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Assembly Bill A3074

2023-2024 Legislative Session

Relates to offers and agreements to locate and retrieve abandoned property

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Archive: Last Bill Status - In Assembly Committee

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2023-A3074 (ACTIVE) - Details

Current Committee:
Assembly Consumer Affairs And Protection
Law Section:
Abandoned Property Law
Laws Affected:
Amd §1416, Ab Prop L; amd §393-e, Gen Bus L
Versions Introduced in 2025-2026 Legislative Session:
A3372

2023-A3074 (ACTIVE) - Summary

Requires solicitations and agreements to locate and retrieve abandoned property to provide certain disclosures in large type on the first page of any notice or agreement.

2023-A3074 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3074
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 2, 2023
                                ___________
 
 Introduced  by  M.  of  A. DINOWITZ, TAPIA, GALLAHAN, FAHY, REYES, McDO-
   NOUGH, K. BROWN, SEAWRIGHT, SILLITTI, SIMON -- read once and  referred
   to the Committee on Consumer Affairs and Protection
 
 AN ACT to amend the abandoned property law and the general business law,
   in  relation  to  agreements  and solicitations to locate and retrieve
   abandoned property
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Paragraph (d) of subdivision 3 of section 1416 of the aban-
 doned  property  law,  as  added  by chapter 332 of the laws of 2012, is
 amended to read as follows:
   (d) discloses, in a clear and conspicuous  manner,  and  in  at  least
 [twelve-point]  SIXTEEN-POINT  boldface  type  ON  THE FIRST PAGE OF ANY
 AGREEMENT:
   "Abandoned funds held by the State can be obtained directly  from  the
 Office  of  the  State  Comptroller  by  the owner of such funds without
 paying a fee. These funds are held indefinitely by  the  Office  of  the
 State Comptroller. For more information, contact the Office of the State
 Comptroller  at  (insert the current telephone number established by the
 Office of the State Comptroller for receiving inquiries  from  consumers
 regarding unclaimed funds) or (insert the current address of the website
 of the Office of the State Comptroller)".
   §  2.  The  opening paragraph of subdivision 2 of section 393-e of the
 general business law, as amended by chapter 372 of the laws of 2014,  is
 amended to read as follows:
   Any  person,  corporation,  association,  partnership  or other entity
 which sells or offers to sell any abandoned property  location  services
 for  abandoned  property  delivered  to  the state and held by the state
 comptroller shall,  in  every  solicitation  [and  agreement]  for  such
 services,  provide  to the purchaser the following notice in a clear and
 conspicuous manner, and in at least [twelve-point]  SIXTEEN-POINT  bold-
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD01544-01-3

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