New York State Comptroller Thomas P. DiNapoli issued the following statement today following the Governor signing legislation enabling the Office of the State Comptroller to expedite certain unclaimed funds payments of $250 or less.
Proposed by DiNapoli’s office, the measure amends the Abandoned Property Law to authorize the State Comptroller to administer a newly established expedited payment program, which eliminates the need for persons and organizations to submit a claim for abandoned property of $250 or less that can be validated. The legislation (A.10219/S.9410) was sponsored by Senator Luis Sepúlveda and Assemblymember John T. McDonald III.
“My office holds over $19 billion in unclaimed funds, and we want to make sure that every New Yorker can easily claim their money. By simplifying the process, my office will be able to return lost money even faster while still ensuring the funds get back into the hands of their rightful owners.
“I want to thank Senator Sepúlveda and Assemblymember McDonald for their sponsorship, and Governor Hochul for signing this practical and significant legislation. Every dollar counts and thanks to their efforts, it will be even easier to connect New Yorkers with their lost money.”
The average claim paid out is between $50 and $100. Every day, DiNapoli’s office returns over $1.5 million.
