CA AB1389

Extends the timeframe for remitting levied funds from 5 days to after 10 but no later than 14 business days for persons holding credits or property of delinquent unemployment insurance payers.

Applies the same 10-14 business day timeframe to persons who come into possession of credits or property within one year of receiving a notice of accounts receivable levy.

Requires financial institutions receiving a notice of levy to remit funds after 10 but no later than 14 business days after receipt, treating the levy as a single event applying only to funds in the deposit account at time of notice.

Defines "business day" to exclude Saturdays, Sundays, legal holidays recognized by the Internal Revenue Service and State of California, and days when the Employment Development Department is closed.

Adds clarifying references to the Commercial Code and Code of Civil Procedure for definitions of deposit account, financial institution, and legal process.