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Proposed Legislation Places New Obligations On Suppliers

By: MAGNIFYI Staff

Published March 11, 2025

Category: New York
Related Categories: A3008, Budget, ESCO, Legislation, S3008, Unclaimed Customer Deposits

The New York budget bills Assembly Bill A3008 and Senate Bill S3008 includes a number of policy-related measures as well as fiscal ones.

Part WW of the bills amend the state’s Abandoned Property Law includes ESCOs in the list of qualifying types of “utility services” that are subject to law’s provisions. If this bill were to pass, it would require ESCOs to remit unclaimed customer deposits and refunds to the Abandoned Property Fund administered by the Office of the State Comptroller (OSC). 

The legislation is currently under consideration in both houses of the legislature.

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