What's New: Abandoned Property Chapter Updated

Wednesday, June 8, 2011 at 10:09AM
Banking Spectrum in What's New

In addition to the change of inactivity periods which have been updated in The Gold Book, there are a few other notable changes to the NYS Abandoned Property Laws.

• financial institutions are no longer required to file preliminary reports


• financial institutions are no longer required to file negative reports


• Form AC2709, VERIFICATION AND CHECKLIST FOR UNCLAIMED PROPERTY is updated as of May 2011


• Form AC2709 no longer has to be notarized


• Many of the contact addresses for unclaimed funds have changed

To see the new Form AC2790 click here: http://www.osc.state.ny.us/ouf/forms/ac2709.pdf

A new page summarizing the reporting process has been added to The Gold Book.

Article originally appeared on Banking Spectrum (https://www.bankingspectrum.com/).