Bill Text: NY A09116 | 2013-2014 | General Assembly | Introduced

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Bill Title: Relates to abandoned property delivered to the state and held by the state comptroller.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Passed) 2014-09-23 - signed chap.372 [A09116 Detail]

Download: New_York-2013-A09116-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         9116
                                 I N  A S S E M B L Y
                                    March 18, 2014
                                      ___________
       Introduced  by M. of A. SIMANOWITZ, DINOWITZ -- (at request of the State
         Comptroller) -- read once and referred to the  Committee  on  Consumer
         Affairs and Protection
       AN  ACT  to  amend  the general business law, in relation to the sale of
         abandoned property location services; and to amend the abandoned prop-
         erty law, in relation to restrictions on agreements  to  locate  aban-
         doned property
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Subdivision 2 of section 393-e of the general business law,
    2  as added by chapter 332 of the laws of  2012,  is  amended  to  read  as
    3  follows:
    4    2.  Any  person, corporation, association, partnership or other entity
    5  which sells or offers to sell [in this  state]  any  abandoned  property
    6  location services FOR ABANDONED PROPERTY DELIVERED TO THE STATE AND HELD
    7  BY  THE STATE COMPTROLLER shall, in every solicitation and agreement for
    8  such services, provide to the purchaser the following notice in a  clear
    9  and conspicuous manner, and in at least twelve-point boldface type prior
   10  to the time of sale:
   11    "Abandoned  funds  held by the State can be obtained directly from the
   12  Office of the State Comptroller by  the  owner  of  such  funds  without
   13  paying  a  fee.  These  funds are held indefinitely by the Office of the
   14  State Comptroller. For more information, contact the Office of the State
   15  Comptroller at (insert the current telephone number established  by  the
   16  Office  of  the State Comptroller for receiving inquiries from consumers
   17  regarding unclaimed funds) or (insert the current address of the website
   18  of the Office of the State Comptroller)."
   19    S 2. Subdivision 2 of section 1416 of the abandoned property  law,  as
   20  added by chapter 332 of the laws of 2012, is amended to read as follows:
   21    2.  This  section shall apply to any person, corporation, association,
   22  partnership or other entity which sells  or  offers  to  sell  [in  this
   23  state]  abandoned  property  location  services  FOR  ABANDONED PROPERTY
   24  DELIVERED TO THE STATE AND HELD  BY  THE  STATE  COMPTROLLER;  provided,
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD13665-01-4
       A. 9116                             2
    1  however,  that this section shall not apply to a client's agreement with
    2  an attorney or accountant where:
    3    (a)  the  services in question can only be performed by an attorney or
    4  accountant; or
    5    (b) there is a  pre-existing  relationship  between  the  attorney  or
    6  accountant and the client; or
    7    (c)  the  agreement  results from an effort initiated by the client to
    8  engage the attorney or accountant.
    9    S 3. This act shall take effect immediately.