Bill > S08253

This bill amends New York's abandoned property law to modify how interest is calculated and applied to unclaimed child and spousal support payments. Specifically, the bill expands the existing provisions for interest accrual on abandoned property by adding a new category (section thirteen hundred eighteen) to the list of circumstances where interest can be earned. The interest rate will be set by the commissioner of taxation and finance at the overpayment rate minus one percentage point, and will accrue for the first five years that the property is held by the state comptroller. The bill replaces gender-specific language (changing "he" to "such owner") and adds a specific reference to child and spousal support payments to the abandoned property law. By doing so, the legislation ensures that unclaimed child and spousal support funds will now be subject to the same interest calculation rules as other types of abandoned property, potentially providing more financial protection for the eventual rightful owners of these funds.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/S8253