2023 New York Laws › BNK - Banking › Article 9 - Licensed Lenders › 352 - Acts Required of Licensees; Acts Prohibited.

§ 352.  Acts  required  of  licensees; acts prohibited. Every licensee
  shall:
Deliver to the borrower at the time any loan is made or prior  to  the
  first  advance  under  an  open-end  loan  agreement a statement, in the
  English language showing in  clear  and  distinct  terms  the  name  and
  address of the borrower and of the licensee and all items required to be
  disclosed by the act of congress entitled "Truth in Lending Act" and the
  regulations  thereunder,  as  such  act and regulations may from time to
  time be amended.
For each cash payment made on account of any closed-end loan, give  to
  the  person  making  it  at  the  time  the payment is made, a plain and
  complete receipt containing the information required by  regulations  of
  the superintendent.
Permit  payment  to  be  made  in  advance  in  any amount on any loan
  agreement at any time, but the licensee may initially apply such payment
  to all interest and other charges due to the date of such payment.
Upon repayment of the loan in full, mark  indelibly  every  obligation
  signed  by  the  borrower  or  a  copy  thereof  with the word "paid" or
  "cancelled", and release any mortgage or security  agreement  no  longer
  securing  an  obligation of the borrower, restore any pledge, cancel and
  return any note or a copy thereof, and cancel and return any  assignment
  or  a  copy  thereof  given to the licensee by the borrower. An open-end
  loan shall not be deemed to be repaid in full for  this  purpose  unless
  any  balance  is paid in full and the borrower relinquishes all power to
  receive further advances under the contract and makes a written  request
  for  the  release  of  all collateral for the loan. Every licensee which
  holds collateral of a borrower shall be fully liable for the  return  of
  the collateral upon payment of the indebtedness in full.
No licensee shall collect, evaluate, report or maintain in the file on
  a  borrower the credit worthiness, credit standing or credit capacity of
  members of the borrower's social network for purposes of determining the
  credit worthiness of the borrower; the average credit worthiness, credit
  standing or credit capacity of members of the borrower's social network;
  or any group score that is not the  borrower's  own  credit  worthiness,
  credit  standing  or  credit  capacity. The provisions of this paragraph
  shall be enforced concurrently by the superintendent and the director of
  the division  of  consumer  protection  and  each  shall  utilize  their
  consumer  complaint  and  assistance  hotlines to document complaints by
  borrowers who believe that group credit ratings of  their  social  media
  network  are  being  used  to deny them credit. The superintendent shall
  ensure that the credit scoring formulas filed with the department do not
  contain variables which account for internet viewing history as part  of
  that formula by asking the licensee to certify to that fact.
No  licensee  shall  take  any  confession of judgment or any power of
  attorney running to himself or to any third person to  confess  judgment
  or to appear for the borrower in a judicial proceeding.
No  licensee  shall take any instrument in which blanks are left to be
  filled in after execution.