THIS BULLETIN IS FURNISHED TO INFORM YOU OF CURRENT DEVELOPMENTS. AS A REMINDER, YOU ARE CHARGED WITH KNOWLEDGE OF THE CONTENT ON VIRTUAL UNDERWRITER AS IT EXISTS FROM TIME TO TIME AS IT APPLIES TO YOU, AS WELL AS ANY OTHER INSTRUCTIONS. OUR UNDERWRITING AGREEMENTS DO NOT AUTHORIZE OUR ISSUING AGENTS TO ENGAGE IN SETTLEMENTS OR CLOSINGS ON BEHALF OF STEWART TITLE GUARANTY COMPANY. THIS BULLETIN IS NOT INTENDED TO DIRECT YOUR ESCROW OR SETTLEMENT PRACTICES OR TO CHANGE PROVISIONS OF APPLICABLE UNDERWRITING AGREEMENTS. CONFIDENTIAL, PROPRIETARY, OR NONPUBLIC PERSONAL INFORMATION SHOULD NEVER BE SHARED OR DISSEMINATED EXCEPT AS ALLOWED BY LAW. IF APPLICABLE STATE LAW OR REGULATION IMPOSES ADDITIONAL REQUIREMENTS, YOU SHOULD CONTINUE TO COMPLY WITH THOSE REQUIREMENTS.
Bulletin: NY000231
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Bulletin: NY000231
Another section of the new budget (Part T of Chapter 60 of the Laws of 2004), amended the Administrative code by adding Section 11-128.
This new section authorizes the Finance Commissioner to require electronic transfer of tax payments where the total is over $300,000.00.
This applies to:
1. a single tax over $300,000.00
2. a payment for multiple taxes totaling over $300,000.00, ex. a payment by a bank of escrowed funds.
In the alternative, the taxpayer can set up an automatic debit program.
The Department will send notices to the taxpayers affected indicating the date on which the program will take affect. They will use the filed owner's registration card for the purposes of sending the notice.
There is a 1% penalty for any tax paid by any other method after the date on the notice.
There will be waivers for "hardship" upon written application to the department.
References
- Bulletins Replaced:
- None
- Related Bulletins:
- None
- Underwriting Manual:
- None
- Exceptions Manual:
- None
- Forms:
- None