N.Y. Labor Law § 553: Disposition of moneys collected

§ 553. Disposition of moneys collected. 1. Depository. All moneys

collected as contributions, interest and penalties under this article

shall be deposited in a bank, trust company or industrial bank

designated by the state comptroller. All moneys so deposited shall be

credited immediately to the account of the unemployment insurance fund,

except as provided in subdivision two of this section.

2. Interest and penalties. The commissioner shall certify periodically

to the depository the amount of interest and penalties which were

imposed and collected under title six of this article and the

department's share of the penalties imposed and collected pursuant to

paragraph one of subsection (v) of section six hundred eighty-five of

the tax law and deposited pursuant to subdivision one of this section. A

sum equal to the total amount of interest and penalties certified by the

commissioner, less the penalties collected pursuant to paragraph (b) of

subdivision two of section five hundred eighty-one of this article and

the department's share of the penalties collected pursuant to paragraph

one of subsection (v) of section six hundred eighty-five of the tax law

shall thereupon be credited to the special fund established pursuant to

section five hundred fifty-two of this article. The penalties collected

pursuant to paragraph (b) of subdivision two of section five hundred

eighty-one of this article and the department's share of the penalties

collected pursuant to paragraph one of subsection (v) of section six

hundred eighty-five of the tax law shall thereupon be credited to the

unemployment insurance control fund established pursuant to section five

hundred fifty-two-b of this article.