New York Consolidated Laws, General Business Law - GBS § 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.