§ 529 — Unclaimed winnings and refunds

New York § 529

• Jurisdiction: New York
• Law PML: Racing, Pari-Mutuel Wagering and Breeding Law
• Art. 5-A: Off-track Pari-mutuel Betting

Text

§ 529. Unclaimed winnings and refunds. The commission shall require\neach regional corporation to establish a non-escrowed account for\npayment of outstanding winning tickets and for payment of refunds to\nticket holders entitled thereto under the rules of the commission.\n 1. All tickets must be presented for payment to the regional\ncorporation from which purchased prior to April first of the year\nfollowing the year of purchase.\n 2. Ninety-five percent of the balance of such account remaining\nunclaimed as of the last day of February of such year shall be paid to\nthe department of taxation and finance by March fifteenth. On or before\nApril tenth of each year the balance of such account and any other\nunclaimed amounts received in the course of conducting off-track betting\nshall be paid by such corporation to the department of taxation and\nfinance. A penalty of five percent and interest at the rate of one\npercent per month from the due date to the date of payment of the\nunclaimed balance due March fifteenth or April tenth, as the case may\nbe, shall be payable in case such balance is not paid when due. Such\namounts, interest and penalties when collected by the department of\ntaxation and finance shall be deposited into the general fund of the\nstate treasury.\n