NY State Senate Bill 2015-S5003A

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

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Actions

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 06, 2016	referred to finance
May 26, 2015	print number 5003a
May 26, 2015	amend (t) and recommit to finance
Apr 28, 2015	referred to finance

Bill Amendments

Original

A (Active)

2015-S5003 - Details

See Assembly Version of this Bill:: A6080
Current Committee:: Senate Finance
Law Section:: Abandoned Property Law
Laws Affected:: Amd §§402, 501, 1315, 1405, 1406 & 1422, add §1423, Ab Prop L; amd §2222, SCPA
Versions Introduced in 2017-2018 Legislative Session:: A1881, A10118

2015-S5003 - Summary

Relates to reports of unclaimed amounts of money or other property.

2015-S5003 - Sponsor Memo

                                BILL NUMBER:S5003

TITLE OF BILL:  An act to amend the abandoned property law, in
relation to conforming language relating to the preliminary reporting
requirement for unclaimed amounts of money or other property;
precluding abandonment based upon undeliverable mail; clarifying
language relating to statutory coverage of accounts payable and
receivable credits; authorizing the accrual of interest on life
insurance policies after payment of abandoned property to the state
comptroller; increasing the minimum amount of an abandoned property
claim; authorizing the comptroller to establish guidelines for new
forms of payment technologies; increasing the threshold for certified
mailings; recognizing electronic contact by an owner as written
contact; and to amend the abandoned property law and the surrogate's
court procedure act, in relation to authorizing the payment of
interest on monies received directly from surrogate's court and held
by the state comptroller as abandoned property

PURPOSE:

The purpose of this proposed legislation is to make technical
amendments to the abandoned property law.

SUMMARY OF PROVISIONS:

Section 1 of this bill would amend Paragraph a of subdivision 3 of

section 402 of the abandoned property law to conform language to 2011
amendments removing the preliminary reporting requirements.

Section 2 amends Paragraph c of subdivision 3 of section 501of the
abandoned property law to eliminate the requirement of the return of
undelivered mail to the holder prior to wages becoming abandoned.

Section 3 amends Subdivisions 1-a and 1-b section 1315 of the
abandoned property law to clarify the scope of coverage of the
miscellaneous unclaimed property provision of the abandoned property
law. This provision includes coverage for uncashed checks, unclaimed
amounts representing accounts payable or receivable credits, refunds,
rebates, credits, overpayments or deposits.

Section 4 amends Paragraph a of subdivision 1 of section 1405 of the
abandoned property law to authorize the payment of interest for life
insurance policy claims and funds received directly from Surrogate's
Court.

Section 5 amends the opening paragraph of paragraph a of subdivision 1
of section 1406 of the abandoned property law to raise the threshold
for claims to abandoned property from 3 dollars to twenty dollars.

Section 6 amends Section 1414 of the abandoned property law to include
within the general authorization for the state comptroller to
promulgate rules and regulations to enforce the provisions of the
abandoned property law express authorization to promulgate rules and
regulations relating to the inclusion of new payment technologies
within the definition of abandoned property


Section 7 amends Subdivision 2 of section 1422 of the abandoned
property law to raise the threshold on the requirement of certified
mailings from 1 thousand to 3 thousand dollars.

Section 8 adds a new section 1423 to the abandoned property law
expressly authorizing the promulgation of rules and regulations
related to electronic contact that would toll the dormancy period.

Section 9 amends Subdivision 2 of section 2222 of the surrogate's
court procedure act to provide for the payment of interest on monies
from the Surrogate's Court paid into the Abandoned Property Fund.

PRIOR LEGISLATIVE HISTORY:

New bill.

JUSTIFICATION:

It is the policy of the State of New York that while protecting the
interest of the owners thereof, to utilize escheated lands and
unclaimed property for the benefit of all the people of the state. In
furtherance of this policy, the State Comptroller, as custodian of the
Abandoned Property Fund, is diligent with respect to updating and
correcting the provisions of the Abandoned Property Law (APL) as, from
time to time, may be necessary.

Reporting by Utilities: The technical amendment relating to the
publication requirement for utilities is intended to conform language
to changes made in 2011 to the APL by removing language related to the
preliminary reporting requirement that was previously, but is no
longer, required prior to publication.

Undelivered Mail: The elimination of the requirement that undelivered
mail be returned to the holder prior to wages becoming abandoned is
intended to increase consistency with respect to the treatment of
wages and other uncashed checks. Additionally, this change recognizes
the increased use of direct deposit. Due diligence mailings will still
be required under other provisions of the APL.

Clarification of Property Types: The types of property currently
covered under the miscellaneous provision of the APL include coverage
for uncashed checks, unclaimed amounts representing accounts payable
or receivable credits, refunds, rebates, credits, overpayments or
deposits. The amendment to the miscellaneous provision does not expand
statutory coverage of this section, rather it clarifies the current
reporting requirements.

Payment of Interest; Life Insurance: The authorization for payment of
interest for life insurance policy claims and funds received directly
from Surrogate's Court is intended to create consistency/fairness with
respect to the payment of claims. Currently, certain accounts that
bear interest prior to being reported to the Office of Unclaimed Funds
(OUF) receive interest from OUF for up to five years when claimed.
However, insurance death benefits do not receive interest and this
amendment would correct that inequity.


Payment of Interest; Surrogate's Court Monies: Authorizing the payment
of interest on monies received directly from surrogate's court and
held by the State Comptroller as abandoned property allows the
distributees of estates whose decedent died a resident of a county
outside of the City of New York to receive the same interest that the
distributees of estates whose decedent died a resident of a county
within the City of New York presently receive

Increase Threshold for Return of Property: Raising the threshold for
mandated return of property from 3 dollars to twenty dollars is
intended to bring the statute up to date with inflation. The APL's 3
dollar minimum claim amount was set in 1952. According to the consumer
price index (CPI), 3 dollars in 1952 was equal to twenty-six dollars
in 2014. This change will significantly reduce the cost to the State
of processing claims which cost more to process than is returned to
the claimant and alleviate the potential for frustration of claimants
at having to invest time and money to recoup small dollar values.

Updates of Definition of Abandoned Property: Authorizing the State
Comptroller to promulgate rules and regulations relating to the
inclusion of new payment technologies within the definition of
abandoned property recognizes the appearance of new technological
advances. In the twenty-first century, the pace of technological
advancement is rapid and the need to maintain such pace with respect
to new and diverse methods of payment is critical. As new innovations
are developed for the transfer of monies, it is necessary for the
State Comptroller in his capacity as the custodian of the Abandoned
Property Fund, to collect any such monies that are deemed abandoned in
furtherance of the policy of the state which is, while protecting the
interest of the owners thereof, to utilize escheated lands and
unclaimed property for the benefit of all the people of the state.

Increase Threshold for Certified Mailings: Raising the threshold on
certified mailings from one thousand dollars to three thousand dollars
is intended to reduce the burden on holders of having to perform such
mailings.

Electronic Communication as Written Contact: The ability of the State
Comptroller to promulgate rules and regulations establishing when an
electronic communication from the apparent owner of amounts or
securities shall constitute "written contact" for purposes of tolling
the dormancy period recognizes that individuals frequently access
their financial accounts through electronic means.  However, the
current statute does not recognize electronic communication as
customer contact sufficient to prevent property from becoming
abandoned. This change to the APL would recognize electronic
communication from the owner as written contact under the APL, thereby
tolling the dormancy period.

The State Comptroller urges the passage of this proposed legislation.

FISCAL IMPLICATIONS FOR STATE:

Certain provisions of this proposal may result in modest increases in
receipts, while others would result in modest increases in amounts
paid to claimants. Overall, the fiscal impact of this proposal would
be negligible.


EFFECTIVE DATE:

This act shall take effect immediately.

2015-S5003 - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  5003

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                             April 28, 2015
                               ___________

Introduced  by Sen. VENDITTO -- (at request of the State Comptroller) --
  read twice and ordered printed, and when printed to  be  committed  to
  the Committee on Finance

AN  ACT  to  amend the abandoned property law, in relation to conforming
  language  relating  to  the  preliminary  reporting  requirement   for
  unclaimed  amounts  of money or other property; precluding abandonment
  based upon undeliverable mail; clarifying language relating to  statu-
  tory  coverage of accounts payable and receivable credits; authorizing
  the accrual of interest on life insurance policies  after  payment  of
  abandoned  property  to  the state comptroller; increasing the minimum
  amount of an abandoned property claim; authorizing the comptroller  to
  establish guidelines for new forms of payment technologies; increasing
  the  threshold  for certified mailings; recognizing electronic contact
  by an owner as written contact; and to amend  the  abandoned  property
  law  and the surrogate's court procedure act, in relation to authoriz-
  ing the payment of interest on monies received  directly  from  surro-
  gate's court and held by the state comptroller as abandoned property

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Paragraph (a) of subdivision 3 of section 402 of the  aban-
doned property law is amended to read as follows:
  (a) that a report of unclaimed amounts of money or other property held
or  owing  by it [has been made to] WILL BE PREPARED FOR the state comp-
troller and that a list of the names of the person or persons  appearing
from  the  records of such corporation to be entitled thereto is on file
and open to public inspection at its principal office or place of  busi-
ness in any city, village or county where any such abandoned property is
payable;
  S  2.  Paragraph  (c) of subdivision 3 of section 501 of the abandoned
property law, as amended by chapter 61 of the laws of 1989,  is  amended
to read as follows:

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08236-02-5

S. 5003                             2

  [(c)  Notice  regarding such wages has been sent by the corporation or
fiduciary, via first class mail, to such  resident  at  his  last  known
address  and such notice has been returned to the corporation or fiduci-
ary by the postal authorities for inability to locate such resident.]
  S 3. Subdivisions 1-a and 1-b of section 1315 of the abandoned proper-
ty  law,  subdivision  1-a  as  amended  and subdivision 1-b as added by
section 2 of part II of chapter 57 of the laws of 2010, are  amended  to
read as follows:
  1-a.  Any  amount  representing outstanding checks issued on and after
July first, nineteen hundred seventy-four [in payment for goods  or  for
services,  and  owing  in  this  state,]  or held by OR ON BEHALF OF any
corporation (other than a  public  corporation),  joint  stock  company,
individual,  association  of two or more individuals, committee or busi-
ness trust in this state, and which has remained unclaimed by the  owner
of such amount for three years, shall be deemed abandoned property.
  1-b.  Any unclaimed amount [for services not rendered or for goods not
delivered] REPRESENTING ACCOUNTS PAYABLE OR RECEIVABLE CREDITS, REFUNDS,
REBATES, CREDITS, OVERPAYMENTS OR DEPOSITS, which amount [was  received]
IS  HELD  BY  OR  ON BEHALF OF A CORPORATION (OTHER THAN A PUBLIC CORPO-
RATION), JOINT STOCK COMPANY, INDIVIDUAL, ASSOCIATION  OF  TWO  OR  MORE
INDIVIDUALS,  COMMITTEE  OR  BUSINESS  TRUST  IN  THIS STATE, after July
first, nineteen hundred seventy-four, or in the case of a public utility
company as that term is defined in subdivision twenty-three  of  section
two  of the public service law, on or after July first, nineteen hundred
eighty which has remained unclaimed by the  owner  of  such  amount  for
three years, shall be deemed abandoned property.
  S  4.  Paragraph (a) of subdivision 1 of section 1405 of the abandoned
property law, as amended by section 13 of part R of chapter  85  of  the
laws of 2002, is amended to read as follows:
  (a)  Notwithstanding any other provision of law, no owner of abandoned
property shall be entitled to receive interest on account of such  aban-
doned property from and after the date a payment of such abandoned prop-
erty is hereafter made to the state comptroller pursuant to this chapter
or any law relating to abandoned property, whether or not [he] THE OWNER
was  entitled  to  interest  on such property prior to such date, except
that interest at the overpayment rate set by the commissioner  of  taxa-
tion and finance pursuant to subsection (j) of section six hundred nine-
ty-seven  of  the  tax  law,  less one percentage point, shall accrue to
abandoned property hereafter paid to the  state  comptroller  under  the
following  provisions  of  this  chapter,  for the first five years such
property is held by [him] THE STATE COMPTROLLER:
  (i) paragraph (a) of subdivision one of section three hundred of  this
chapter; or
  (ii) subdivision one of section four hundred of this chapter; or
  (iii)  paragraph (a) of subdivision one of section six hundred of this
chapter; or
  (iv) PARAGRAPH (C) OF SUBDIVISION ONE OF SECTION SEVEN HUNDRED OF THIS
CHAPTER; OR
  (V) subdivision one of section ten hundred of this chapter; OR
  (VI) SUBDIVISION ONE OF SECTION TWO THOUSAND TWO HUNDRED TWENTY-TWO OF
THE SURROGATE'S COURT PROCEDURE ACT.
  S 5. The opening paragraph  of  paragraph  (a)  of  subdivision  1  of
section 1406 of the abandoned property law, as amended by chapter 815 of
the laws of 1963, is amended to read as follows:
  Claim  may be filed with the state comptroller for any abandoned prop-
erty amounting to over [three] TWENTY dollars, INCLUDING ANY CLAIM TO  A

S. 5003                             3

SECURITY  DELIVERED TO THE STATE COMPTROLLER ON OR AFTER NOVEMBER FIRST,
NINETEEN HUNDRED NINETY-ONE, WITH A FAIR MARKET VALUE  EXCEEDING  TWENTY
DOLLARS  AT  THE TIME OF CLAIM heretofore paid to the state or hereafter
paid  or  delivered  to  the state comptroller pursuant to this chapter,
except abandoned property heretofore paid to the state pursuant to
  S 6. Section 1414 of the abandoned property law, as added  by  chapter
459 of the laws of 1952, is amended to read as follows:
  S  1414.  Comptroller  to  make  regulations. The state comptroller is
hereby authorized to make such rules and  regulations  as  he  may  deem
necessary  to enforce the provisions of this chapter, INCLUDING, BUT NOT
LIMITED TO, RULES AND REGULATIONS  RELATING  TO  THE  INCLUSION  OF  NEW
PAYMENT TECHNOLOGIES WITHIN THE DEFINITION OF ABANDONED PROPERTY.
  S  7.  Subdivision 2 of section 1422 of the abandoned property law, as
added by section 6 of part P of chapter 62  of  the  laws  of  2003,  is
amended to read as follows:
  2.  Where  notice is required by subdivision one of this section, each
holder shall, with respect to property listed in such report whose value
is in excess of [one] THREE thousand  dollars,  send  a  second  written
notice to the owner by certified mail, return receipt requested not less
than  sixty  days  prior  to  the  applicable  reporting  date  for such
unclaimed property, provided that no notice pursuant to this subdivision
shall be required where: (a) such holder has received a claim  from  the
owner of the property; or (b) the original mailing was returned as unde-
liverable.
  S  8.  The  abandoned  property law is amended by adding a new section
1423 to read as follows:
  S 1423. ELECTRONIC CONTACT. NOTWITHSTANDING ANY  OTHER  PROVISIONS  OF
THIS  CHAPTER,  THE  COMPTROLLER  SHALL PROMULGATE RULES AND REGULATIONS
ESTABLISHING WHEN AN ELECTRONIC COMMUNICATION FROM THE APPARENT OWNER OF
AMOUNTS OR SECURITIES AS DEFINED IN THIS CHAPTER SHALL CONSTITUTE "WRIT-
TEN CONTACT" FOR PURPOSES OF TOLLING THE DORMANCY PERIOD.
  S 9. Subdivision 2 of section 2222 of the surrogate's court  procedure
act,  as  amended by chapter 125 of the laws of 1972, is amended to read
as follows:
  2. The court or the supreme court upon the petition of a person claim-
ing to be so entitled and upon at least  14  days'  notice,  accompanied
with  a  copy  of the petition, to the attorney general, the state comp-
troller and the public administrator of the county or if there be  none,
the county treasurer, may by a reference or by directing the trial of an
issue by a jury or otherwise, ascertain the rights of the persons inter-
ested  and  grant  an  order  directing  the  payment of any money which
appears to be due to the claimant,  [but  without  interest  and]  after
deducting all expenses incurred by the state with respect thereto.
  S 10. This act shall take effect immediately.

2015-S5003A (ACTIVE) - Details

See Assembly Version of this Bill:: A6080
Current Committee:: Senate Finance
Law Section:: Abandoned Property Law
Laws Affected:: Amd §§402, 501, 1315, 1405, 1406 & 1422, add §1423, Ab Prop L; amd §2222, SCPA
Versions Introduced in 2017-2018 Legislative Session:: A1881, A10118

2015-S5003A (ACTIVE) - Summary

Relates to reports of unclaimed amounts of money or other property.

2015-S5003A (ACTIVE) - Sponsor Memo

                                BILL NUMBER:S5003A

TITLE OF BILL:

An act to amend the abandoned property law, in relation to conforming
language relating to the preliminary reporting requirement for
unclaimed amounts of money or other property; precluding abandonment
based upon undeliverable mail; authorizing the accrual of interest on
life insurance policies after payment of abandoned property to the
state comptroller; increasing the minimum amount of an abandoned
property claim; increasing the threshold for certified mailings;
recognizing electronic contact by an owner as written contact; and to
amend the abandoned property law and the surrogate's court procedure
act, in relation to authorizing the payment of interest on monies
received directly from surrogate's court and held by the state
comptroller as abandoned property

PURPOSE:

The purpose of this proposed legislation is to make technical
amendments to the abandoned property law.

SUMMARY OF PROVISIONS:

Section 1 of this bill would amend Paragraph a of subdivision 3 of
section 402 of the abandoned property law to conform language to 2011

amendments removing the preliminary reporting requirements.

Section 2 amends Paragraph c of subdivision 3 of section 501of the
abandoned property law to eliminate the requirement of the return of
undelivered mail to the holder prior to wages becoming abandoned.

Section 3 amends Subdivision 1-a of section 1315 of the abandoned
property law to clarify language relating to checks issued on behalf
of a corporation.

Section 4 amends Paragraph a of subdivision 1 of section 1405 of the
abandoned property law to authorize the payment of interest for life
insurance policy claims and funds received directly from Surrogate's
Court.

Section 5 amends the opening paragraph of paragraph a of subdivision 1
of section 1406 of the abandoned property law to raise the threshold
for claims to abandoned property from 3 dollars to twenty dollars.

Section 6 amends Subdivision 2 of section 1422 of the abandoned
property law to raise the threshold on the requirement of certified
mailings from 1 thousand to 3 thousand dollars.

Section 7 adds a new section 1423 to the abandoned property law
expressly authorizing the promulgation of rules and regulations
related to electronic contact that would toll the dormancy period.

Section 8 amends Subdivision 2 of section 2222 of the surrogates court
procedure act to provide for the payment of interest on monies from
the Surrogate's Court paid into the Abandoned Property Fund.


Section 9 provides for an immediate effective date.

PRIOR LEGISLATIVE HISTORY:

New bill.

JUSTIFICATION:

It is the policy of the State of New York that while protecting the
interest of the owners thereof, to utilize escheated lands and
unclaimed property for the benefit of all the people of the state. In
furtherance of this policy, the State Comptroller, as custodian of the
Abandoned Property Fund, is diligent with respect to updating and
correcting the provisions of the Abandoned Property Law (APL) as, from
time to time, may be necessary.

Reporting by Utilities: The technical amendment relating to the
publication requirement. for utilities is intended to conform language
to changes made in 2011 to the APL by removing language related to the
preliminary reporting requirement that was previously, but is no
longer, required prior to publication.

Undelivered Mail: The elimination of the requirement that undelivered
mail be returned to the holder prior to wages becoming abandoned is
intended to increase consistency with respect to the treatment of
wages and other uncashed checks. Additionally, this change recognizes
the increased use of direct deposit. Due diligence mailings will still
be required under other provisions of the APL.

Clarification of Property Types: The amendment to the relating to
outstanding checks clarifies that a check held on behalf of a
corporation, (other than a public corporation), joint stock company,
individual, association of two or more individuals, committee or
business trust in this state, and which has remained unclaimed by the
owner of such amount for three years, shall be deemed abandoned
property.

Payment of Interest; Life Insurance: The authorization for payment of
interest for life insurance policy claims and funds received directly
from Surrogate's Court is intended to create consistency/fairness with
respect to the payment of claims. Currently, certain accounts that
bear interest prior to being reported to the Office of Unclaimed Funds
(OUF) receive interest from OUF for up to five years when claimed.
However, insurance death benefits do not receive interest and this
amendment would correct that inequity.

Payment of Interest; Surrogate's Court Monies: Authorizing the payment
of interest on monies received directly from surrogate's court and
held by the State Comptroller as abandoned property allows the
distributees of estates whose decedent died a resident of a county
outside of the City of New York to receive the same interest that the
distributees of estates whose decedent died a resident of a county
within the City of New York presently receive

Increase Threshold for Return of Property: Raising the threshold for
mandated return of property from 3 dollars to twenty dollars is
intended to bring the statute up to date with inflation. The APL's 3


dollar minimum claim amount was set in 1952. According to the consumer
price index (CPI), 3 dollars in 1952 was equal to twenty-six dollars
in 2014. This change will significantly reduce the cost to the State
of processing claims which cost more to process than is returned to
the claimant and alleviate the potential for frustration of claimants
at having to invest time and money to recoup small dollar values.

Increase Threshold for Certified Mailings: Raising the threshold on
certified mailings from one thousand dollars to three thousand dollars
is intended to reduce the burden on holders of having to perform such
mailings.

Electronic Communication as Written Contact: The ability of the State
Comptroller to promulgate rules and regulations establishing when an
electronic communication from the apparent owner of amounts or
securities shall constitute "written contact" for purposes of tolling
the dormancy period recognizes that individuals frequently access
their financial accounts through electronic means. However, the
current statute does not recognize electronic communication as
customer contact sufficient to prevent property from becoming
abandoned. This change to the APL would recognize electronic
communication from the owner as written contact under the APL, thereby
tolling the dormancy period.

The State Comptroller urges the passage of this proposed legislation.

FISCAL IMPLICATIONS FOR STATE:

Certain provisions of this proposal may result in modest increases in
receipts, while others would result in modest increases in amounts
paid to claimants. Overall, the fiscal impact of this proposal would
be negligible.

EFFECTIVE DATE:

This act shall take effect immediately.

2015-S5003A (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 5003--A

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                             April 28, 2015
                               ___________

Introduced  by Sen. VENDITTO -- (at request of the State Comptroller) --
  read twice and ordered printed, and when printed to  be  committed  to
  the  Committee  on  Finance  --  committee  discharged,  bill amended,
  ordered reprinted as amended and recommitted to said committee

AN ACT to amend the abandoned property law, in  relation  to  conforming
  language   relating  to  the  preliminary  reporting  requirement  for
  unclaimed amounts of money or other property;  precluding  abandonment
  based  upon undeliverable mail; authorizing the accrual of interest on
  life insurance policies after payment of  abandoned  property  to  the
  state comptroller; increasing the minimum amount of an abandoned prop-
  erty claim; increasing the threshold for certified mailings; recogniz-
  ing  electronic  contact  by an owner as written contact; and to amend
  the abandoned property law and the surrogate's court procedure act, in
  relation to authorizing the payment of  interest  on  monies  received
  directly  from  surrogate's court and held by the state comptroller as
  abandoned property

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1. Paragraph (a) of subdivision 3 of section 402 of the aban-
doned property law is amended to read as follows:
  (a) that a report of unclaimed amounts of money or other property held
or owing by it [has been made to] WILL BE PREPARED FOR the  state  comp-
troller  and that a list of the names of the person or persons appearing
from the records of such corporation to be entitled thereto is  on  file
and  open to public inspection at its principal office or place of busi-
ness in any city, village or county where any such abandoned property is
payable;
  S 2. Paragraph (c) of subdivision 3 of section 501  of  the  abandoned
property  law,  as amended by chapter 61 of the laws of 1989, is amended
to read as follows:

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08236-03-5

S. 5003--A                          2

  [(c) Notice regarding such wages has been sent by the  corporation  or
fiduciary,  via  first  class  mail,  to such resident at his last known
address and such notice has been returned to the corporation or  fiduci-
ary by the postal authorities for inability to locate such resident.]
  S 3. Subdivision 1-a of section 1315 of the abandoned property law, as
amended  by  section  2 of part II of chapter 57 of the laws of 2010, is
amended to read as follows:
  1-a. Any amount representing outstanding checks issued  on  and  after
July  first,  nineteen hundred seventy-four [in payment for goods or for
services, and owing in this state,] or held  by  OR  ON  BEHALF  OF  any
corporation  (other  than  a  public  corporation), joint stock company,
individual, association of two or more individuals, committee  or  busi-
ness  trust in this state, and which has remained unclaimed by the owner
of such amount for three years, shall be deemed abandoned property.
  S 4. Paragraph (a) of subdivision 1 of section 1405 of  the  abandoned
property  law,  as  amended by section 13 of part R of chapter 85 of the
laws of 2002, is amended to read as follows:
  (a) Notwithstanding any other provision of law, no owner of  abandoned
property  shall be entitled to receive interest on account of such aban-
doned property from and after the date a payment of such abandoned prop-
erty is hereafter made to the state comptroller pursuant to this chapter
or any law relating to abandoned property, whether or not [he] THE OWNER
was entitled to interest on such property prior  to  such  date,  except
that  interest  at the overpayment rate set by the commissioner of taxa-
tion and finance pursuant to subsection (j) of section six hundred nine-
ty-seven of the tax law, less one  percentage  point,  shall  accrue  to
abandoned  property  hereafter  paid  to the state comptroller under the
following provisions of this chapter, for  the  first  five  years  such
property is held by [him] THE STATE COMPTROLLER:
  (i)  paragraph (a) of subdivision one of section three hundred of this
chapter; or
  (ii) subdivision one of section four hundred of this chapter; or
  (iii) paragraph (a) of subdivision one of section six hundred of  this
chapter; or
  (iv) PARAGRAPH (C) OF SUBDIVISION ONE OF SECTION SEVEN HUNDRED OF THIS
CHAPTER; OR
  (V) subdivision one of section ten hundred of this chapter; OR
  (VI) SUBDIVISION ONE OF SECTION TWO THOUSAND TWO HUNDRED TWENTY-TWO OF
THE SURROGATE'S COURT PROCEDURE ACT.
  S  5.  The  opening  paragraph  of  paragraph  (a) of subdivision 1 of
section 1406 of the abandoned property law, as amended by chapter 815 of
the laws of 1963, is amended to read as follows:
  Claim may be filed with the state comptroller for any abandoned  prop-
erty  amounting to over [three] TWENTY dollars, INCLUDING ANY CLAIM TO A
SECURITY DELIVERED TO THE STATE COMPTROLLER ON OR AFTER NOVEMBER  FIRST,
NINETEEN  HUNDRED  NINETY-ONE, WITH A FAIR MARKET VALUE EXCEEDING TWENTY
DOLLARS AT THE TIME OF CLAIM heretofore paid to the state  or  hereafter
paid  or  delivered  to  the state comptroller pursuant to this chapter,
except abandoned property heretofore paid to the state pursuant to
  S 6. Subdivision 2 of section 1422 of the abandoned property  law,  as
added  by  section  6  of  part  P of chapter 62 of the laws of 2003, is
amended to read as follows:
  2. Where notice is required by subdivision one of this  section,  each
holder shall, with respect to property listed in such report whose value
is  in  excess  of  [one]  THREE thousand dollars, send a second written
notice to the owner by certified mail, return receipt requested not less

S. 5003--A                          3

than sixty  days  prior  to  the  applicable  reporting  date  for  such
unclaimed property, provided that no notice pursuant to this subdivision
shall  be  required where: (a) such holder has received a claim from the
owner of the property; or (b) the original mailing was returned as unde-
liverable.
  S  7.  The  abandoned  property law is amended by adding a new section
1423 to read as follows:
  S 1423. ELECTRONIC CONTACT. NOTWITHSTANDING ANY  OTHER  PROVISIONS  OF
THIS  CHAPTER,  THE  COMPTROLLER  SHALL PROMULGATE RULES AND REGULATIONS
ESTABLISHING WHEN AN ELECTRONIC COMMUNICATION FROM THE APPARENT OWNER OF
AMOUNTS OR SECURITIES AS DEFINED IN THIS CHAPTER SHALL CONSTITUTE "WRIT-
TEN CONTACT" FOR PURPOSES OF TOLLING THE DORMANCY PERIOD.
  S 8. Subdivision 2 of section 2222 of the surrogate's court  procedure
act,  as  amended by chapter 125 of the laws of 1972, is amended to read
as follows:
  2. The court or the supreme court upon the petition of a person claim-
ing to be so entitled and upon at least  14  days'  notice,  accompanied
with  a  copy  of the petition, to the attorney general, the state comp-
troller and the public administrator of the county or if there be  none,
the county treasurer, may by a reference or by directing the trial of an
issue by a jury or otherwise, ascertain the rights of the persons inter-
ested  and  grant  an  order  directing  the  payment of any money which
appears to be due to the claimant,  [but  without  interest  and]  after
deducting all expenses incurred by the state with respect thereto.
  S 9. This act shall take effect immediately.

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Senate Bill S5003A

Sponsored By

Archive: Last Bill Status - In Senate Committee Finance Committee

Bill Amendments

2015-S5003 - Details

2015-S5003 - Summary

2015-S5003 - Sponsor Memo

2015-S5003 - Bill Text download pdf

2015-S5003A (ACTIVE) - Details

2015-S5003A (ACTIVE) - Summary

2015-S5003A (ACTIVE) - Sponsor Memo

2015-S5003A (ACTIVE) - Bill Text download pdf

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Senate Bill S5003A

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Sponsored By

Michael Venditto

Archive: Last Bill Status - In Senate Committee Finance Committee

Bill Amendments

2015-S5003 - Details

2015-S5003 - Summary

2015-S5003 - Sponsor Memo

2015-S5003 - Bill Text download pdf

2015-S5003A (ACTIVE) - Details

2015-S5003A (ACTIVE) - Summary

2015-S5003A (ACTIVE) - Sponsor Memo

2015-S5003A (ACTIVE) - Bill Text download pdf

Comments