S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10219
 
                           I N  A S S E M B L Y
 
                               May 14, 2024
                                ___________
 
 Introduced  by  COMMITTEE  ON RULES -- (at request of M. of A. McDonald,
   Weinstein) -- (at request of the State Comptroller) -- read  once  and
   referred to the Committee on Ways and Means
 
 AN  ACT  to  amend  the abandoned property law, in relation to expedited
   payments of abandoned property under a certain monetary threshold

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Section 1407 of the abandoned property law, as amended by
 chapter 166 of the laws of 1991, is amended to read as follows:
   § 1407. Payment by comptroller.  1. Any claim which is allowed by  the
 comptroller or ordered to be paid by [him] THE COMPTROLLER by a court of
 competent  jurisdiction  pursuant  to the provisions of section fourteen
 hundred six of this article, together with such costs and  disbursements
 as  may be allowed by the court, shall be paid, together with any inter-
 est accrued on such claim pursuant to section fourteen hundred  five  of
 this  article,  out of the abandoned property fund, except for any claim
 relating to a security pursuant to subdivision two-a of section fourteen
 hundred three of this article, which shall be paid  in  accordance  with
 procedures established by the comptroller, and the comptroller shall not
 be liable in any action for any claim including interest if any, paid by
 [him] THE COMPTROLLER in good faith.
   2.  If  during  any  session of the legislature there are insufficient
 moneys in the abandoned property fund to pay all claims,  including  any
 interest  accrued  thereon,  which  have been allowed by the state comp-
 troller or ordered to be paid by [him] THE STATE COMPTROLLER by a  court
 of competent jurisdiction, the state comptroller shall so certify to the
 legislature,  which shall appropriate from the general fund to the aban-
 doned property fund an amount sufficient to pay such claims.
   3. THE STATE COMPTROLLER IS HEREBY AUTHORIZED TO  ESTABLISH  AN  ABAN-
 DONED  PROPERTY EXPEDITED PAYMENT PROGRAM. UNDER SUCH PROGRAM, THE COMP-
 TROLLER MAY:
   (A) NOTWITHSTANDING WHETHER A CLAIM IS FILED PURSUANT TO THIS CHAPTER,
 RETURN ANY PROPERTY PAID OR DELIVERED TO  THE  STATE  COMPTROLLER  UNDER
 THIS  CHAPTER,  OR  PROCEEDS FROM THE SALE THEREOF, TO AN APPARENT OWNER
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD14504-02-4
 A. 10219                            2
 
 AFTER VERIFICATION, IN A MANNER AND FORM PRESCRIBED BY THE  COMPTROLLER,
 THAT THE APPARENT OWNER IS THE RIGHTFUL OWNER OF THE PROPERTY; AND
   (B)  PROMULGATE  RULES  AND  REGULATIONS  NECESSARY  TO ADMINISTER THE
 PROGRAM, INCLUDING ESTABLISHING THE THRESHOLD VALUE OF  PROPERTY  TO  BE
 PAID OR DELIVERED UNDER THE PROGRAM, PROVIDED HOWEVER:
   (I)  FOR THE CALENDAR YEAR BEGINNING JANUARY FIRST, TWO THOUSAND TWEN-
 TY-FIVE, THE VALUE OF PROPERTY MAY NOT BE MORE THAN  TWO  HUNDRED  FIFTY
 DOLLARS; AND
   (II) FOR THE CALENDAR YEAR BEGINNING JANUARY FIRST, TWO THOUSAND TWEN-
 TY-SIX  AND  THEREAFTER,  THE  VALUE OF PROPERTY TO BE PAID OR DELIVERED
 UNDER THE PROGRAM SHALL BE DETERMINED BY THE COMPTROLLER.
   § 2. This act shall take effect immediately.