NY State Senate Bill 2023-S8387

Senate Bill S8387

2023-2024 Legislative Session

Directs the Office of the New York State Comptroller to conduct a study on the feasibility of automatically returning unclaimed funds held by such office to the rightful owners of such funds

download bill text pdf

Current Bill Status - In Senate Committee Finance 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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Actions

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 25, 2024	referred to finance

2023-S8387 (ACTIVE) - Details

See Assembly Version of this Bill:: A9387
Current Committee:: Senate Finance
Law Section:: Comptroller

2023-S8387 (ACTIVE) - Summary

Directs the Office of the New York State Comptroller to conduct a study on the feasibility of automatically returning unclaimed funds held by such office to the rightful owners of such funds; requires a report of its findings and legislative recommendations.

2023-S8387 (ACTIVE) - Sponsor Memo

                                 
BILL NUMBER: S8387

SPONSOR: ROLISON
 
TITLE OF BILL:

An act to direct the Office of the New York State Comptroller to conduct
a study on the feasibility of automatically returning unclaimed funds
held by such office to the rightful owners of such funds and to deliver
a report of its findings

 
PURPOSE::

To direct Office of the New York State Comptroller to conduct a study on
the feasibility of automatically returning unclaimed funds and deliver a
report to the governor and legislature.

 
SUMMARY OF PROVISIONS::

Section 1 (a) Directs the Office of the New York State Comptroller to
conduct a study on the feasibility of automatically returning unclaimed
funds to their rightful owners.

(b) No later than January 1, 2025 the Office of the New York State Comp-
troller shall deliver a report of its findings to the governor and
legislature. The report shall include the results of the study and
recommendations for any legislative action that would be required to
make unclaimed funds automatically returned to their rightful owner.

Section 2 states the effective date.

 
JUSTIFICATION:

As more states move to return unclaimed funds to their residents auto-
matically, New York must take action to do the same.

According to a recent Newsday op-ed only 41r of unclaimed funds are
returned in New York compared to 62V. in Illinois and 92-, in Wiscon-
sin,} New Yorkers deserve a more straightforward process to have their
money returned.

This legislation would require the Office of the New York State Comp-
troller to conduct a study on the feasibility of automatically returning
unclaimed funds and make recommendation on legislative action needed to
do so.

 
LEGISLATIVE HISTORY::

New bill.

 
FISCAL IMPLICATIONS::

To be determined.

 
EFFECTIVE DATE:
Immediately.
https://www.newsday.com/opinionieditorialsiny-
unctaimed-funds-state-comptroller-ijy7ye2r

2023-S8387 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8387
 
                             I N  S E N A T E
 
                             January 25, 2024
                                ___________
 
 Introduced  by  Sen. ROLISON -- read twice and ordered printed, and when
   printed to be committed to the Committee on Finance
 
 AN ACT to direct the Office of the New York State Comptroller to conduct
   a study on the feasibility of automatically returning unclaimed  funds
   held by such office to the rightful owners of such funds and to deliv-
   er a report of its findings

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. (a) The Office of the  New  York  State  Comptroller  shall
 conduct  a study on the feasibility of automatically returning unclaimed
 funds held by such office to the rightful owners  of  such  funds  imme-
 diately  upon receipt of the funds by the comptroller's office and with-
 out having the rightful owner of the funds apply for their return.   The
 study  shall  include  the potential automatic return of unclaimed funds
 currently held by the comptroller's office and such  funds  received  by
 the office in the future.
   (b)  No  later  than January 1, 2025, the Office of the New York State
 Comptroller shall deliver a report of its findings to the Governor,  the
 Temporary  President  of  the Senate, the minority leader of the Senate,
 the Speaker of the Assembly and the minority  leader  of  the  Assembly.
 Such  report  shall include the results of the study and recommendations
 for any legislative action that would  be  required  to  make  unclaimed
 funds automatically returned to the rightful owner of the funds.
   § 2. This act shall take effect immediately.
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD13036-01-3

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