BILL NUMBER: S2508

SPONSOR: COMRIE
 
TITLE OF BILL:

An act to amend the abandoned property law and the state technology law,
in relation to unclaimed funds

 
PURPOSE OR GENERAL IDEA OF BILL:

The purpose of this bill is to erase an access barrier for visually
impaired New Yorkers to obtain unclaimed funds currently being held by
the State; and ensure that New Yorkers are aware that they can obtain
unclaimed funds directly from the State free of charge.

 
SUMMARY OF SPECIFIC PROVISIONS:

Section (a) and (b) of the New York State Abandoned Property Law §
1402-01 arc amended to require the State Comptroller to include contact
information for citizens to obtain a large-print copy in all publica-
tions of the unclaimed funds owners list.

              

Section (d) of the New York State Abandoned Property Law § 1416-01 is
amended to require contracts to obtain unclaimed funds for owners
including a notice that unclaimed funds can be obtained directly from
the State for no fee. Section 18 of New York State Technology Law § 103
is added to require the Office for Technology to establish accessibility
standards for typeface and font-size to assist the visually impaired.

Section (a) of the New York State Abandoned Property Law § 1402-01 is
removed because it is an historical statute.

Section (b) of the New York State Abandoned Property Law § 1402-01 is
amended to become Section (a) and requires the September and March
publications appear in newspapers designated by the Comptroller.

Section (b) of the New York State Abandoned Property Law § 1402-01 is
amended to become Section (a) and requires the September and March
publications appear in newspapers designated by the Comptroller.

Section (b) of the New York State Abandoned Property Law § 1402-01 is
amended to require notice that readers may obtain a large-font print
copy of the unclaimed funds list by writing to the Comptroller's office
or have a search conducted for them by calling a designated number in a
typeface and font-size established by the Office for Technology.

Section (d) of the New York State Abandoned Property Law § 1416-01 is
amended to require agreements to locate property held by the comptroller
include language stating that the funds can be obtained directly from
the Comptroller without paying a fee and that the funds will be held

Section 18 of the New York State Technology Law § 103 is amended to
require the Office for Technology to establish accessibility standards
for typeface and font-size to assist the visually impaired in conjunc-
tion with the Commission for the Blind and Visually Handicapped.

 
JUSTIFICATION:


New Yorkers with visual impairments have difficulty ascertaining whether
they have funds being held by the New York State Office of the State
Comptroller as unclaimed. Notification of these unclaimed funds appears
in newspaper publications that typically use a small font. As a result,
many New Yorkers learn about these funds through solicitations from
private investigators. These investigators charge a fee, typically the
statutory maximum of fifteen percent, to collect these funds without
informing the owner that the state will release these funds for free.

This legislation addresses these issues by requiring all "statements of
abandoned property paid to and held by the state" published by the
Office of the State Comptroller to include contact information in a
typeface and font-size established by the Office for Technology as
accessible for the visually impaired. In addition, it requires all
agreements to collect unclaimed funds include a notice that these funds
can be obtained directly from the state without charge.

 
PRIOR LEGISLATIVE HISTORY:

2022: S5592

2017-2018: A3609 referred to Ways and Means

2015-2016: A2054 referred to Ways and Means

2013-2014: A2258 referred to Ways and Means

2012: A10185 referred to Ways and Means

 
FISCAL IMPLICATIONS:

Minimal

 
EFFECTIVE DATE:
60th day after it shall have become a law