senate Bill S4531

2011-2012 Legislative Session

Relates to abandoned property and residuals payment plans established by labor unions

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Archive: Last Bill Status - In Committee


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

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 04, 2012 referred to finance
Apr 11, 2011 referred to finance

S4531 - Details

See Assembly Version of this Bill:
A7019
Current Committee:
Law Section:
Abandoned Property Law
Laws Affected:
Amd ยงยง103 & 501, Ab Prop L

S4531 - Summary

Relates to abandoned property and residuals payment plans established by labor unions.

S4531 - Sponsor Memo

S4531 - Bill Text download pdf

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

    S. 4531                                                  A. 7019

                       2011-2012 Regular Sessions

                      S E N A T E - A S S E M B L Y

                             April 11, 2011
                               ___________

IN  SENATE -- Introduced by Sen. LITTLE -- read twice and ordered print-
  ed, and when printed to be committed to the Committee on Finance

IN ASSEMBLY -- Introduced by M. of A. LENTOL -- read once  and  referred
  to the Committee on Ways and Means

AN  ACT  to  amend  the abandoned property law, in relation to residuals
  payment plans established by labor unions

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

  Section  1.  Section  103  of the abandoned property law is amended by
adding a new subdivision (h) to read as follows:
  (H) "RESIDUALS" MEANS  PAYMENTS,  PURSUANT  TO  LAW  OR  A  COLLECTIVE
BARGAINING  AGREEMENT,  OF  ADDITIONAL  COMPENSATION  FOR  DOMESTIC  AND
FOREIGN USES OF RECORDED MATERIALS.
  S 2. Section 501 of the abandoned property law is amended by adding  a
new subdivision 6 to read as follows:
  6.  A  RESIDUALS  PAYMENT  PLAN,  AND THE ACCOUNTS AND MONIES THEREIN,
ESTABLISHED BY A LABOR UNION WHICH RECEIVES FOR  DISTRIBUTION  RESIDUALS
ON  BEHALF  OF EMPLOYEES WORKING UNDER COLLECTIVE-BARGAINING AGREEMENTS,
SHALL NOT BE DEEMED ABANDONED PROPERTY IF THE PLAN ALLOWS A PARTICIPANT,
ENTITLED TO A DISTRIBUTION UNDER THE PLAN, TO  BE  REIMBURSED  UPON  THE
MAKING OF A VALID CLAIM TO THE LABOR UNION FOR PAYMENT.
  S  3.  This  act  shall take effect on the sixtieth day after it shall
have become a law.



 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10590-01-1

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