N.Y. Racing, Pari-Mutuel Wagering and Breeding Law § 529
Unclaimed winnings and refunds
Redline — January 1, 2015 → current.View current text →
Current — January 1, 2021
As of January 1, 2015
§ 529. Unclaimed winnings and refunds. The board shall require each\nregional corporation to establish a non-escrowed account for payment of\noutstanding winning tickets and for payment of refunds to ticket holders\nentitled thereto under the rules of the board.\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 state tax commission by March fifteenth. On or before April tenth of\neach year the balance of such account and any other unclaimed amounts\nreceived in the course of conducting off-track betting shall be paid by\nsuch corporation to the state tax commission. A penalty of five percent\nand interest at the rate of one percent per month from the due date to\nthe date of payment of the unclaimed balance due March fifteenth or\nApril tenth, as the case may be, shall be payable in case such balance\nis not paid when due. Such amounts, interest and penalties when\ncollected by the state tax commission shall be deposited into the\ngeneral fund of the state treasury.\n
§ 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
Official source: NYS Open Legislation (New York State Senate). Reproduced from public-domain New York statutes; confirm against the official source for the current text. Not legal advice.