Bill > A07981

This bill, titled 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. The key provisions are: 1. The state comptroller must maintain a searchable list of all unclaimed funds, regardless of the amount, and provide written and email notices to the apparent owners of abandoned property. 2. The Department of Taxation and Finance will receive the abandoned property records from the comptroller and determine if the apparent owner has filed a recent tax return or is a debtor. If the apparent owner is not a debtor, the department will directly deliver the abandoned property without requiring the owner to file a claim. If the apparent owner is a debtor, the department will use the abandoned property to offset the debts. 3. The bill also repeals a provision that allowed holders of abandoned property worth $20 or less to not provide certain identifying information about the owner when delivering the property to the comptroller.