Section 1172.90 - Reasonable Cause - Defined(a) If any person fails to report or pay or deliver unclaimed property within the time prescribed by the Unclaimed Property Law (Civil Code of Procedure Section 1500 et seq.), the assessment of interest is mandatory unless there is a showing of "reasonable cause" for the delay.(b) "Reasonable cause" means the exercise of ordinary business care and prudence. The following specific causes for failure to report or pay or deliver unclaimed property within the time prescribed by law will be accepted as reasonable. (1) Where in the absence of willful neglect, the failure was due to circumstances beyond the holder's control.(2) Where the delay or failure to file was due to erroneous information given to the holder of unclaimed property by an employee of the Controller's Office.(c) Generally, the failure to timely report or pay or deliver unclaimed property is not excused by reliance on an agent and such reliance is not reasonable cause for late reporting, payment or delivery.Cal. Code Regs. Tit. 2, § 1172.90
1. New article 4.7 (sections 1172.90-1172.92) and section filed 7-28-2004; operative 8-27-2004 (Register 2004, No. 31). Note: Authority cited: Section 1580, Code of Civil Procedure. Reference: Section 1577, Code of Civil Procedure.
1. New article 4.7 (sections 1172.90-1172.92) and section filed 7-28-2004; operative 8-27-2004 (Register 2004, No. 31).