Bill Text: NY A03074 | 2023-2024 | General Assembly | Introduced

New York Assembly Bill 3074

Introduced

Bill Title: Requires solicitations and agreements to locate and retrieve abandoned property to provide certain disclosures in large type on the first page of any notice or agreement.

Spectrum: Slight Partisan Bill (Democrat 7-3)

Status: (Introduced) 2024-01-03 - referred to consumer affairs and protection [A03074 Detail]

Download: New_York-2023-A03074-Introduced.html


                STATE OF NEW YORK
        ________________________________________________________________________

                                          3074

                               2023-2024 Regular Sessions

                   IN ASSEMBLY

                                    February 2, 2023
                                       ___________

        Introduced  by  M.  of  A. DINOWITZ, TAPIA, GALLAHAN, FAHY, REYES, McDO-
          NOUGH, K. BROWN, SEAWRIGHT, SILLITTI, SIMON -- read once and  referred
          to the Committee on Consumer Affairs and Protection

        AN ACT to amend the abandoned property law and the general business law,
          in  relation  to  agreements  and solicitations to locate and retrieve
          abandoned property

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:

     1    Section 1. Paragraph (d) of subdivision 3 of section 1416 of the aban-
     2  doned  property  law,  as  added  by chapter 332 of the laws of 2012, is
     3  amended to read as follows:
     4    (d) discloses, in a clear and conspicuous  manner,  and  in  at  least
     5  [twelve-point]  sixteen-point  boldface  type  on  the first page of any
     6  agreement:
     7    "Abandoned funds held by the State can be obtained directly  from  the
     8  Office  of  the  State  Comptroller  by  the owner of such funds without
     9  paying a fee. These funds are held indefinitely by  the  Office  of  the
    10  State Comptroller. For more information, contact the Office of the State
    11  Comptroller  at  (insert the current telephone number established by the
    12  Office of the State Comptroller for receiving inquiries  from  consumers
    13  regarding unclaimed funds) or (insert the current address of the website
    14  of the Office of the State Comptroller)".
    15    §  2.  The  opening paragraph of subdivision 2 of section 393-e of the
    16  general business law, as amended by chapter 372 of the laws of 2014,  is
    17  amended to read as follows:
    18    Any  person,  corporation,  association,  partnership  or other entity
    19  which sells or offers to sell any abandoned property  location  services
    20  for  abandoned  property  delivered  to  the state and held by the state
    21  comptroller shall,  in  every  solicitation  [and  agreement]  for  such
    22  services,  provide  to the purchaser the following notice in a clear and
    23  conspicuous manner, and in at least [twelve-point]  sixteen-point  bold-

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD01544-01-3

        A. 3074                             2

     1  face  type  on  the  front page of any solicitation prior to the time of
     2  sale:
     3    §  3.  This  act shall take effect on the thirtieth day after it shall
     4  have become a law.