N.Y. General Business Law 393-E – Sale of abandoned property location services
§ 393-e. Sale of abandoned property location services. 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 state comptroller pursuant to the abandoned property law.
Terms Used In N.Y. General Business Law 393-E
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
2. Any person, corporation, association, partnership or other entity which sells or offers to sell any abandoned property location services for abandoned property delivered to the state and held by the state comptroller shall, in every solicitation and agreement for such services, provide to the purchaser the following notice in a clear and conspicuous manner, and in at least twelve-point boldface type prior to the time of sale:
"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)."