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Can you summarize NYCL BNK Article 13-C?
Banking > State Transmitter of Money Insurance Fund
Short Summary
This legal document pertains to the State Transmitter of Money Insurance Fund in New York. It establishes the fund and its purpose, which is to insure the New York instruments of uninsured transmitters of money who have defaulted on their payments. The document outlines the procedures for filing claims against the fund, including the time period for filing and the required proof of loss. The superintendent is responsible for examining the claims and determining the amount due, which is then certified in writing. Payment by the fund constitutes an assignment of rights with respect to the New York instrument, except for any uninsured portion. The document also addresses the penalties for false statements or willful overvaluation of claims. Additionally, the document governs the payments to the fund, including the authority to levy assessments on uninsured transmitters of money and the factors considered in determining the amount of the assessment. The assessments cease once the net value of the fund reaches a certain level. The document further outlines the powers and administration of the fund, including the ability to borrow money, accept contributions, and pursue and dispose of rights and remedies of claimants. The fund is separate from other funds and state monies, and the custodian of the fund is the commissioner of taxation and finance. The document also addresses the expenses of administering the fund and requires an annual report to be made available. Finally, the superintendent is authorized to make rules and regulations for the enforcement of this article.
Whom does it apply to?
Purchasers and holders of New York instruments, insured and uninsured transmitters of money
What does it govern?
State Transmitter of Money Insurance Fund
What are exemptions?
No specific exemptions are mentioned in this document.
What are the Penalties?
False statements or willful overvaluation of claims are considered Class A misdemeanors.
Jurisdiction
New York