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New York Abandoned Property - Article 13 - § 1313 Unclaimed Property Held by Sales Finance Companies and Insurance Premium Finance Agencies

Legal Research Home > New York Laws > New York Abandoned Property (ABP) > New York Abandoned Property - Article 13 - § 1313 Unclaimed Property Held by Sales Finance Companies and Insurance Premium Finance Agencies

 
    §  1313.  Unclaimed  property  held  by  sales  finance  companies and
  insurance premium finance agencies. 1. When used  in  this  section  the
  following terms shall have the following meanings:
    (a)  "Company"  shall  mean  a  sales  finance  company  as defined in
  subdivision seven of section four hundred ninety-one of the banking law,
  but shall not mean a banking  institution  as  defined  in  section  one
  hundred three of this chapter.
    (b) "Agency" shall mean an insurance premium finance agency as defined
  in  subdivision  seven of section five hundred fifty-four of the banking
  law, but shall not mean a banking institution as defined in section  one
  hundred three of this chapter.
    (c)  "Amount"  shall  mean  any  amount  held or owing by a company or
  agency which is payable to any person or other entity  as  a  refund  or
  rebate  pursuant  to  the provisions of articles eleven-b or twelve-b of
  the banking law.
    2. Any amount held or owing by a company or  agency  shall  be  deemed
  abandoned property when:
    (a) such amount is payable to a person or other entity and,
    (b) such amount, on the thirtieth day of June in any year has remained
  unpaid to such person or other entity for three years.
    3.  In  the succeeding month of October in each year, and on or before
  the tenth day thereof, each company or  agency  holding  amounts  deemed
  abandoned  pursuant  to  this  section  shall  pay the same to the state
  comptroller, excepting such amounts as since the preceding thirtieth day
  of June have ceased to be abandoned.
    4. Such payment shall be accompanied by a statement setting forth such
  information as the  state  comptroller  may  require  relative  to  such
  amounts.

Last modified: February 14, 2012