Unclaimed Funds
Regarding “Dispute Swells Over State Pot of Lost Gold” (Dec. 8), on the turmoil besetting the state controller and legislators over unclaimed funds: Why not enact a provision in the law to allow the state to retain as an administrative fee 10% of unclaimed funds returned to the rightful parties? This would provide the necessary funding to properly search for the folks who have the money coming.
There are businesses that search out the claimants and charge them 35% to 50% to tell them how to get their money. So this is a better deal for the state, it’s a better deal for the claimants and it’s a better deal for all Californians because the budget does not have to be invaded to find these folks.
IRVING CODRON
Los Angeles
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