Bill
Bill > A03858
summary
Introduced
01/31/2019
01/31/2019
In Committee
01/08/2020
01/08/2020
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
2019-2020 General Assembly
Bill Summary
AN ACT to amend the abandoned property law, in relation to extending the term for claiming unclaimed property from three to five years The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1
AI Summary
This bill extends the term for claiming unclaimed property from three to five years. Specifically, it amends various sections of the Abandoned Property Law to change the time period for which certain types of unclaimed property, such as deposits, negotiable instruments, securities, and wages, are considered abandoned from three years to five years. The bill applies to property held by banking organizations, corporations, brokers, dealers, and life insurance companies. The bill aims to provide more time for individuals to claim their unclaimed property before it is considered abandoned and transferred to the state.
Committee Categories
Budget and Finance
Sponsors (24)
Peter Abbate (D)*,
Steven Englebright (D)*,
Bill Magnarelli (D)*,
Jo Anne Simon (D)*,
Tremaine Wright (D)*,
Carmen Arroyo (OTHER),
Vivian Cook (D),
Catalina Cruz (D),
Anthony D'Urso (D),
Michael DenDekker (D),
Inez Dickens (D),
Nathalia Ferna´ndez (D),
Sandy Galef (D),
Deborah Glick (D),
Richard Gottfried (D),
Aileen Gunther (D),
Kimberly Jean-Pierre (D),
Walter Mosley (D),
Félix Ortiz (D),
David Rosenthal (D),
Nader Sayegh (D),
Phil Steck (D),
Al Stirpe (D),
Jaime Williams (D),
Last Action
referred to ways and means (on 01/08/2020)
Official Document
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