Bill Text: NY A07201 | 2017-2018 | General Assembly | Introduced

New York Assembly Bill 7201 (Prior Session Legislation)

Introduced

Bill Title: Relates to setting the statute of limitations at ten years and setting a penalty cap for small businesses.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2018-01-03 - referred to ways and means [A07201 Detail]

Download: New_York-2017-A07201-Introduced.html

                STATE OF NEW YORK
        ________________________________________________________________________
                                          7201
                               2017-2018 Regular Sessions
                   IN ASSEMBLY
                                     April 12, 2017
                                       ___________
        Introduced  by M. of A. WALLACE -- read once and referred to the Commit-
          tee on Ways and Means
        AN ACT to amend the abandoned property law, in relation to  setting  the
          statute of limitation at ten years and setting a penalty cap for small
          businesses
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. Section 1400 of the abandoned property law  is  amended  to
     2  read as follows:
     3    § 1400. Statutes of limitations [not a bar]. 1. The expiration [of any
     4  period  of  time  specified  by law] shall be ten years, during which an
     5  action or proceeding may be commenced or enforced to secure payment of a
     6  claim for money or recovery of property, and  shall  [not]  prevent  any
     7  such  money  or  property  from  being  deemed  abandoned property, [nor
     8  affect] barring any duty to file a report required by this chapter or to
     9  pay or deliver to the state comptroller  any  such  abandoned  property;
    10  [and] if any action or proceeding is commenced beyond the ten year peri-
    11  od,  this  statute of limitations shall [not] serve as a defense [in any
    12  action or proceeding by or] on behalf of the [state comptroller]  entity
    13  for  failure to [compel the filing of] file any report or the payment or
    14  delivery of any abandoned property  required  by  this  chapter  [or  to
    15  enforce or collect] and to bar any penalty provided by this chapter.
    16    2.  Notwithstanding the provisions of subdivision one of this section,
    17  the statute of limitations set forth therein shall not apply where there
    18  is evidence the property was withheld with the  intent  to  defraud  the
    19  rightful owner of the property.
    20    §  2.  Subdivision 1 of section 1412 of the abandoned property law, as
    21  amended by chapter 669 of the laws  of  1971,  is  amended  to  read  as
    22  follows:
    23    1.  (a)  Any  person  wilfully  failing  to make any full and complete
    24  report or to file any affidavit required by this chapter before the  ten
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD10737-01-7

        A. 7201                             2
     1  year  period  shall  forfeit  to  the people of the state the sum of one
     2  hundred dollars for each day such report or affidavit shall be  wilfully
     3  delayed  or  withheld,  except that the state comptroller may extend the
     4  time  for  making  any  such report or filing any such affidavit and may
     5  waive the payment of any penalty or part thereof provided  for  by  this
     6  subdivision.
     7    (b)  The  total  sum  of  such  penalty shall not exceed five thousand
     8  dollars for entities with gross revenues less than ten  million  dollars
     9  per annum.
    10    § 3. Section 1412 of the abandoned property law is amended by adding a
    11  new subdivision 5 to read as follows:
    12    5.  Notwithstanding the provisions of paragraph (b) of subdivision one
    13  of this section, the penalty cap set forth therein shall not apply where
    14  there is evidence that such property was withheld  with  the  intent  to
    15  defraud the rightful owner of such property.
    16    § 4. This act shall take effect immediately.