Bill > S05552

This bill extends the term for claiming unclaimed property from three to five years. Specifically, it amends the abandoned property law to increase the time period from three to five years for when certain types of unclaimed property, such as deposits, dividends, securities, and wages, are considered abandoned and must be turned over to the state comptroller. This change applies to various types of financial institutions, corporations, and brokers or dealers that hold unclaimed property.