Bill Text: NY A07019 | 2011-2012 | General Assembly | Introduced

---

Bill Title: Relates to abandoned property and residuals payment plans established by labor unions.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Introduced - Dead) 2012-01-04 - referred to ways and means [A07019 Detail]

Download: New_York-2011-A07019-Introduced.html

---

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
           S. 4531                                                  A. 7019
                              2011-2012 Regular Sessions
                             S E N A T E - A S S E M B L Y
                                    April 11, 2011
                                      ___________
       IN  SENATE -- Introduced by Sen. LITTLE -- read twice and ordered print-
         ed, and when printed to be committed to the Committee on Finance
       IN ASSEMBLY -- Introduced by M. of A. LENTOL -- read once  and  referred
         to the Committee on Ways and Means
       AN  ACT  to  amend  the abandoned property law, in relation to residuals
         payment plans established by labor unions
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1.  Section  103  of the abandoned property law is amended by
    2  adding a new subdivision (h) to read as follows:
    3    (H) "RESIDUALS" MEANS  PAYMENTS,  PURSUANT  TO  LAW  OR  A  COLLECTIVE
    4  BARGAINING  AGREEMENT,  OF  ADDITIONAL  COMPENSATION  FOR  DOMESTIC  AND
    5  FOREIGN USES OF RECORDED MATERIALS.
    6    S 2. Section 501 of the abandoned property law is amended by adding  a
    7  new subdivision 6 to read as follows:
    8    6.  A  RESIDUALS  PAYMENT  PLAN,  AND THE ACCOUNTS AND MONIES THEREIN,
    9  ESTABLISHED BY A LABOR UNION WHICH RECEIVES FOR  DISTRIBUTION  RESIDUALS
   10  ON  BEHALF  OF EMPLOYEES WORKING UNDER COLLECTIVE-BARGAINING AGREEMENTS,
   11  SHALL NOT BE DEEMED ABANDONED PROPERTY IF THE PLAN ALLOWS A PARTICIPANT,
   12  ENTITLED TO A DISTRIBUTION UNDER THE PLAN, TO  BE  REIMBURSED  UPON  THE
   13  MAKING OF A VALID CLAIM TO THE LABOR UNION FOR PAYMENT.
   14    S  3.  This  act  shall take effect on the sixtieth day after it shall
   15  have become a law.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD10590-01-1