§ 103 — Definitions

§ 103. Definitions. As used in this chapter\n (a) "Abandoned property fund" means the abandoned property fund\nestablished by section ninety-five of the state finance law, as such\nsection was added by a chapter of the laws of nineteen hundred\nforty-four, entitled "An act to amend the state finance law, in relation\nto establishing an abandoned property fund and providing for the\ntransfer of certain moneys and property to such fund, and to amend the\nsurrogate's court act in relation to payments from such fund."\n (b) "Abandoned property heretofore paid to the state" means, unless a\nmore limited meaning clearly appears from the context, all money or\nother personal property collected or received by the state comptroller\nor the department of taxation and finance pursuant to the provisions of\n (i) section twenty-two hundred twenty-two of the surrogate's court\nprocedure act;\n (ii) subdivision two of section five, sections thirty-two, one hundred\ntwenty-seven, one hundred seventy, two hundred fifty-seven and three\nhundred fourteen of the banking law;\n (iii) subsection (c) of section seven thousand four hundred\nthirty-four of the insurance law;\n (iv) subdivision four of section sixty-six-a and section one hundred\nfour-c of the public service law;\n (v) section thirteen-c of the transportation corporations law;\n (vi) sections eighty-four, ninety and ninety-two of the state finance\nlaw;\n (vii) section four hundred twenty-four of the vehicle and traffic law;\n (viii) section one hundred thirty-eight of the navigation law;\n (ix) and any earlier provision of law which embodies provisions which\nare substantially the same as or equivalent to those contained in such\nsections.\n (c) "Banking organizations" means all banks, trust companies, private\nbankers, savings banks, industrial banks, safe deposit companies,\nsavings and loan associations, credit unions and investment companies in\nthis state, organized under or subject to the provisions of the laws of\nthis state, or of the United States, including entities organized under\nsection six hundred eleven of title twelve of the United States code,\nbut does not include federal reserve banks. For the purposes of this\nchapter, the term "banking organization" shall also include any\ncorporation or other organization which is a wholly or partially owned\nsubsidiary of any banking organization, banking corporation, or bank\nholding company, which performs any or all of the functions of a banking\norganization, or any corporation or other organization which performs\nsuch functions pursuant to the terms of a contract with any banking\norganization.\n (d) "Infant" means a person who has not attained the age of eighteen\nyears.\n"Infancy" means the state of being an infant.\n (e) "Life insurance corporation" means any insurer corporation\norganized under the laws of this state or any foreign corporation\nauthorized to do either one or both kinds of insurance business\nauthorized in paragraphs one and two of subsection (a) of section one\nthousand one hundred thirteen of the insurance law, as amended from time\nto time. The term life insurance corporation shall include a fraternal\nbenefit society as defined in section four thousand five hundred one of\nthe insurance law.\n (f) "Utility services" means gas, electricity or steam supplied by a\ngas, electric, gas and electric or district steam corporation or an\nenergy services company, telephone, telegraph or other service furnished\nby a telephone, telegraph or telegraph and telephone corporation, water\nsupplied by a waterworks corporation, or appliances, equipment,\ninstallations, fixtures or appurtenances rented by any such corporation\nor ESCO.\n (g) "Gift certificate" shall mean a written promise or electronic\npayment device that: (i) is usable at a single merchant or an affiliated\ngroup of merchants that share the same name, mark, or logo, or is usable\nat multiple, unaffiliated merchants or service providers; and (ii) is\nissued in a specified amount; and (iii) may or may not be increased in\nvalue or reloaded; and (iv) is purchased and/or loaded on a prepaid\nbasis for the future purchase or delivery of any goods or services; and\n(v) is honored upon presentation. Gift certificate shall not include an\nelectronic payment device linked to a deposit account, or prepaid\ntelephone calling cards regulated under section ninety-two-f of the\npublic service law. Gift certificate also shall not include flexible\nspending arrangements as defined in Section 106(c)(2) of the Internal\nRevenue Code, 26 U.S.C. § 106(c)(2); flexible spending accounts subject\nto Section 125 of the Internal Revenue Code, 26 U.S.C. § 125; Archer\nMSAs as defined in Section 220(d) of the Internal Revenue Code, 26\nU.S.C. § 220(d); dependent care reimbursement accounts subject to\nSection 129 of the Internal Revenue Code, 26 U.S.C. § 129; health\nsavings accounts subject to Section 223(d) of the Internal Revenue Code,\n26 U.S.C. § 223(d), as amended by Section 1201 of the Medicare\nPrescription Drug, Improvement, and Modernization Act of 2003, Pub. L.\nNo. 108-173; or similar accounts from which, under the Internal Revenue\nCode and its implementing regulations, individuals may pay medical\nexpenses, health care expenses, dependent care expenses, or similar\nexpenses on a pretax basis. Gift certificate also shall not include a\nprepaid discount card or program used to purchase identified goods or\nservices at a price or percentage below the normal and customary price;\nprovided that the expiration date of the prepaid discount card or\nprogram is clearly and conspicuously disclosed. Gift certificate also\nshall not include payroll cards or other electronic payment devices\nwhich are linked to a deposit account and which are given in exchange\nfor goods or services rendered.\n (h) "Virtual currency" shall have the same meaning as set forth in 23\nNYCRR 200.2(p).\n (i) "Virtual currency business activity" shall have the same meaning\nas set forth in 23 NYCRR 200.2(q).\n (j) "Energy services company" or "ESCO" shall mean an entity eligible\nto sell energy services to end-use customers using the transmission or\ndistribution system of a utility.\n