§ 553 — Disposition of moneys collected

New York § 553

• Jurisdiction: New York
• Law LAB: Labor
• Title 4: Unemployment Funds
• Art. 18: Unemployment Insurance Law

Text

§ 553. Disposition of moneys collected. 1. Depository. All moneys\ncollected as contributions, interest and penalties under this article\nshall be deposited in a bank, trust company or industrial bank\ndesignated by the state comptroller. All moneys so deposited shall be\ncredited immediately to the account of the unemployment insurance fund,\nexcept as provided in subdivision two of this section.\n 2. Interest and penalties. The commissioner shall certify periodically\nto the depository the amount of interest and penalties which were\nimposed and collected under title six of this article and the\ndepartment's share of the penalties imposed and collected pursuant to\nparagraph one of subsection (v) of section six hundred eighty-five of\nthe tax law and deposited pursuant to subdivision one of this section. A\nsum equal to the total amount of interest and penalties certified by the\ncommissioner, less the penalties collected pursuant to paragraph (b) of\nsubdivision two of section five hundred eighty-one of this article and\nthe department's share of the penalties collected pursuant to paragraph\none of subsection (v) of section six hundred eighty-five of the tax law\nshall thereupon be credited to the special fund established pursuant to\nsection five hundred fifty-two of this article. The penalties collected\npursuant to paragraph (b) of subdivision two of section five hundred\neighty-one of this article and the department's share of the penalties\ncollected pursuant to paragraph one of subsection (v) of section six\nhundred eighty-five of the tax law shall thereupon be credited to the\nunemployment insurance control fund established pursuant to section five\nhundred fifty-two-b of this article.\n