§ 1899.575.

Where an individual or entity holding a warrant wishes to redeem the warrant the following procedures shall apply:

(a) Any individual or entity holding a registered warrant issued in the name of the holder may redeem such registered warrant when payment is due directly with the State Treasurer's Office by:

(1) Mailing the registered warrant to the State Treasurer's Office, ATTN: Registered Warrant Desk, 915 Capitol Mall, Sacramento, CA 95814; or

(2) Presenting the registered warrant in person at the State Treasurer's Office at 915 Capitol Mall, Sacramento, California between the hours of 8:00 a.m. and 4:00 p.m.

(b) If the holder is bank or other financial institution, the registered warrant may be presented for redemption pursuant to section (a)(1) or (2), or by cash letter (which may be segregated or combined with any other warrants or items) directly to the State Treasurer's Office.

(c) A holder of a registered warrant may also be able to deposit the registered warrant with a bank or other financial institution, if the bank or financial institution is willing to accept the registered warrant. Only the holder of the registered warrant at the time of redemption is entitled to any interest owed on the registered warrant.

(d) Where the holder of a registered warrant at the time of redemption is an individual or entity other than the individual or entity to whom the State issued the registered warrant the State Treasurer's Office will redeem the registered warrant only if the holder submits with the registered warrant a notarized bill of sale signed by the individual or entity to whom the State issued the registered warrant. This requirement to present an accompanying notarized bill of sale does not apply if the third-party holder of a registered warrant is a state or local government agency, special district, bank or other financial institution, including, but not limited to, a brokerage firm, an investment banking firm, an asset management firm, or a broker-dealer.

(e) With respect to any other warrant validly issued by the State Controller's Office, where an individual other than the individual or entity to whom the warrant was issued holds the warrant, the State Treasurer's Office may prohibit such a third party holder from redeeming the warrant directly with the State and instead require processing through the individual's bank.

HISTORY

1. New section filed 7-30-2009 as an emergency; operative 7-30-2009 (Register 2009, No. 31). A Certificate of Compliance must be transmitted to OAL by 1-26-2010 or emergency language will be repealed by operation of law on the following day.

2. Certificate of Compliance as to 7-30-2009 order transmitted to OAL 12-15-2009 and filed 1-26-2010 (Register 2010, No. 5).

Note

Note: Authority cited: Sections 17210 and 17271, Government Code. Reference: Sections 17210 and 17271, Government Code.