Bill Text: NY A10219 | 2023-2024 | General Assembly | Introduced

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Bill Title: Provides for expedited payments of abandoned property under a certain monetary threshold by the state comptroller pursuant to an abandoned property expedited payment program.

Spectrum: Partisan Bill (Democrat 10-0)

Status: (Engrossed) 2024-05-28 - REFERRED TO FINANCE [A10219 Detail]

Download: New_York-2023-A10219-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          10219

                   IN ASSEMBLY

                                      May 14, 2024
                                       ___________

        Introduced  by  COMMITTEE  ON RULES -- (at request of M. of A. McDonald,
          Weinstein) -- (at request of the State Comptroller) -- read  once  and
          referred to the Committee on Ways and Means

        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:

     1    Section  1.  Section 1407 of the abandoned property law, as amended by
     2  chapter 166 of the laws of 1991, is amended to read as follows:
     3    § 1407. Payment by comptroller.  1. Any claim which is allowed by  the
     4  comptroller or ordered to be paid by [him] the comptroller by a court of
     5  competent  jurisdiction  pursuant  to the provisions of section fourteen
     6  hundred six of this article, together with such costs and  disbursements
     7  as  may be allowed by the court, shall be paid, together with any inter-
     8  est accrued on such claim pursuant to section fourteen hundred  five  of
     9  this  article,  out of the abandoned property fund, except for any claim
    10  relating to a security pursuant to subdivision two-a of section fourteen
    11  hundred three of this article, which shall be paid  in  accordance  with
    12  procedures established by the comptroller, and the comptroller shall not
    13  be liable in any action for any claim including interest if any, paid by
    14  [him] the comptroller in good faith.
    15    2.  If  during  any  session of the legislature there are insufficient
    16  moneys in the abandoned property fund to pay all claims,  including  any
    17  interest  accrued  thereon,  which  have been allowed by the state comp-
    18  troller or ordered to be paid by [him] the state comptroller by a  court
    19  of competent jurisdiction, the state comptroller shall so certify to the
    20  legislature,  which shall appropriate from the general fund to the aban-
    21  doned property fund an amount sufficient to pay such claims.
    22    3. The state comptroller is hereby authorized to  establish  an  aban-
    23  doned  property expedited payment program. Under such program, the comp-
    24  troller may:
    25    (a) notwithstanding whether a claim is filed pursuant to this chapter,
    26  return any property paid or delivered to  the  state  comptroller  under
    27  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
        A. 10219                            2

     1  after verification, in a manner and form prescribed by the  comptroller,
     2  that the apparent owner is the rightful owner of the property; and
     3    (b)  promulgate  rules  and  regulations  necessary  to administer the
     4  program, including establishing the threshold value of  property  to  be
     5  paid or delivered under the program, provided however:
     6    (i)  for the calendar year beginning January first, two thousand twen-
     7  ty-five, the value of property may not be more than  two  hundred  fifty
     8  dollars; and
     9    (ii) for the calendar year beginning January first, two thousand twen-
    10  ty-six  and  thereafter,  the  value of property to be paid or delivered
    11  under the program shall be determined by the comptroller.
    12    § 2. This act shall take effect immediately.