Assembly Bill A3266

2017-2018 Legislative Session

Extends the term for claiming unclaimed property from three to five years

download bill text pdf

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Archive: Last Bill Status - In Assembly Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2017-A3266 (ACTIVE) - Details

See Senate Version of this Bill:
S1105
Current Committee:
Assembly Ways And Means
Law Section:
Abandoned Property Law
Laws Affected:
Amd §§300, 501, 511 & 700, Ab Prop L
Versions Introduced in Other Legislative Sessions:
2015-2016: A10530, S7803
2019-2020: A3858, S5385
2021-2022: A1290, S5552
2023-2024: A224, S2590

2017-A3266 (ACTIVE) - Summary

Extends the term for claiming unclaimed property from three to five years.

2017-A3266 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3266
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 27, 2017
                                ___________
 
 Introduced by M. of A. BRINDISI, HARRIS -- read once and referred to the
   Committee on Ways and Means
 
 AN ACT to amend the abandoned property law, in relation to extending the
   term for claiming unclaimed property from three to five years
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Paragraphs (a), (b), (c), (d), (e), (f), (g), (i)  and  (k)
 of  subdivision  1  of  section 300 of the abandoned property law, para-
 graphs (a), (b) and (k) as amended by section 1 of part A of chapter  61
 of  the laws of 2011, paragraph (c) as amended by section 5 of part T of
 chapter 62 of the laws of 2006, paragraph (d) as amended by  chapter  48
 of  the laws of 1978, paragraphs (e) and (f) as amended by chapter 41 of
 the laws of 1987 and paragraphs (g) and (i) as added by  chapter  15  of
 the laws of 1983, are amended to read as follows:
   (a)  Any amounts due on deposits or any amounts to which a shareholder
 of a savings and loan association or a credit union is entitled, held or
 owing by a banking organization, which shall have remained unclaimed for
 [three] FIVE years by the person or persons  appearing  to  be  entitled
 thereto, including any interest or dividends credited thereon, excepting
   (i)  any such amount which has been reduced or increased, exclusive of
 dividend or interest payment, within [three] FIVE years, or
   (ii) any such amount which is represented by a  passbook  not  in  the
 possession  of  the  banking  organization, which has been presented for
 entry of dividend or interest credit within [three] FIVE years, or
   (iii) any such amount with respect to which the  banking  organization
 has on file written evidence received within [three] FIVE years that the
 person or persons appearing to be entitled to such amounts had knowledge
 thereof, or
   (iv)  any such amount payable only at or by a branch office located in
 a foreign country, or payable  in  currency  other  than  United  States
 currency, or
   (v)  any  such amount that is separately identifiable and has been set
 aside to meet the burial and related expenses of an individual, provided
 however that said amount shall be deemed  abandoned  property  where  it
              

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