NY S07690

Requires sellers of abandoned property location services to provide consumers with a notice in at least 12-point boldface type stating that abandoned funds can be obtained directly from the State Comptroller without paying a fee, including the Comptroller's contact information.

Expands the definition of "abandoned property location services" to include any fee-based service for locating and/or retrieving property held by the State Comptroller under the Abandoned Property Law.

Requires agreements for abandoned property location services to be in writing, signed by the property owner, witnessed and acknowledged by a notary public, and include the notice about obtaining funds directly from the Comptroller.

Maintains the 15 percent fee cap on agreements for locating abandoned property and allows property owners to challenge any agreement as based on excessive or unjust consideration.

Exempts agreements with attorneys or accountants from these requirements if the services require attorney/accountant expertise, a pre-existing relationship exists, or the client initiated the engagement.