§ 427 — Disposition of registration fees

§ 427. Disposition of registration fees. 1. The commissioner of motor\nvehicles shall deposit all fees collected under this chapter, except as\notherwise provided in subdivision twenty-one of section four hundred one\nof this chapter, in a responsible bank, banking house or trust company\nin the city of Albany, which shall pay the highest rate of interest to\nthe state for such deposit, to the credit of the comptroller on account\nof the motor vehicle law. Every such bank, banking house or trust\ncompany shall execute and file in the office of the department of audit\nand control an undertaking to the state, in the sum, and with such\nsureties, as are required and approved by the comptroller for the safe\nkeeping and prompt payment on legal demand therefor of all such moneys\nheld by or on deposit in such bank, banking house, or trust company,\nwith interest thereon on daily balances at such rate as the comptroller\nmay fix. Every such undertaking shall have endorsed thereon or annexed\nthereto the approval of the attorney-general as to its form. The\ncomptroller shall on the first day of each month make a verified return\nto the department of taxation and finance, of all fees received by him\nunder this chapter during the preceding calendar months, stating from\nwhat county received and by whom and when paid.\n 2. The comptroller, after reserving sufficient to provide at all times\na fund in his hands of five thousand dollars out of which he shall pay\nany refund under this chapter, approved by him and by the commissioner,\nshall on or before the tenth day of each month pay to the department of\ntaxation and finance the balance to his credit in such bank, banking\nhouse or trust company, on account of fees collected under this chapter\nat the close of business on the last day of the preceding month and such\ndepartment shall pay such balance into the general fund of the state\ntreasury.\n 3. An amount equal to ninety per centum of the fees specified in\nsubdivision two of this section shall be appropriated and used for the\nconstruction, reconstruction, maintenance and repair of highways and\nbridges, under the direction of the department of transportation; and\nfor inspection, regulation, and research in the control of motor vehicle\nexhaust emissions under the direction of the department of environmental\nconservation. The amount available for control of motor vehicle exhaust\nemissions from said ninety per centum of the fees collected shall be\ncomputed at the rate of five cents per registration issued and shall be\navailable for payment to the state purposes fund for repayment of\nadvances made in the first instance from that fund for control of motor\nvehicle emissions.\n