2023 New York Laws › BNK - Banking › Article 2 - Department of Financial Services; Superintendent of Financial Services; Supervisory and Regulatory Powers › 44-A - Violations and Penalties; Failure to Make Reports.

§  44-a.  Violations  and  penalties;  failure  to  make  reports.  1.
  Notwithstanding any other provision of this chapter to the contrary:
a. any person or  entity  licensed,  registered,  or  incorporated  or
  otherwise  formed  pursuant  to  this  chapter, or an out-of-state state
  bank, that inadvertently or  unintentionally:  (i)  fails  to  make  any
  report  required  by  the superintendent pursuant to this chapter, on or
  before the day designated for the making thereof; (ii) fails to  include
  within  such  report  any  prescribed  matter; or (iii) submits false or
  misleading information therein, shall, after notice and hearing, forfeit
  to the people of the state not more than two thousand dollars  for  each
  day during which such report or omitted matter is delayed or withheld or
  such  false  or misleading information is not corrected, unless the time
  therefor shall have been extended by the superintendent, for good  cause
  shown, in his or her sole discretion;
b.  notwithstanding  the provisions of paragraph a of this subdivision
  any person or entity licensed, registered, or incorporated or  otherwise
  formed  pursuant  to  this  chapter, or an out-of-state state bank, that
  demonstrates by any pattern of behavior or other action that any of  its
  failures  as  described  in  paragraph  a  of  this subdivision were not
  inadvertent or unintentional shall, after notice and hearing, forfeit to
  the people of the state not more than twenty thousand dollars  for  each
  day during which such failures continue;
c.  notwithstanding  the  provisions  of  paragraph  a  or  b  of this
  subdivision, any person or entity licensed, registered, or  incorporated
  or  otherwise formed pursuant to this chapter that demonstrates that any
  of its  failures  as  described  in  paragraph  a  of  this  subdivision
  constitutes  a  pattern  of behavior or other action performed knowingly
  and with reckless disregard shall, after notice and hearing, forfeit  to
  the people of the state not more than two hundred fifty thousand dollars
  or  in  the  case of a banking organization, foreign bank licensee or an
  out-of-state state bank,  the  lesser  of  two  hundred  fifty  thousand
  dollars  or one percent of the total assets of such banking organization
  or one percent of the total assets in this state of  such  foreign  bank
  licensee, as applicable for each day that its failures continue.
With  respect  to any amount assessed pursuant to this section against
  any person or entity licensed or registered pursuant  to  this  chapter,
  but not with respect to a banking organization, foreign bank licensee or
  out-of-state  state bank, the superintendent in determining such amount,
  shall take into consideration the net worth and annual  business  volume
  of such licensed or registered person or entity.
2.   In   assessing   any   penalty  pursuant  to  this  section,  the
  superintendent shall take  into  account,  without  limitation,  factors
  including:
a.  the  extent, if any, to which senior management or board directors
  or trustees participated therein,
b.  the  extent  to  which  the  entity  has   cooperated   with   the
  superintendent in the investigation of such conduct,
c. any sanction imposed by any other regulatory agency,
d. the financial resources and good faith of the entity,
e. the gravity of the violation,
f. any history of prior violations, and
g. such other matters as justice and the public interest may require.
3.  Whenever  the  superintendent  shall  require  the payment of such
  penalty by any such  entity,  he  or  she  shall  forthwith  execute  in
  duplicate  a  written  order  to  that effect. On the date such order is
  executed, the superintendent shall file one copy of such  order  in  the
  office  of  the  department  and  serve the second copy upon such entity
  either personally or by registered or  certified  mail,  return  receipt

  requested,  directed  to the entity's principal place of business or, in
  the case of a licensee or registrant, its last known address of  record.
  Such   order   may  be  reviewed  in  the  manner  provided  by  article
  seventy-eight  of  the  civil  practice  law  and  rules.  Such  special
  proceeding for review as authorized by this section  must  be  commenced
  within thirty days from the service of such order.
4.  The  superintendent  may  compromise, modify, or remit any penalty
  which he or she may assess or had already assessed under this section.
5. The superintendent may  prescribe  regulations  to  carry  out  the
  provisions and purposes of this section.