Bill Text: NY S09410 | 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 1-0)

Status: (Introduced) 2024-06-04 - SUBSTITUTED BY A10219 [S09410 Detail]

Download: New_York-2023-S09410-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          9410

                    IN SENATE

                                      May 15, 2024
                                       ___________

        Introduced by Sen. SEPULVEDA -- (at request of the State Comptroller) --
          read  twice  and  ordered printed, and when printed to be committed to
          the Committee on Finance

        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
        S. 9410                             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.