N.Y. State Finance Law 97-Y – Business and licensing services account
§ 97-y. Business and licensing services account. 1. There is hereby established within the miscellaneous special revenue fund in the joint custody of the state comptroller and the commissioner of taxation and finance an account to be known as the "business and licensing services account".
Terms Used In N.Y. State Finance Law 97-Y
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
2. The business and licensing services account shall consist of all monies collected by the department of state from: (a) fees paid to it in conjunction with its activities pursuant to the business corporation law, the not-for-profit corporation law, or other corporate law, the partnership law, the limited liability company law, and correlative provisions of the executive law, the general business law and any other law, consolidated or unconsolidated; (b) fees paid to it in conjunction with its activities pursuant to the provisions of § 96-a of the executive law or pursuant to any other provision of law, for services rendered in accordance with the provisions of the uniform commercial code or Article 10-A of the lien law; (c) fees charged for the regulation, licensing, examination, certification, registration and discipline activities of the department of state; (d) monies received from licenses granted under § 438 of the judiciary law; and (e) fees collected pursuant to § 399 of the general business law.
3. Monies within the business and licensing services account, upon appropriation by the legislature, shall be available to the department of state for the operation of the department in relation to (a) uniform commercial code and related tax lien requirements, (b) corporations and state records functions and services, including but not limited to reviewing, filing, searching, certifying or copying of documents, instruments and records rendered by the department in conjunction therewith, (c) the regulation, licensing, examination, certification, registration and discipline activities of the department of state, and (d) implementation, operation and enforcement of articles seven-A, eight-B and eight-C of the general business law.
4. Notwithstanding any other provisions of this section to the contrary, moneys deposited pursuant to sections ninety-seven-r and ninety-seven-nn of this article shall be available to the department of state for the purposes set forth in such sections.