New York S 4109: Relates to the prevention of discrimination

Bill Text

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S04109 Summary:

BILL NOS04109 

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SAME ASNo Same As

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SPONSORCOMRIE

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COSPNSR

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MLTSPNSR

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Amd §§300, 501, 511 & 700, Ab Prop L

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Extends the term for claiming unclaimed property from three to five years.

Go to top S04109 Actions:

BILL NOS04109 

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02/03/2025REFERRED TO FINANCE

01/07/2026REFERRED TO FINANCE

Go to topS04109 Committee&nbspVotes:

Go to topS04109 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS04109 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 4109

 2025-2026 Regular Sessions

 IN SENATE

 February 3, 2025
 ___________

 Introduced by Sen. COMRIE -- read twice and ordered printed, and when
 printed to be committed to the Committee on Finance

 AN ACT to amend the abandoned property law, in relation to extending the
 term for claiming unclaimed property from three to five years

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. Paragraphs (a), (b), (c), (d), (e), (f), (g), (i) and (k)
 2 of subdivision 1 of section 300 of the abandoned property law, para-
 3 graphs (a), (b) and (k) as amended by section 1 of part A of chapter 61
 4 of the laws of 2011, paragraph (c) as amended by section 5 of part T of
 5 chapter 62 of the laws of 2006, paragraph (d) as amended by chapter 48
 6 of the laws of 1978, paragraphs (e) and (f) as amended by chapter 41 of
 7 the laws of 1987 and paragraphs (g) and (i) as added by chapter 15 of
 8 the laws of 1983, are amended to read as follows:
 9 (a) Any amounts due on deposits or any amounts to which a shareholder
 10 of a savings and loan association or a credit union is entitled, held or
 11 owing by a banking organization, which shall have remained unclaimed for
 12 [three] five years by the person or persons appearing to be entitled
 13 thereto, including any interest or dividends credited thereon, excepting
 14 (i) any such amount which has been reduced or increased, exclusive of
 15 dividend or interest payment, within [three] five years, or
 16 (ii) any such amount which is represented by a passbook not in the
 17 possession of the banking organization, which has been presented for
 18 entry of dividend or interest credit within [three] five years, or
 19 (iii) any such amount with respect to which the banking organization
 20 has on file written evidence received within [three] five years that the
 21 person or persons appearing to be entitled to such amounts had knowledge
 22 thereof, or
 23 (iv) any such amount payable only at or by a branch office located in
 24 a foreign country, or payable in currency other than United States
 25 currency, or

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD05395-01-5

 S. 4109 2

 1 (v) any such amount that is separately identifiable and has been set
 2 aside to meet the burial and related expenses of an individual, provided
 3 however that said amount shall be deemed abandoned property where it
 4 remains unclaimed for [three] five years subsequent to the death of the
 5 individual for whom the amount was deposited.
 6 (b) Any amounts, together with all accumulations of interest or other
 7 increment thereon, held or owing by a banking organization for the
 8 payment of an interest in a bond and mortgage apportioned or transferred
 9 by it pursuant to subdivision seven of former section one hundred eight-
 10 y-eight of the banking law as it existed prior to July first, nineteen
 11 hundred thirty-seven, which shall have remained unclaimed by the person
 12 or persons appearing to be entitled thereto for [three] five years after
 13 the full and final liquidation of such mortgage, excepting
 14 (i) any such amount which has been reduced by payment to the person or
 15 persons appearing to be entitled thereto within [three] five years, or
 16 (ii) any such amount which is represented by a certificate of share
 17 ownership not in the possession of the banking organization, which
 18 certificate has been presented for transfer within [three] five years,
 19 or
 20 (iii) any such amount with respect to which the banking organization
 21 has on file written evidence received within [three] five years