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 - Passed Senate


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

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Actions

view actions (17)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 18, 2018 referred to ways and means
delivered to assembly
passed senate
Jun 04, 2018 advanced to third reading
May 31, 2018 2nd report cal.
May 30, 2018 1st report cal.1367
Jan 03, 2018 referred to finance
returned to senate
died in assembly
Jun 13, 2017 referred to ways and means
delivered to assembly
passed senate
Jun 12, 2017 ordered to third reading cal.1552
Jun 07, 2017 print number 5059a
Jun 07, 2017 amend and recommit to rules
Jun 06, 2017 reported and committed to rules
Mar 06, 2017 referred to finance

Votes

view votes

May 30, 2018 - Finance committee Vote

S5059A
37
0
committee
37
Aye
0
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Finance committee vote details

Jun 12, 2017 - Rules committee Vote

S5059A
24
0
committee
24
Aye
0
Nay
1
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Rules committee vote details

Jun 6, 2017 - Finance committee Vote

S5059
36
0
committee
36
Aye
0
Nay
1
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show committee vote details

S5059 - Details

Law Section:
Abandoned Property Law
Laws Affected:
Amd §§300, 501, 511 & 700, Ab Prop L

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.

S5059 - Sponsor Memo

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

S5059A (ACTIVE) - Details

Law Section:
Abandoned Property Law
Laws Affected:
Amd §§300, 501, 511 & 700, Ab Prop L

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.

S5059A (ACTIVE) - Sponsor Memo

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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