Quick Guide: New York Escheat & Unclaimed Property Laws
Are you interested in learning some of the key concepts of New York escheat and unclaimed property laws? Have a specific question about reporting, auditing or compliance?
This page gives you key information pertaining to New York State escheat laws including reporting & compliance.
If you have specific questions that are not addressed here, we can certainly help with that as well. For immediate assistance, contact a New York unclaimed property consultant today at (800) 848-8896. To contact us electronically, click here.
Key Concepts In New York Escheatment Unclaimed Property Law
The following are just a few concepts that, when not followed, could be costly to your organization:
- If you are late delivering abandoned property, NY State charges 10% interest per year from the date payment or delivery was due to the date you make payment or delivery.
- The New York unclaimed property tax law is one of the oldest in the country and was enacted in part to protect individuals from losing their assets to businesses who were conveniently lax in their notifications to debtees.
- If you have more than 25 items to report, you need to submit a report on electronic media (CD, diskette) and a verification checklist.
- An amendment was made to Section 1315 of the New York Abandoned Property Law reducing the dormancy period for negotiable instruments (outstanding checks) from five (5) years to three (3) years. This went into effect in on April 1, 2006. (Source: New York State Handbook for Reporters of Unclaimed Funds.)
Contact Info For New York State Unclaimed Funds Administration
New York Office of Unclaimed Funds
Alfred E. Smith Building, 9th Floor
Albany, NY 12236
Other New York Unclaimed Property Law Resources
Still Have Questions?
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