§ 1602.Agreement For Payments of State's Share of Costs Incurred By United States In Examining Records

Finding out what unclaimed property the federal government is holding isn't free; someone has to comb through federal records and compile the reports this chapter relies on, and this section lets California help pay for that work. The Controller can enter agreements with the United States fixing when and how California pays its proportionate share of the actual, necessary cost the federal government incurs examining its records and reporting the results, with that share calculated the way federal law provides.

These agreements can spread the payments out, allowing for a single payment at set intervals over a period of years rather than one lump sum, and once an agreement is in place, the State Controller has to make every payment at the time and in the way the agreement specifies.