Assembly Bill A9116

Signed By Governor
2013-2014 Legislative Session

Relates to abandoned property delivered to the state and held by the state comptroller

download bill text pdf

Sponsored By

Archive: Last Bill Status - Signed by Governor

  • 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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2013-A9116 (ACTIVE) - Details

See Senate Version of this Bill:
S7147
Law Section:
General Business Law
Laws Affected:
Amd §393-e, Gen Bus L; amd §1416, Ab Prop L

2013-A9116 (ACTIVE) - Summary

Relates to abandoned property delivered to the state and held by the state comptroller.

2013-A9116 (ACTIVE) - Bill Text download pdf 

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

                                  9116

                          I N  A S S E M B L Y

                             March 18, 2014
                               ___________

Introduced  by M. of A. SIMANOWITZ, DINOWITZ -- (at request of the State
  Comptroller) -- read once and referred to the  Committee  on  Consumer
  Affairs and Protection

AN  ACT  to  amend  the general business law, in relation to the sale of
  abandoned property location services; and to amend the abandoned prop-
  erty law, in relation to restrictions on agreements  to  locate  aban-
  doned property

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

  Section 1. Subdivision 2 of section 393-e of the general business law,
as added by chapter 332 of the laws of  2012,  is  amended  to  read  as
follows:
  2.  Any  person, corporation, association, partnership or other entity
which sells or offers to sell [in this  state]  any  abandoned  property
location services FOR ABANDONED PROPERTY DELIVERED TO THE STATE AND HELD
BY  THE STATE COMPTROLLER shall, in every solicitation and agreement for
such services, provide to the purchaser the following notice in a  clear
and conspicuous manner, and in at least twelve-point boldface type prior
to the time of sale:
  "Abandoned  funds  held by the State can be obtained directly from the
Office of the State Comptroller by  the  owner  of  such  funds  without
paying  a  fee.  These  funds are held indefinitely by the Office of the
State Comptroller. For more information, contact the Office of the State
Comptroller at (insert the current telephone number established  by  the
Office  of  the State Comptroller for receiving inquiries from consumers
regarding unclaimed funds) or (insert the current address of the website
of the Office of the State Comptroller)."
  S 2. Subdivision 2 of section 1416 of the abandoned property  law,  as
added by chapter 332 of the laws of 2012, is amended to read as follows:
  2.  This  section shall apply to any person, corporation, association,
partnership or other entity which sells  or  offers  to  sell  [in  this
state]  abandoned  property  location  services  FOR  ABANDONED PROPERTY
DELIVERED TO THE STATE AND HELD  BY  THE  STATE  COMPTROLLER;  provided,

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD13665-01-4

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