New York A 3372: Relates to offers and agreements to locate and retrieve abandoned property

Bill Text

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A03372 Summary:

BILL NOA03372 

&nbsp

SAME ASNo Same As

&nbsp

SPONSORDinowitz

&nbsp

COSPNSRTapia, Gallahan, Reyes, McDonough, Brown K, Seawright, Simon

&nbsp

MLTSPNSR

&nbsp

Amd §1416, Ab Prop L; amd §393-e, Gen Bus L

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Requires solicitations and agreements to locate and retrieve abandoned property to provide certain disclosures in large type on the first page of any notice or agreement.

Go to top A03372 Actions:

BILL NOA03372 

&nbsp

01/27/2025referred to consumer affairs and protection

01/07/2026referred to consumer affairs and protection

Go to topA03372 Committee&nbspVotes:

Go to topA03372 Floor&nbspVotes:

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

Go to topA03372 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 3372

 2025-2026 Regular Sessions

 IN ASSEMBLY

 January 27, 2025
 ___________

 Introduced by M. of A. DINOWITZ, TAPIA, GALLAHAN, REYES, McDONOUGH,
 K. BROWN, SEAWRIGHT, SIMON -- read once and referred to the Committee
 on Consumer Affairs and Protection

 AN ACT to amend the abandoned property law and the general business law,
 in relation to agreements and solicitations to locate and retrieve
 abandoned property

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

 1 Section 1. Paragraph (d) of subdivision 3 of section 1416 of the aban-
 2 doned property law, as added by chapter 332 of the laws of 2012, is
 3 amended to read as follows:
 4 (d) discloses, in a clear and conspicuous manner, and in at least
 5 [twelve-point] sixteen-point boldface type on the first page of any
 6 agreement:
 7 "Abandoned funds held by the State can be obtained directly from the
 8 Office of the State Comptroller by the owner of such funds without
 9 paying a fee. These funds are held indefinitely by the Office of the
 10 State Comptroller. For more information, contact the Office of the State
 11 Comptroller at (insert the current telephone number established by the
 12 Office of the State Comptroller for receiving inquiries from consumers
 13 regarding unclaimed funds) or (insert the current address of the website
 14 of the Office of the State Comptroller)".
 15 § 2. The opening paragraph of subdivision 2 of section 393-e of the
 16 general business law, as amended by chapter 372 of the laws of 2014, is
 17 amended to read as follows:
 18 Any person, corporation, association, partnership or other entity
 19 which sells or offers to sell any abandoned property location services
 20 for abandoned property delivered to the state and held by the state
 21 comptroller shall, in every solicitation [and agreement] for such
 22 services, provide to the purchaser the following notice in a clear and
 23 conspicuous manner, and in at least [twelve-point] sixteen-point bold-

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD07269-01-5

 A. 3372 2

 1 face type on the front page of any solicitation prior to the time of
 2 sale:
 3 § 3. This act shall take effect on the thirtieth day after it shall
 4 have become a law.

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