Bill > A00224

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 for unclaimed deposits, payments, and securities held by banking organizations, corporations, and brokers/dealers from three years to five years before they are considered abandoned property that must be turned over to the state. The bill also makes similar changes to the time period for unclaimed property held by life insurance corporations. The overall effect is to give individuals more time to claim their unclaimed property before it is deemed abandoned.