§ 1415 — Deduction of certain charges

§ 1415. Deduction of certain charges. No deduction shall be made for\nservice, handling or maintenance charges from property subject to the\nabandoned property law, by the holder of such property, unless such\ndeduction is made pursuant to:\n (a) the laws of the state of New York including therein the\nregulations of the New York state department of financial services; or\n (b) a valid contract which provides, specifically, that the deduction\nshall not be refundable or otherwise restored to the owner; and such\ndeduction is made in the normal course of business of the holder.\n