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History
- Referred to finance
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Extends the term for claiming unclaimed property from three to five years
In Assembly Committee · Ways And Means · Sponsor Anthony Brindisi
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the abandoned property law, in relation to extending the term for claiming unclaimed property from three to five years
Purpose
To extend the time periods in the Abandoned Property Law for dormancy of account from three to five years.
Summary of provisions
Section one amends the times periods of three years to five years for section 300 of the Abandoned Property Law.
Section two amends the times periods of three years to five years for section 501 of the Abandoned Property Law.
Section three amends the times periods of three years to five years for section 511 of the Abandoned Property Law.
Section four amends the times periods of three years to five years for section 700 of the Abandoned Property Law.
Existing law
Currently, three years of inactivity of many accounts will cause the account to escheat to the State.
Justification
Federal law requires State law to set a time period past which funds from accounts may escheat to the State. Current New York State law is set at three years, the shortest period in the nation shared by only a few states. Most states provide for a five year period before which an inactive account may be escheated. This bill would set New York law's time period to five years, providing more time for people to access old accounts and grow investment accounts for beneficiaries without having to reclaim their own money from the State.
Legislative history
New bill
Fiscal implications
To be determined
Effective date
Immediately
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.