Bill Text: NY S08387 | 2023-2024 | General Assembly | Introduced

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Bill Title: Directs the Office of the New York State Comptroller to conduct a study on the feasibility of automatically returning unclaimed funds held by such office to the rightful owners of such funds; requires a report of its findings and legislative recommendations.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced) 2024-01-25 - REFERRED TO FINANCE [S08387 Detail]

Download: New_York-2023-S08387-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          8387

                    IN SENATE

                                    January 25, 2024
                                       ___________

        Introduced  by  Sen. ROLISON -- read twice and ordered printed, and when
          printed to be committed to the Committee on Finance

        AN ACT to direct the Office of the New York State Comptroller to conduct
          a study on the feasibility of automatically returning unclaimed  funds
          held by such office to the rightful owners of such funds and to deliv-
          er a report of its findings

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

     1    Section 1. (a) The Office of the  New  York  State  Comptroller  shall
     2  conduct  a study on the feasibility of automatically returning unclaimed
     3  funds held by such office to the rightful owners  of  such  funds  imme-
     4  diately  upon receipt of the funds by the comptroller's office and with-
     5  out having the rightful owner of the funds apply for their return.   The
     6  study  shall  include  the potential automatic return of unclaimed funds
     7  currently held by the comptroller's office and such  funds  received  by
     8  the office in the future.
     9    (b)  No  later  than January 1, 2025, the Office of the New York State
    10  Comptroller shall deliver a report of its findings to the Governor,  the
    11  Temporary  President  of  the Senate, the minority leader of the Senate,
    12  the Speaker of the Assembly and the minority  leader  of  the  Assembly.
    13  Such  report  shall include the results of the study and recommendations
    14  for any legislative action that would  be  required  to  make  unclaimed
    15  funds automatically returned to the rightful owner of the funds.
    16    § 2. This act shall take effect immediately.




         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD13036-01-3