§ 653. Definitions. 1. “Claimant”, when used in this article, means a purchaser or holder of a New York instrument. 2. “Federal insuring agency”, when used in this article, means the Federal Deposit Insurance Corporation or the National Credit Union Administration. 3. “Fund”, when used in this article, means the state transmitter of money insurance […]
§ 654. Purpose of the fund. There is hereby created a fund to be known as the “state transmitter of money insurance fund”. The purpose of the fund shall be to insure the New York instruments of uninsured transmitters of money which, by reason of insolvency, bankruptcy or other inability to pay, have defaulted in […]
§ 655. Maximum amount of insurance. 1. Subject to the provisions of subdivisions two and three of this section, the maximum amount of insurance that any claimant shall be entitled to shall be determined by the superintendent after taking into account the amount of claims, the amount of the fund, including the authority of the […]
§ 656. Claims against the fund. 1. If an uninsured transmitter of money has defaulted in making payment on any of its New York instruments, the superintendent shall give notice of such default to purchasers and holders of such instruments. Such notice may be given by means of publication in such newspaper or newspapers as […]
§ 657. Payments to the fund. In the event the fund has borrowed any monies from the property and liability insurance security fund pursuant to the provisions of section six hundred fifty-eight of this chapter, and has any debt outstanding thereto, or in the event an uninsured transmitter of money is declared, or declares itself, […]
§ 658. General powers of the fund; administration of the fund. 1. The fund shall have the power to borrow money from the property and liability insurance security fund created by section seven thousand six hundred three of the insurance law on such terms and conditions as the superintendent may authorize pursuant to section seven […]
§ 659. Rules and regulations. The superintendent is hereby authorized and empowered to make such rules and regulations as may in his judgment be necessary or appropriate for the enforcement of this article.
