Senate Bill S5003A

2015-2016 Legislative Session

Relates to reports of unclaimed amounts of money or other property

download bill text pdf

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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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Bill Amendments

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

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
              

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

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

              

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