Bill > S07626

This bill, known as the "Return Abandoned Property Immediately and Direct (R.A.P.I.D.) Act," aims to improve the process of returning abandoned property to its rightful owners by the State Comptroller and the Department of Taxation and Finance. The key provisions of the bill include: 1. Requiring the Comptroller to maintain a searchable list of all unclaimed abandoned property on their website, removing the previous $20 value threshold. 2. Mandating the Comptroller and the Department of Taxation and Finance to send written and email notices to the apparent owners of abandoned property, and if no response is received within a year, referring the property to the Department of Taxation and Finance. 3. Authorizing the Department of Taxation and Finance to deliver the abandoned property to the apparent owner without requiring a claim, or to set off the property against any debts owed by the apparent owner. 4. Repealing the provision that allows holders of abandoned property worth $20 or less to not specify certain owner identification information when delivering the property to the Comptroller. 5. Allowing the Department of Taxation and Finance to use the abandoned property funds to pay towards the amount owed by the apparent owner or refund it to the apparent owner.