§ 1313 — Unclaimed property held by sales finance companies and insurance premium finance agencies

New York § 1313

• Jurisdiction: New York
• Law ABP: Abandoned Property
• Art. 13: Miscellaneous Unclaimed Property

Text

§ 1313. Unclaimed property held by sales finance companies and\ninsurance premium finance agencies. 1. When used in this section the\nfollowing terms shall have the following meanings:\n (a) "Company" shall mean a sales finance company as defined in\nsubdivision seven of section four hundred ninety-one of the banking law,\nbut shall not mean a banking institution as defined in section one\nhundred three of this chapter.\n (b) "Agency" shall mean an insurance premium finance agency as defined\nin subdivision seven of section five hundred fifty-four of the banking\nlaw, but shall not mean a banking institution as defined in section one\nhundred three of this chapter.\n (c) "Amount" shall mean any amount held or owing by a company or\nagency which is payable to any person or other entity as a refund or\nrebate pursuant to the provisions of articles eleven-b or twelve-b of\nthe banking law.\n 2. Any amount held or owing by a company or agency shall be deemed\nabandoned property when:\n (a) such amount is payable to a person or other entity and,\n (b) such amount, on the thirtieth day of June in any year has remained\nunpaid to such person or other entity for three years.\n 3. In the succeeding month of October in each year, and on or before\nthe tenth day thereof, each company or agency holding amounts deemed\nabandoned pursuant to this section shall pay the same to the state\ncomptroller, excepting such amounts as since the preceding thirtieth day\nof June have ceased to be abandoned.\n 4. Such payment shall be accompanied by a statement setting forth such\ninformation as the state comptroller may require relative to such\namounts.\n