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This entry was published on 2014-09-22
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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.