Legislation

Search OpenLegislation Statutes

The Laws of New York
Consolidated Laws of New York
CHAPTER 20
General Business
ARTICLE 34-A
Consumer Credit Balances
previous
SECTION 714
Automatic refund of credit balances
up
ARTICLE 34-A
Consumer Credit Balances
next
SECTION 716
Violations and penalties
This entry was published on 2014-09-22
The selection dates indicate all change milestones for the entire volume, not just the location being viewed. Specifying a milestone date will retrieve the most recent version of the location before that date.
SECTION 715
Disposition of unclaimed credit balances
General Business (GBS) CHAPTER 20, ARTICLE 34-A
§ 715. Disposition of unclaimed credit balances. In the event the
creditor, after due diligence, cannot locate a consumer to make a credit
balance refund pursuant to this article, such money shall be retained in
a separate trust account to be maintained by the creditor for such
purpose for a period of three years and thereafter shall be transferred
to the New York state department of audit and control to be held
pursuant to the provisions of the New York abandoned property law.