Sec. 117.1. Waiver of publication requirements

(a) Pursuant to the authority vested in the State Comptroller by section 1411 of the Abandoned Property Law, publication of a notice required by section 302, 601, 702 or 1316 of such law shall be waived in its entirety when the aggregate amount of the individual items to be published in a single publication is:

(1) less than $10,000 with respect to a publication in a county located within the city of New York; or

(2) less than $2,500 with respect to a publication in a county, city or village located outside the city of New York.

(b) Pursuant to the authority vested in the State Comptroller by section 1411 of the Abandoned Property Law, publication of a notice required by section 302, 601, 702 or 1316 of such law shall be waived for specific names and last known addresses of persons apparently entitled to items of property listed in the report of abandoned property when:

(1) the estimated cost of publication to be charged against an individual item of listed property, pursuant to section 1409 of the Abandoned Property Law, will exceed 20 per centum of the amount or value of such individual item. This determination is to be based upon the estimated cost of publication applied to each listed item of $50 or more on a pro rata basis, as shown in the report of abandoned property, and will not be subject to further adjustments by reason of items being withdrawn from publication by reason of the application of the 20 per centum rule; or

(2) the property consists of amounts held for payment of negotiable instruments and the following conditions are met:

(i) the reporting entity has compiled a listing of well-known persons or organizations appearing to be entitled to such amounts as shown on its annual report of abandoned property for which it believes publication should not be required;

(ii) such listing has been forwarded to the State Comptroller concurrent with the reporting entity's submission of its annual report of abandoned property, for review to determine whether or not a waiver of publication is warranted for the persons or organizations so listed; and

(iii) the reporting entity has on file, subject to review by the State Comptroller, documentation establishing that the listed persons or organizations have been notified regarding the property concerned.

(c) Pursuant to the authority vested in the State Comptroller by section 1411 of the Abandoned Property Law, publication of a notice required by section 302, 601, 702 or 1316 of such law may be waived for specific names and last known addresses of persons apparently entitled to items of property listed in the report of abandoned property when special circumstances make it desirable that such information not be published and written consent for such waiver is obtained from the State Comptroller at least 30 days prior to the statutory publication date.