Section 12-B. Refunds

Moneys received by the state division of housing or
  the commissioner of housing pursuant to this  chapter  and  the  private
  housing finance law or under any agreement prior to July first, nineteen
  hundred  sixty-one  may  be  refunded:  (a)  where  such moneys were not
  required by law or the commissioner's rules or  regulations;  (b)  where
  such moneys were in excess of the amounts that may be required by law or
  as fixed by the commissioner pursuant to law or the commissioner's rules
  or  regulations.  Any  such  moneys  received after July first, nineteen
  hundred sixty-one shall not be so refunded unless application  for  such
  refund  has  been made within three years after its receipt by the state
  division of housing.