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Assembly Bill A1397

2021-2022 Legislative Session

Relates to the transferring of monies held in the non-escrowed account for payment of outstanding winning tickets and for payment of refunds to ticket holders; repealer

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Archive: Last Bill Status - In Assembly Committee

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2021-A1397 (ACTIVE) - Details

Current Committee:
Assembly Racing And Wagering
Law Section:
Racing, Pari-Mutuel Wagering and Breeding Law
Laws Affected:
Amd §§529 & 1016, rpld §1016 sub 1 ¶b sub¶ 5 clause (E), sub 1 ¶b sub¶ 6 clause (F), §1017 sub 2, RWB L
Versions Introduced in Other Legislative Sessions:
2019-2020: A6352
2023-2024: A4787
2025-2026: A6019

2021-A1397 (ACTIVE) - Summary

Relates to the transferring of monies held in the non-escrowed account for payment of outstanding winning tickets and for payment of refunds to ticket holders; any amount that remains unclaimed after April first of each year shall be transferred to the regional corporation's operating account.

2021-A1397 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1397
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 11, 2021
                                ___________
 
 Introduced  by M. of A. PRETLOW -- read once and referred to the Commit-
   tee on Racing and Wagering
 
 AN ACT to amend the racing, pari-mutuel wagering and  breeding  law,  in
   relation  to  the  transferring  of  monies  held  in the non-escrowed
   account for payment of outstanding winning tickets and for payment  of
   refunds  to  ticket  holders;  and to repeal certain provisions of the
   racing, pari-mutuel wagering and breeding law relating thereto
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Subdivision  2  of section 529 of the racing, pari-mutuel
 wagering and breeding law, as amended by chapter  243  of  the  laws  of
 2020, is amended to read as follows:
   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.] THE BALANCE OF SUCH ACCOUNT REMAINING UNCLAIMED  AS  OF
 APRIL  FIRST  OF  SUCH  YEAR SHALL BE TRANSFERRED TO THE REGIONAL CORPO-
 RATION'S OPERATING ACCOUNT AND MAY BE USED FOR ANY CORPORATE PURPOSES.
   § 2. Clause (E) of subparagraph 5 of paragraph b of subdivision  1  of
 section  1016  of  the  racing, pari-mutuel wagering and breeding law is
 REPEALED and clause (F) is relettered clause (E).
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD06709-01-1

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