California Starts Campaign to Increase Compliance in Unclaimed Property Program

California’s State Controller’s Office (SCO) is embarking on a targeted outreach initiative to elevate awareness of and participation in its unclaimed property voluntary compliance program (VCP). The SCO will soon contact thousands of the state’s largest potential holders of unclaimed property, with additional outreach planned throughout 2026. 

The campaign is designed not only to educate unclaimed property holders about their compliance obligations but also to spotlight the significant financial incentive offered through the VCP: a waiver of California’s steep statutory interest assessment, which accrues at 12% per year on past-due property.

For many organizations, the prospect of interest charges exceeding the value of the unclaimed property itself may have discouraged prior voluntary compliance. The VCP directly addresses that barrier, providing a clear path for companies to report overdue property and achieve full compliance without punitive financial consequences. 

Participation is open to eligible holders at any time, regardless of whether they receive an initial outreach letter. Eligibility hinges on a company’s current compliance status, including the absence of ongoing examinations, investigations, or outstanding interest assessments in the past five years.

Once accepted into the program, participants will receive from the SCO a detailed work plan and timeline — from due diligence to final reporting — meant to ensure transparency and accountability throughout the process. That structured approach both facilitates compliance and fosters a culture of proactive risk management and corporate responsibility.