§ 1543.Unclaimed Property; Secure Payment of Claims

The claims process Section 1540 sets out can move faster for smaller or more routine claims, and Section 1543 gives the Controller room to build that efficiency in. Notwithstanding Section 1540, the Controller may minimize the number of documents a claimant has to submit when the property is valued at less than five thousand dollars, sparing smaller claimants the full documentation burden that a larger claim might warrant.

The section adds two more modernizing tools. The Controller can allow claimants to submit supporting documentation electronically through the Controller's website for any claim the Controller deems appropriate, and can authorize paying an approved claim by direct deposit through electronic funds transfer rather than a mailed check. Together these options let the Controller tailor the paperwork and payment method to the size and nature of the claim, instead of applying the same procedure to every claim regardless of value.