Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 04, 2012 |
referred to finance |
Apr 11, 2011 |
referred to finance |
Senate Bill S4531
2011-2012 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status - In Senate Committee Finance Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
2011-S4531 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A7019
- Current Committee:
- Senate Finance
- Law Section:
- Abandoned Property Law
- Laws Affected:
- Amd ยงยง103 & 501, Ab Prop L
2011-S4531 (ACTIVE) - Sponsor Memo
BILL NUMBER:S4531 TITLE OF BILL: An act to amend the abandoned property law, in relation to residuals payment plans established by labor unions PURPOSE OR GENERAL IDEA OF BILL: Relates to abandoned property and residuals payment plans established by labor unions. SUMMARY OF SPECIFIC PROVISIONS: Section 103 of the abandoned property law is amended by adding a new subdivision (h). Section 501 of the abandoned property law is amended by adding a new subdivision 6. JUSTIFICATION: New York State's Abandoned Property Law currently deems "abandoned" any property belonging to a resident of the state of NY that is unclaimed by the intended recipient for a period of 3 years. This abandoned property is then required to be turned over to the New York State Comptroller's Office. This bill seeks to exclude compensation placed in a residual payment plan by entertainment unions from the definition of abandoned property. This legislation
2011-S4531 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ S. 4531 A. 7019 2011-2012 Regular Sessions S E N A T E - A S S E M B L Y April 11, 2011 ___________ IN SENATE -- Introduced by Sen. LITTLE -- read twice and ordered print- ed, and when printed to be committed to the Committee on Finance IN ASSEMBLY -- Introduced by M. of A. LENTOL -- read once and referred to the Committee on Ways and Means AN ACT to amend the abandoned property law, in relation to residuals payment plans established by labor unions THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 103 of the abandoned property law is amended by adding a new subdivision (h) to read as follows: (H) "RESIDUALS" MEANS PAYMENTS, PURSUANT TO LAW OR A COLLECTIVE BARGAINING AGREEMENT, OF ADDITIONAL COMPENSATION FOR DOMESTIC AND FOREIGN USES OF RECORDED MATERIALS. S 2. Section 501 of the abandoned property law is amended by adding a new subdivision 6 to read as follows: 6. A RESIDUALS PAYMENT PLAN, AND THE ACCOUNTS AND MONIES THEREIN, ESTABLISHED BY A LABOR UNION WHICH RECEIVES FOR DISTRIBUTION RESIDUALS ON BEHALF OF EMPLOYEES WORKING UNDER COLLECTIVE-BARGAINING AGREEMENTS, SHALL NOT BE DEEMED ABANDONED PROPERTY IF THE PLAN ALLOWS A PARTICIPANT, ENTITLED TO A DISTRIBUTION UNDER THE PLAN, TO BE REIMBURSED UPON THE MAKING OF A VALID CLAIM TO THE LABOR UNION FOR PAYMENT. S 3. This act shall take effect on the sixtieth day after it shall have become a law. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD10590-01-1
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