Senate Bill S5059A

2017-2018 Legislative Session

Relates to the definition of communication for purposes of abandoned property

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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Bill Amendments

2017-S5059 - Details

Current Committee:
Assembly Ways And Means
Law Section:
Abandoned Property Law
Laws Affected:
Amd §§300, 501, 511 & 700, Ab Prop L

2017-S5059 - Summary

Relates to the definition of communication for purposes of abandoned property; includes any written, electronic, or personal contact between an owner and a holder of record that can be documented and that reflects an owner's awareness of the existence of the property.

2017-S5059 - Sponsor Memo

2017-S5059 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5059
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                               March 6, 2017
                                ___________
 
 Introduced  by  Sen. VALESKY -- read twice and ordered printed, and when
   printed to be committed to the Committee on Finance
 
 AN ACT to amend the abandoned property law, in  relation  to  the  defi-
   nition of communication for purposes of abandoned property
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subparagraph (iii) of paragraph (a) and subparagraph  (iii)
 of  paragraph (b) of subdivision 1 of section 300 of the abandoned prop-
 erty law, as amended by section 1 of part A of chapter 61 of the laws of
 2011, are amended and a new subdivision 5 is added to read as follows:
   (iii) any such amount with respect to which the  banking  organization
 has  on  file  [written]  evidence  received within three years that the
 person or persons appearing to be entitled to such amounts had knowledge
 thereof, or
   (iii) any such amount with respect to which the  banking  organization
 has  on  file  [written]  evidence  received within three years that the
 person or persons appearing to be entitled to such amount had  knowledge
 thereof.
   5.  FOR  PURPOSES  OF  THIS SECTION, "COMMUNICATION" SHALL INCLUDE ANY
 WRITTEN, ELECTRONIC, OR PERSONAL CONTACT BETWEEN AN OWNER AND  A  HOLDER
 OF  RECORD THAT CAN BE DOCUMENTED AND THAT REFLECTS AN OWNER'S AWARENESS
 OF THE EXISTENCE OF THE PROPERTY INCLUDING, BUT NOT LIMITED TO,  WRITTEN
 CORRESPONDENCE,  A  FACSIMILE  TRANSMISSION,  A TELEPHONIC OR VOICE OVER
 INTERNET PROTOCOL (VOIP) COMMUNICATION, A TRANSACTION  EFFECTED  THROUGH
 AN AUTOMATED CLEARING HOUSE (ACH) OR SIMILAR ELECTRONIC FUNDS PROCESSING
 METHOD,  SIGNING ON TO A PASSWORD PROTECTED ACCOUNT IN WHICH THE SECURI-
 TIES MAY BE ACCESSED BY THEIR OWNER, OR EFFECTING A TRANSACTION  IN  THE
 OWNER'S ACCOUNT, INCLUDING AUTOMATED TRANSACTIONS THAT HAVE BEEN AUTHOR-
 IZED BY THE OWNER.

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD10433-01-7

              

2017-S5059A (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Abandoned Property Law
Laws Affected:
Amd §§300, 501, 511 & 700, Ab Prop L

2017-S5059A (ACTIVE) - Summary

Relates to the definition of communication for purposes of abandoned property; includes any written, electronic, or personal contact between an owner and a holder of record that can be documented and that reflects an owner's awareness of the existence of the property.

2017-S5059A (ACTIVE) - Sponsor Memo

2017-S5059A (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  5059--A
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                               March 6, 2017
                                ___________
 
 Introduced  by  Sen. VALESKY -- read twice and ordered printed, and when
   printed to be committed to the Committee on Finance -- reported favor-
   ably from said committee and committed to the Committee  on  Rules  --
   committee  discharged,  bill amended, ordered reprinted as amended and
   recommitted to said committee

 AN ACT to amend the abandoned property law, in  relation  to  the  defi-
   nition of communication for purposes of abandoned property
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subparagraph (iii) of paragraph (a) and subparagraph  (iii)
 of  paragraph (b) of subdivision 1 of section 300 of the abandoned prop-
 erty law, as amended by section 1 of part A of chapter 61 of the laws of
 2011, are amended and a new subdivision 5 is added to read as follows:
   (iii) any such amount with respect to which the  banking  organization
 has  on  file  [written]  evidence  received within three years that the
 person or persons appearing to be entitled to such amounts had knowledge
 thereof, or
   (iii) any such amount with respect to which the  banking  organization
 has  on  file  [written]  evidence  received within three years that the
 person or persons appearing to be entitled to such amount had  knowledge
 thereof.
   5.  FOR  PURPOSES  OF  THIS SECTION, "COMMUNICATION" SHALL INCLUDE ANY
 WRITTEN, ELECTRONIC, OR PERSONAL CONTACT BETWEEN AN OWNER AND  A  HOLDER
 OF  RECORD THAT CAN BE DOCUMENTED AND THAT REFLECTS AN OWNER'S AWARENESS
 OF THE EXISTENCE OF THE PROPERTY INCLUDING, BUT NOT LIMITED TO,  WRITTEN
 CORRESPONDENCE,  A  TELEPHONIC  OR  VOICE  OVER INTERNET PROTOCOL (VOIP)
 COMMUNICATION, A TRANSACTION  EFFECTED  THROUGH  AN  AUTOMATED  CLEARING
 HOUSE (ACH) OR SIMILAR ELECTRONIC FUNDS PROCESSING METHOD, SIGNING ON TO
 A  PASSWORD PROTECTED ACCOUNT IN WHICH THE SECURITIES MAY BE ACCESSED BY
 THEIR OWNER, OR EFFECTING A TRANSACTION IN THE OWNER'S ACCOUNT,  INCLUD-
 ING AUTOMATED TRANSACTIONS THAT HAVE BEEN AUTHORIZED BY THE OWNER.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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