2021 New York Laws
ABP - Abandoned Property
Article 14 - General Provisions
1416 - Restriction on Agreement to Locate And/or Retrieve Abandoned Property.

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