§ 18-B — Holocaust reparations payment fees

New York § 18-B

• Jurisdiction: New York
• Law BNK: Banking
• Art. 2: Department of Financial Services; Superintendent of Financial Services; Supervisory and Regulatory Powers

Text

§ 18-b. Holocaust reparations payment fees. 1. For the purposes of\nthis section, "victims or targets of Nazi persecution" means any\nindividual, corporation, partnership, sole proprietorship,\nunincorporated association, community, congregation, group,\norganization, or other entity persecuted or targeted for persecution by\nthe Nazi Regime because of race, religion, ethnicity, sexual\norientation, national origin, or physical or mental disability or\nhandicap, or the heirs, successors, administrators, executors,\naffiliates, or assignees of such victims or targets, or any other\nclaimant receiving funds from an eligible settlement fund, or from an\neligible grantor trust established for the benefit of such victims or\ntargets. An eligible settlement fund is an entity that is treated for\nfederal income tax purposes as a designated or qualified settlement\nfund, as such term is defined in section 468B of the Internal Revenue\nCode and the regulations thereunder, which is established for the\nprincipal purpose of resolving and satisfying claims arising from or in\nconnection with any act or omission in any way relating to the\nHolocaust, World War II and its prelude and aftermath, victims or\ntargets of Nazi persecution, transactions with or actions of the Nazi\nRegime, or treatment of refugees fleeing Nazi persecution by or in the\nSwiss Confederation. An eligible grantor trust is a grantor trust which\nis established for the principal purpose of resolving and satisfying\nsuch claims.\n 2. The superintendent shall maintain and annually update a list of\nbanks and other financial institutions doing business in the state that\nvoluntarily waive wire transfer fees and other processing fees imposed\nfor automated deposits or transfers of amounts received (including\naccumulated interest) by victims or targets of Nazi persecution from an\neligible settlement fund, or from an eligible grantor trust established\nfor the benefit of such victims or targets. The department shall make\nthe list available to the public on the department's website.\n