CA AB2280

Establishes the California Voluntary Compliance Program allowing the Controller to waive interest penalties for holders who complete mandatory training, review records for 10+ years of unclaimed property, and timely report and deliver property to the state.

Caps interest assessments at $10,000 for holders who report subsequent unclaimed property (after initial report) that is not in substantial compliance with statutory requirements, and authorizes the Controller to waive interest for reasonable cause.

Invalidates agreements to recover escheated property if made between the time property is reported and paid/delivered, or if they require owners to pay fees before the Controller approves the claim and delivers funds.

Exempts from public disclosure under the California Public Records Act: financial records obtained during examinations of unclaimed property holders, personal financial data, and personal information including social security numbers, dates of birth, account numbers, and check numbers.

Requires the California Voluntary Compliance Program to become operative only upon legislative appropriation in the annual Budget Act.