CA AB2350

Creates the Unclaimed Property Offset Account in the Special Deposit Fund as a continuously appropriated fund to pay debts owed by claimants of escheated property to state and local governmental entities.

Authorizes the Controller to transfer escheated property funds to the Unclaimed Property Offset Account if the owner has a debt to a state or local governmental entity, with remaining funds paid to the property owner.

Makes the IOLTA Claims Reserve Subaccount within the Abandoned IOLTA Property Account a continuously appropriated fund for payment of refunds and claims related to escheated IOLTA funds.

Removes authorization for the IOLTA Claims Reserve Subaccount to be used for general costs associated with escheated IOLTA funds, limiting its use to refunds and claims only.