Relates to the publication by the state of the receipt of unclaimed funds

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 directly from the state free of charge.

Summary of specific provisions

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

§1416 is added 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 is removed because they are historical statutes.

Section (b) of the New York State Abandoned Property Law 1402 is amended to become section (a) and require the September and March publications to be done in newspapers designated by the Comptroller.

Section (b) of the New York State Abandoned Property Law 1402 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 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 indefinitely.

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 conjunction 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 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.

Legislative history

New Bill.

Fiscal implications

Minimal.

Effective date

Sixtieth day after it shall have become a law.