Amends existing law to establish an exemption for nonprofit corporations providing telecommunications service and delivery of electric power, and to remove certain requirements for such entities.

Performing the same responsibilities as the administrator is burdensome and costly to the nonprofit entities. After consulting with representatives of these entities, the Unclaimed Property Program has determined that the processes currently applicable to counties provides a streamlined process for the entity while still providing a report of the unclaimed property to the Program. Reports to the Program are the method by which lost owners of the property can locate the property.