N.Y. Racing, Pari-Mutuel Wagering and Breeding Law § 529: Unclaimed winnings and refunds

§ 529. Unclaimed winnings and refunds. The commission shall require

each regional corporation to establish a non-escrowed account for

payment of outstanding winning tickets and for payment of refunds to

ticket holders entitled thereto under the rules of the commission.

1. All tickets must be presented for payment to the regional

corporation from which purchased prior to April first of the year

following the year of purchase.

2. Ninety-five percent of the balance of such account remaining

unclaimed as of the last day of February of such year shall be paid to

the department of taxation and finance by March fifteenth. On or before

April tenth of each year the balance of such account and any other

unclaimed amounts received in the course of conducting off-track betting

shall be paid by such corporation to the department of taxation and

finance. A penalty of five percent and interest at the rate of one

percent per month from the due date to the date of payment of the

unclaimed balance due March fifteenth or April tenth, as the case may

be, shall be payable in case such balance is not paid when due. Such

amounts, interest and penalties when collected by the department of

taxation and finance shall be deposited into the general fund of the

state treasury.