New York Banking Law Article 13-C - STATE TRANSMITTER OF MONEY INSURANCE FUND

• 653 - Definitions.
  1. "Claimant", when used in this article, means a purchaser or holder of a New York instrument. 2. "Federal insuring agency", when used in this...
• 654 - Purpose of the Fund.
  There is hereby created a fund to be known as the "state transmitter of money insurance fund". The purpose of the fund shall be to...
• 655 - Maximum Amount of Insurance.
  1. Subject to the provisions of subdivisions two and three of this section, the maximum amount of insurance that any claimant shall be entitled to...
• 656 - Claims Against the Fund.
  1. If an uninsured transmitter of money has defaulted in making payment on any of its New York instruments, the superintendent shall give notice of...
• 657 - Payments to the Fund.
  In the event the fund has borrowed any monies from the property and liability insurance security fund pursuant to the provisions of section six hundred...
• 658 - General Powers of the Fund; Administration of the Fund.
  1. The fund shall have the power to borrow money from the property and liability insurance security fund created by section seven thousand six hundred...
• 659 - Rules and Regulations.
  The superintendent is hereby authorized and empowered to make such rules and regulations as may in his judgment be necessary or appropriate for the enforcement...

Last modified: February 3, 2019