Section 1180.055 - Interest(a) During the Audit Review Process, the holder may stop the accrual of interest, pursuant to CCP Section 1577, by paying the amount determined to be due in the audit billing notice.(b) If the Review Panel's written decision determines that additional unclaimed property is due: (1) Additional interest, pursuant to CCP Section 1577, shall be calculated on the additional cash amounts from the date the property should have been remitted to the postmark date on the holder's remittance or date of electronic funds transfer posting.(2) Additional interest shall be calculated on securities from the date the securities should have been remitted to either the postmark date on the remittance or the date the State Controller takes title to the securities, whichever is earlier. See California Administrative Code, Title 2, Subchapter 8, Article 4.5 (explaining the methodology for calculating interest on past-due securities).(3) If the amount to be remitted is $2,000 or more, the holder is required to remit by Electronic Funds Transfer pursuant to CCP Section 1532(a).i. Any person required to pay cash by electronic funds transfer who makes the payment by means other than an authorized electronic funds transfer shall be liable for a civil penalty of two percent (2%) of the amount of the payment that is due pursuant to this section, in addition to any other penalty provided by law.ii. Penalties are due at the time of payment, pursuant to CCP Section 1532(g).Cal. Code Regs. Tit. 2, § 1180.055
Note: Authority cited: Sections 1532 and 1571, Code of Civil Procedure. Reference: Sections 1571 and 1577, Code of Civil Procedure.
1. New section filed 8-5-2024; operative 10/1/2024 (Register 2024, No. 32).