Bill > A06762

This bill amends the abandoned property law to include energy services companies (ESCOs) in the same consumer protection regulations that currently apply to utility companies regarding unclaimed deposits and refunds. Specifically, the bill defines an ESCO as an entity eligible to sell energy services to end-use customers through a utility's transmission or distribution system, and expands the definition of "utility services" to include services provided by ESCOs. The bill requires ESCOs to follow the same procedures as traditional utility companies for handling unclaimed deposits, advance payments, and refunds, including: publishing annual notices of unclaimed property, maintaining lists of potential claimants, reporting unclaimed amounts to the state comptroller, and paying over abandoned property after two years. This means that if a customer has a deposit or prepayment with an ESCO that remains unclaimed for two years, the company must report and transfer those funds to the state, just like traditional utility companies currently do. The changes aim to provide consistent consumer protections across different types of energy service providers and ensure that customers have a clear path to reclaiming unused funds or deposits. The act will take effect on the first of July following its passage into law.

Agriculture and Natural Resources, Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A6762