§ 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.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.