S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9410
 
                             I N  S E N A T E
 
                               May 15, 2024
                                ___________
 
 Introduced by Sen. SEPULVEDA -- (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  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
 S. 9410                             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.