§ 1416 — Restriction on agreement to locate and/or retrieve abandoned property

New York § 1416

• Jurisdiction: New York
• Law ABP: Abandoned Property
• Art. 14: General Provisions

Text

§ 1416. Restriction on agreement to locate and/or retrieve abandoned\nproperty. 1. For the purposes of this section, "abandoned property\nlocation services" shall include any service for a fee providing\nassistance to consumers for the purposes of locating and/or retrieving\nproperty held by the comptroller pursuant to this chapter.\n 2. This section shall apply to any person, corporation, association,\npartnership or other entity which sells or offers to sell abandoned\nproperty location services for abandoned property delivered to the state\nand held by the state comptroller; provided, however, that this section\nshall not apply to a client's agreement with an attorney or accountant\nwhere:\n (a) the services in question can only be performed by an attorney or\naccountant; or\n (b) there is a pre-existing relationship between the attorney or\naccountant and the client; or\n (c) the agreement results from an effort initiated by the client to\nengage the attorney or accountant.\n 3. No agreement for abandoned property location services pursuant to\nthis chapter shall be valid unless such agreement:\n (a) is:\n (i) in such form as may be prescribed by the comptroller;\n (ii) in writing;\n (iii) signed by the property owner; and\n (iv) witnessed and acknowledged by a notary public;\n (b) discloses the nature of the property;\n (c) discloses the name and address of the comptroller; and\n (d) discloses, in a clear and conspicuous manner, and in at least\ntwelve-point boldface type:\n "Abandoned funds held by the State can be obtained directly from the\nOffice of the State Comptroller by the owner of such funds without\npaying a fee. These funds are held indefinitely by the Office of the\nState Comptroller. For more information, contact the Office of the State\nComptroller at (insert the current telephone number established by the\nOffice of the State Comptroller for receiving inquiries from consumers\nregarding unclaimed funds) or (insert the current address of the website\nof the Office of the State Comptroller)".\n 4. No such agreement shall be valid if it provides for payment of a\nfee in excess of fifteen percent of the value of recoverable property.\n 5. Nothing in this section shall be construed to prevent an owner from\nasserting, at any time, that any agreement for abandoned property\nlocation services is based on an excessive or unjust consideration.\n