As published in the March 2, 2022 New York State Register, available here: https://dos.ny.gov/system/files/documents/2022/03/030222.pdf, New York has proposed adding a Section 125 to Title 2 of the New York Code of Rules and Regulations (“NYCRR”) to address the issue of owner initiated contact made electronically. This Rule is proposed on a consensus bases, meaning that the Comptroller’s office has determined that no person is likely to object to the rule as written. Nevertheless, the period for public comment will run until May 1, 2022.
As proposed, the new regulations would provide that both (a) email communication from the owner, and (b) evidence that the owner has electronically accessed account information; shall constitute written communication, writing and written evidence as used in the current Abandoned Property Law.
The full text of the proposed regulations is as follows:
(a) Electronic Contact. For the purposes of satisfying the dormancy requirements in the Abandoned Property Law, the following methods of electronic contact and electronic account activity shall constitute “written communication,” “writing” and “written evidence” as used in the Abandoned Property Law:
(1) The receipt of electronic mail (email) communication from the entitled account holder of the property that matches the registered email address on records; or
(2) Evidence that the entitled account holder has accessed their personal account through the electronic method made available by the holder of the property, including but not limited to, a website, mobile application, or any other reasonable electronic method.
(b) Evidence of electronic contact or electronic account activity within the relevant dormancy period in the Abandoned Property Law can be cited to prevent the property from being deemed abandoned.
