.

When you receive the application form, complete it and be sure to include:

• Staff members who will attend training and submit reports
• Estimated value of inactive properties and accounts in your records

After reviewing applications and approving enrollment, the State Controller’s Office (SCO) will provide due dates for required deliverables that coincide with the standard unclaimed property reporting cycle.

This is an on-going program. If you are unable to meet the due dates for the current reporting season, SCO will continue to accept applications and provide due dates to subsequent enrollees that are consistent with future report years.

Eligibility Criteria

The State Controller’s Office will NOT consider applications from holders that:

• Are currently subject to an unclaimed property examination
• Are currently subject to civil or criminal investigation
• Currently have unpaid interest assessments from the past five years

For more information about program requirements and qualifications, please consult our VCP Notice to Holders as well as Code of Civil Procedure Section 1577.5. Subscribe to our email ListServ to receive future updates.