New York S08253 amends the abandoned property law to change interest accrual on unclaimed child and spousal support payments.
New York S08253 amends the abandoned property law to modify the interest accrual on unclaimed child and spousal support payments by the owner of abandoned properties. Specifically, it changes the interest rate to the overpayment rate set by the commissioner of taxation and finance, less one percentage point. This change applies to payments made to the state comptroller under certain provisions of the abandoned property law. The act takes effect immediately upon passage.
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