State Finance Law Section 18 (Debt Payment/Collection)
STATE UNIVERSITY OF NEW YORK at PURCHASE COLLEGE
NOTICE: FAILURE TO PAY THE DEBT DESCRIBED BELOW WILL RESULT IN AN INCREASE IN YOUR LIABILITY
This page is in relation to any debts due to the State University of New York at Purchase College. Failure to pay any debt in full within thirty days of the deadline will result in the assessment of interest or a late payment charge, whichever is greater.
Interest will be assessed from the date of your presumed receipt of notice (primarily via e-mail and subsequently collection letters), at the corporate underpayment set by the Commissioner of Taxation and Finance minus four percent. Interest will be compounded daily on your principal balance.
To avoid assessment of interest or a late payment charge, you should pay the amount due in full on or prior to the deadline.
In addition, should you fail to pay this debt in full within ninety days of your deadline, a collection fee equal to 22% of the outstanding debt, including interest, may be added to the amount which you owe.
Please write your account number on all checks or correspondence, and make checks payable to Purchase College. Please advise us of any change of name or address. If you are replying by mail, please include your current phone number.
STATE DEBT COLLECTION LAWS AFFECTING ALL PAST DUE DEBTS OWED TO THE STATE OF NEW YORK
Certain State laws that became effective on January 1, 1993 have granted additional enforcement powers to New York State agencies for collection of non-tax debts.
If YOU have a current or outstanding debt with the State, you are strongly urged to settle this Matter immediately.
INTEREST OR PENALTY ON OVERDUE NON-TAX DEBT- State Finance Law §18
State agencies are authorized to assess interest or late payment penalty charges on overdue debts.
COLLECTION FEE - State Finance Law §18
State agencies may charge collection fees to cover the estimated costs of processing, handling and collecting delinquent debts. The amount can be as much as 22% of the outstanding debt.
REFERRAL OF THE DEBT TO THE TAX DEPARTMENT - State Tax Law § 171-f
State agencies are authorized to certify to the Department of Taxation and Finance that past-due legally enforceable debts should be offset against any tax refunds, contracts or other State payments.
AUTHORITY NOT TO RENEW - State Executive Law §32
State agencies are authorized not to renew licenses, permits, etc., if an individual or business owes an overdue debt to those agencies.
RETURNED CHECK CHARGE - State Finance Law §19
State agencies are authorized to charge a returned check fee when a check is dishonored.
If you wish to avoid these measures, you MUST make arrangements to resolve any outstanding debt as soon as possible. If you have questions regarding your debt, please contact our office as instructed in the accompanying letter. Please note that if you have arranged for a deferred payment plan with Purchase College and remain current with your payments, the provisions of these laws may not apply to your debt.