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NY A09116

Bill

Official Source

Status

Passed

9/23/2014

Primary Sponsor

Michael Simanowitz

Click for details

Origin

Assembly

2013-2014 General Assembly

AI Summary

  • Amends General Business Law Section 393-e to require sellers of abandoned property location services to specify that services apply only to property delivered to and held by the State Comptroller
  • Mandates that all solicitations and agreements include a notice in at least 12-point boldface type informing consumers that abandoned funds held by the State can be obtained directly from the Office of the State Comptroller without paying a fee
  • Required notice must include the State Comptroller's current telephone number and website address for consumer inquiries about unclaimed funds
  • Amends Abandoned Property Law Section 1416 to clarify that restrictions on property location service agreements apply only to abandoned property held by the State Comptroller, with exceptions for pre-existing attorney-client or accountant-client relationships
  • Takes effect immediately upon enactment

Legislative Description

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

Last Action

signed chap.372

9/23/2014

Committee Referrals

Consumer Affairs and Protection4/9/2014
Consumer Affairs and Protection3/18/2014

Full Bill Text

No bill text available