New Bill Could Fast-Track Unclaimed Funds for New Yorkers — Governor’s Approval Pending
Wayne O'Kon
Published Oct 28, 2024
A new bill aimed at quickly returning unclaimed funds to New Yorkers is awaiting Governor Hochul’s approval. Sponsored by Comptroller Thomas P. DiNapoli, the bill would allow his office to automatically return unclaimed amounts under $250 to verified owners without needing a formal claim.
With nearly $19 billion in unclaimed assets, the Comptroller’s Office hopes to streamline the process, drawing inspiration from successful programs in other states.
Currently, New Yorkers must manually search for funds through the Lost Funds Search page. As DiNapoli notes, while $1.5 million is returned daily, more money could reach claimants if the process were simpler.
Quick Links for Claiming Unclaimed Funds
If signed, the law would apply to new claims starting January 1, with the possibility of expedited payments for larger sums after a year.
The decision is now in Governor Hochul’s hands, and the bill could simplify how New Yorkers access forgotten funds and reduce the backlog of unclaimed assets in the state.
Previous article: Pennsylvania Treasury Returns Record-Breaking $500 Million in Unclaimed Property Over Two Years
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