Bill > S07230

This bill amends the abandoned property law to extend consumer protection regulations regarding unclaimed deposits and refunds to energy services companies (ESCOs), which are entities eligible to sell energy services to end-use customers through utility transmission or distribution systems. Currently, utility companies like gas, electric, and steam corporations are required to handle unclaimed deposits and refunds in specific ways, and this bill ensures that ESCOs will now be subject to the same requirements. Specifically, the bill mandates that ESCOs must: (1) report unclaimed deposits, advance payments, and refunds to the state comptroller by September 10th each year, (2) publish a notice about unclaimed property by September 1st annually, (3) maintain a public list of persons with unclaimed property at their principal office, and (4) pay the abandoned property to the state comptroller by October 10th. The unclaimed property becomes considered abandoned after two years if it remains unclaimed by the customer, and the bill requires detailed reporting including customer names, addresses, payment dates, amounts, and other identifying information. The bill will take effect on the first of July following its passage into law, ensuring that ESCOs are held to the same consumer protection standards as traditional utility companies.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/S7230