Assembly Bill A7981A

2023-2024 Legislative Session

Relates to the return of abandoned property to owners by the state comptroller and the department of taxation and finance; repealer

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Current 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

2023-A7981 - Details

See Senate Version of this Bill:
S7626
Current Committee:
Assembly Ways And Means
Law Section:
Abandoned Property Law
Laws Affected:
Amd §1402, add §§1423 & 1424, rpld §1419, Ab Prop L; add §664, amd §21, Tax L

2023-A7981 - Summary

Enacts the "return abandoned property immediately and direct (R.A.P.I.D.) act"; relates to the return of abandoned property to owners by the state comptroller and the department of taxation and finance; repeals the provision that a holder of abandoned property need not specify certain information identifying the owner of abandoned property amounting to twenty dollars or less when delivering such abandoned property to the state comptroller.

2023-A7981 - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7981
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              August 18, 2023
                                ___________
 
 Introduced  by  M.  of A. DE LOS SANTOS -- read once and referred to the
   Committee on Ways and Means
 
 AN ACT to amend the abandoned property law and the tax law, in  relation
   to the return of abandoned property to owners by the state comptroller
   and the department of taxation and finance; and to repeal section 1419
   of the abandoned property law

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Paragraph (a) of subdivision 1 and paragraph (a) of  subdi-
 vision  2  of  section  1402  of the abandoned property law, as added by
 section 35 of part A of chapter 61 of the laws of 2011, are  amended  to
 read as follows:
   (a)  Notwithstanding  anything  to  the  contrary set forth in section
 fourteen hundred one of this article, the comptroller shall maintain  on
 his  or her website in a readily searchable format, a list of such aban-
 doned property as has been paid or delivered to  the  comptroller  [that
 has  a value of over twenty dollars, for a period of twelve months prior
 to April first, two thousand eleven, and any such abandoned property  as
 has  been  paid  or  delivered  to the comptroller thereafter that has a
 value of over twenty dollars, provided that when sixty  or  more  months
 has  passed  after such property has been paid or delivered to the comp-
 troller, the comptroller shall not be required to post such property  on
 his  or  her website if he or she does not deem it reasonable and appro-
 priate to do so]. ALL UNCLAIMED FUNDS SHALL BE POSTED ON SUCH SEARCHABLE
 LIST AT ALL TIMES.
   (a) the names and last known addresses of all persons  appearing  from
 the  records  in  the  comptroller's  office, as set forth in the report
 filed by the holder, to be entitled to receive such  abandoned  property
 [exceeding twenty dollars in value]; and
   §  2.  The  abandoned  property law is amended by adding a new section
 1423 to read as follows:
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11969-01-3
              

2023-A7981A (ACTIVE) - Details

See Senate Version of this Bill:
S7626
Current Committee:
Assembly Ways And Means
Law Section:
Abandoned Property Law
Laws Affected:
Amd §1402, add §§1423 & 1424, rpld §1419, Ab Prop L; add §664, amd §21, Tax L

2023-A7981A (ACTIVE) - Summary

Enacts the "return abandoned property immediately and direct (R.A.P.I.D.) act"; relates to the return of abandoned property to owners by the state comptroller and the department of taxation and finance; repeals the provision that a holder of abandoned property need not specify certain information identifying the owner of abandoned property amounting to twenty dollars or less when delivering such abandoned property to the state comptroller.

2023-A7981A (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  7981--A
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              August 18, 2023
                                ___________
 
 Introduced  by  M.  of A. DE LOS SANTOS -- read once and referred to the
   Committee on Ways and Means --  committee  discharged,  bill  amended,
   ordered reprinted as amended and recommitted to said committee
 
 AN  ACT to amend the abandoned property law and the tax law, in relation
   to the return of abandoned property to owners by the state comptroller
   and the department of taxation and finance; and to repeal section 1419
   of the abandoned property law
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.   Short title. This act shall be known and may be cited as
 the "return abandoned property immediately and direct (R.A.P.I.D.) act".
   § 2.  Paragraph (a) of subdivision 1 and paragraph (a) of  subdivision
 2  of section 1402 of the abandoned property law, as added by section 35
 of part A of chapter 61 of the laws of 2011,  are  amended  to  read  as
 follows:
   (a)  Notwithstanding  anything  to  the  contrary set forth in section
 fourteen hundred one of this article, the comptroller shall maintain  on
 his  or her website in a readily searchable format, a list of such aban-
 doned property as has been paid or delivered to  the  comptroller  [that
 has  a value of over twenty dollars, for a period of twelve months prior
 to April first, two thousand eleven, and any such abandoned property  as
 has  been  paid  or  delivered  to the comptroller thereafter that has a
 value of over twenty dollars, provided that when sixty  or  more  months
 has  passed  after such property has been paid or delivered to the comp-
 troller, the comptroller shall not be required to post such property  on
 his  or  her website if he or she does not deem it reasonable and appro-
 priate to do so]. ALL UNCLAIMED FUNDS SHALL BE POSTED ON SUCH SEARCHABLE
 LIST AT ALL TIMES.
   (a) the names and last known addresses of all persons  appearing  from
 the  records  in  the  comptroller's  office, as set forth in the report
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11969-02-3
 A. 7981--A                          2
              

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