Posted on Feb 21, 2017 by T.Goodyear |
JMS is currently tracking New York Assembly bills 3266, 4730 and 5107. This legislative session is shaping up to be a busy one in New York for unclaimed/abandoned property.
AB3266: This bill seeks to extend the dormancy periods for certain types of property (mostly banking products). In recent years with all of the budget shortfalls for the state(s) we are seeing dormancy periods shortened in an effort to fill the gap. This is the first bill in quite some time that bucks the trend.
AB4730: This new law would prohibit the sale of gift certificates and gift cards that diminish in value due to inactivity fees. In addition, this bill would prohibit fees and surcharges on gift certificates/cards, and provide for a civil penalty of up to $1,000 for each violation.
AB5107: Another bill focusing on gift certificates and gift cards – this one focusing solely on expiration dates. If passed, New York law would ban any gift certificate/card from having an expiration date. The bill calls for the law to be effective immediately upon passage.
Stay tuned here to the blog for the latest developments, and contact us with any questions about these bills or New York unclaimed property in general.