senate Bill S899A

Relates to the publication by the state of the receipt of unclaimed funds

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Bill Status


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor
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actions

  • 05 / Jan / 2011
    • REFERRED TO FINANCE
  • 16 / May / 2011
    • 1ST REPORT CAL.653
  • 17 / May / 2011
    • 2ND REPORT CAL.
  • 18 / May / 2011
    • ADVANCED TO THIRD READING
  • 15 / Jun / 2011
    • PASSED SENATE
  • 15 / Jun / 2011
    • DELIVERED TO ASSEMBLY
  • 15 / Jun / 2011
    • REFERRED TO WAYS AND MEANS
  • 04 / Jan / 2012
    • DIED IN ASSEMBLY
  • 04 / Jan / 2012
    • RETURNED TO SENATE
  • 04 / Jan / 2012
    • REFERRED TO FINANCE
  • 01 / May / 2012
    • 1ST REPORT CAL.655
  • 02 / May / 2012
    • 2ND REPORT CAL.
  • 07 / May / 2012
    • ADVANCED TO THIRD READING
  • 08 / May / 2012
    • AMENDED ON THIRD READING 899A
  • 14 / May / 2012
    • PASSED SENATE
  • 14 / May / 2012
    • DELIVERED TO ASSEMBLY
  • 14 / May / 2012
    • REFERRED TO WAYS AND MEANS

Summary

Relates to the publication by the state of the receipt of unclaimed funds.

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Bill Details

See Assembly Version of this Bill:
A10185
Versions:
S899
S899A
Legislative Cycle:
2011-2012
Current Committee:
Law Section:
Abandoned Property Law
Laws Affected:
Amd §§1402 & 1416, Ab Prop L; amd §103, St Tech L
Versions Introduced in 2009-2010 Legislative Cycle:
S3193, S3193

Sponsor Memo

BILL NUMBER:S899A

TITLE OF BILL:
An act to amend the abandoned property law and the state technology law,
in relation to unclaimed funds

PURPOSE:
The purpose of this bill is to eliminate barriers for the visually
impaired to access and obtain unclaimed funds from the state comp-
troller's office, and ensure that all New Yorkers are made aware that
they can obtain unclaimed funds directly from the state free of charge.

SUMMARY OF PROVISIONS:
Section 1 of the bill amends paragraph (b) subdivision 1 of section 1402
of the abandoned property law to require the state comptroller twice a
year to publish via newspaper a statement of what abandoned property is
held by the state. The publication would also include, in type suffi-
cient for a visually impaired person to read, a notice that a large-
print listing of abandoned property can be obtained by writing the state
comptroller's office.

Section 2 amends subdivision 1 of section 1416 of the abandoned property
law to add a new paragraph (d), requiring that an agreement between an
owner of unclaimed funds and an investigation agency retain a recitation
to the effect that the owner understands the funds can be obtained with-
out the help of the investigation agency.

Section 3 amends section 103 of the state technology law by adding a
subdivision 18 requiring the Office of Information Technology Services
to consult with the state commission on the blind and visually hand-
icapped to develop accessibility standards for typeface and font size
that would assist the visually impaired.

JUSTIFICATION:
New Yorkers with visual impairments have difficulty determining whether
they have unclaimed funds held by the state comptroller. Notification
provisions have never been friendly to those with visual impairment. As
a result, many New Yorkers learn about their unclaimed funds through
solicitations from private investigators. The investigators charge a
fee, typically equal to the statutory maximum of 15%, to collect the
fund, usually without informing the owner of the funds that they can be
collected free of charge directly from the comptroller. This legislation
addresses both concerns, first by requiring notification in a visually-
impaired friendly format, and second by requiring disclosure by private
investigators of an unclaimed fund owner's rights.

FISCAL IMPLICATIONS:
Minimal to the state.

EFFECTIVE DATE:

This Act shall take effect on the sixtieth day after it shall have
become law.

view bill text
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 899--A
    Cal. No. 655

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 5, 2011
                               ___________

Introduced  by Sen. STAVISKY -- read twice and ordered printed, and when
  printed to be committed to the Committee on Finance -- recommitted  to
  the  Committee  on Finance in accordance with Senate Rule 6, sec. 8 --
  reported favorably from said committee, ordered to  first  and  second
  report,  ordered  to  a  third reading, amended and ordered reprinted,
  retaining its place in the order of third reading

AN ACT to amend the abandoned property law and the state technology law,
  in relation to unclaimed funds

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Paragraph (b) of subdivision 1 of section 1402 of the aban-
doned  property  law is relettered paragraph (c) and a new paragraph (b)
is added to read as follows:
  (B) IN ADDITION TO THE LIST REQUIRED BY PARAGRAPH (A) OF THIS SUBDIVI-
SION, EACH SEPTEMBER AND MARCH, THE STATE COMPTROLLER SHALL PUBLISH IN A
NEWSPAPER, AS PROVIDED BY SECTION ONE THOUSAND FOUR HUNDRED TEN OF  THIS
ARTICLE,  A  STATEMENT  OF  ABANDONED  PROPERTY  PAID TO AND HELD BY THE
STATE, FOR THE RESPECTIVE ANNUAL PERIODS JUNE  FIRST,  THROUGH  NOVEMBER
THIRTIETH  AND DECEMBER FIRST, THROUGH MAY THIRTY-FIRST.  EACH AND EVERY
TIME THE COMPTROLLER PUBLISHES SUCH A STATEMENT, HE OR SHE SHALL INCLUDE
A NOTICE THAT READERS MAY OBTAIN A LARGE PRINT  COPY  OF  THE  UNCLAIMED
FUNDS  LIST  BY  WRITING  THE  COMPTROLLER'S  OFFICE  OR  HAVE  A SEARCH
CONDUCTED FOR THEM BY CALLING A  DESIGNATED  NUMBER.  THIS  NOTICE  MUST
APPEAR  IN  TYPEFACE  AND  FONT-SIZE  ESTABLISHED  BY THE NEW YORK STATE
OFFICE FOR TECHNOLOGY TO ASSIST THE VISUALLY IMPAIRED  AND  INCLUDE  THE
PHONE  NUMBER  AND  MAILING  ADDRESS TO THE NEW YORK STATE OFFICE OF THE
STATE COMPTROLLER, OFFICE OF UNCLAIMED FUNDS.
  S 2. Subdivision 1 of section 1416 of the abandoned property  law,  as
added by chapter 173 of the laws of 1980, is amended to read as follows:

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD00678-02-2

S. 899--A                           2

  1. No agreement to locate property held by the comptroller pursuant to
this chapter shall be valid unless that agreement:
  (a) is in writing and signed by the property owner;
  (b) discloses the nature of the property; [and]
  (c) discloses the name and address of the holder; AND
  (D)  INCLUDES  LANGUAGE, ESTABLISHED BY THE STATE COMPTROLLER, STATING
THAT THE FUNDS HELD BY THE STATE  CAN  BE  OBTAINED  DIRECTLY  FROM  THE
OFFICE  OF  THE  COMPTROLLER  BY ITS OWNER WITHOUT PAYING A FEE AND THAT
THESE FUNDS WILL BE HELD INDEFINITELY.
  S 3. Section 103 of the state technology law is amended  by  adding  a
new subdivision 18 to read as follows:
  18.  TO  CONSULT  WITH  THE COMMISSION ON THE BLIND AND VISUALLY HAND-
ICAPPED TO DEVELOP AND MAINTAIN ACCESSIBILITY STANDARDS FOR TYPEFACE AND
FONT SIZE TO ASSIST THE VISUALLY IMPAIRED.
  S 4. This act shall take effect on the sixtieth  day  after  it  shall
have become a law.

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