(WNY News Now) Comptroller DiNapoli’s office is empowered by a historic statute passed by Governor Hochul to expedite the return of unclaimed monies under $250, putting money back into New Yorkers’ pockets more quickly than before.
Following the Governor’s signing of legislation allowing the Office of the State Comptroller to accelerate some unclaimed funds payouts of $250 or less, New York State Comptroller Thomas P. DiNapoli released the following statement on Monday.
The measure, which was proposed by DiNapoli’s office, amends the Abandoned Property Law to allow the State Comptroller to oversee a recently created expedited payment program. This program does away with the requirement that individuals and organizations submit a valid claim for abandoned property valued at $250 or less. Assemblymember John T. McDonald III and Senator Luis Seplveda were the sponsors of the bill (A.10219/S.9410).
Over $19 billion in unclaimed monies are held at my office, and we want to make sure that everyone in New York may quickly access their money. My office will be able to refund missing money even more quickly by streamlining the procedure while still guaranteeing that the money reaches its rightful owners.
I would want to congratulate Governor Hochul for signing this important and useful legislation, as well as Senator Sep lveda and Assemblymember McDonald for their support. Every dollar matters, and because of their work, it will be significantly simpler to get New Yorkers their money back.
The typical payout for a claim is between $50 and $100. DiNapoli’s office returns more than $1.5 million every day.