(a) There is established in the Special Deposit Fund in the State Treasury the Unclaimed Property Offset Account. Notwithstanding Section 13340, moneys in the account are continuously appropriated pursuant to Section 16372 for both of the following purposes: (1) The payment of moneys to a state agency, local agency, city, county, community college district, special district, or court, or any other state or local governmental entity, to offset the moneys owed by a person claiming to be the owner of unclaimed property that has escheated to the state under Title 10 (commencing with Section 1300) of Part 3 of the Code of Civil Procedure.(2) The payment of moneys to owners of unclaimed property that has escheated to the state after offsetting moneys paid pursuant to paragraph (1).(b) The Controller may transfer to the Unclaimed Property Offset Account moneys held by the Controller from property that has escheated to the state under Title 10 (commencing with Section 1300) of Part 3 of the Code of Civil Procedure if the Controller has reason to believe the owner of the property has a debt to a state or local governmental entity.