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History
- Referred to ways and means
- Referred to ways and means
Full text
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Sponsor's memo
BILL NUMBER:A8877
Title of bill
An act to amend the abandoned property law and the labor law, in relation to unclaimed wages
Purpose
To have all employers on or before the first day of May in each year to pay over to the state comptroller for credit to the aban- doned property fund and all such property which shall have become aban- doned.
Summary of provisions
Section 2306 of the abandoned property law. Any money due to an employee as defined by subdivision 5 of section 2 of the labor law for Payment of compensation for services. An employee as defined by subdivision 6, section 2 of the labor law, which shall have remained unclaimed by such employee for a period of one year.
Justification
This bill would deem all employers to pay over to the state comptroller for credit to the abandoned property fund all such property which shall have become abandoned prior to the first day of the preceding month. Every employer shall retain all unclaimed wages for payment to the person entitled thereto for not less than one year from the date in which they were issued. PRIOR LEGISLATIVE HISTORY: New legislation
Fiscal implications
None
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.