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1. When used in this section the following terms shall have the following meanings:\n(a) 'Company' shall mean a sales finance company as defined in subdivision seven of section four hundred ninety-one of the banking law, but shall not mean a banking institution as defined in section one hundred three of this chapter.\n(b) 'Agency' shall mean an insurance premium finance agency as defined in subdivision seven of section five hundred fifty-four of the banking law, but shall not mean a banking institution as defined in section one hundred three of this chapter.\n(c) 'Amount' shall mean any amount held or owing by a company or agency which is payable to any person or other entity as a refund or rebate pursuant to the provisions of articles eleven-b or twelve-b of the banking law.\n2. Any amount held or owing by a company or agency shall be deemed abandoned property when:\n(a) such amount is payable to a person or other entity and,\n(b) such amount, on the thirtieth day of June in any year has remained unpaid to such person or other entity for three years.\n3.

y when:\n(a) such amount is payable to a person or other entity and,\n(b) such amount, on the thirtieth day of June in any year has remained unpaid to such person or other entity for three years.\n3. In the succeeding month of October in each year, and on or before the tenth day thereof, each company or agency holding amounts deemed abandoned pursuant to this section shall pay the same to the state comptroller, excepting such amounts as since the preceding thirtieth day of June have ceased to be abandoned.\n4. Such payment shall be accompanied by a statement setting forth such information as the state comptroller may require relative to such amounts.