reglab/statecodes huggingface dataset:
2023 New York Laws › FIS - Financial Services Law › Article 4 - Financial Frauds Prevention › 403 - Financial Frauds and Consumer Protection Unit.

§  403.  Financial  frauds  and  consumer  protection  unit.  (a)  The
superintendent  shall  establish  a  financial   frauds   and   consumer
protection unit in the department of financial services.
(b)  The  financial  frauds  and  consumer  protection unit shall be a
qualified agency, as defined in section eight hundred thirty-five of the
executive law, to enforce the provisions of  this  article  and  article
four of the insurance law and article II-B of the banking law.
(c)  The superintendent shall have the power to designate employees of
the unit as peace officers as defined in section 2.10  of  the  criminal
procedure  law.  Any  such  designations  made  by the superintendent of
insurance or the superintendent  of  banks,  as  they  relate  to  peace
officers   within   the   insurance   frauds  bureau  and  the  criminal
investigations bureau, made prior to the effective date of this chapter,
shall be deemed continued and  will  remain  effective  subject  to  the
discretion of the superintendent.
(d) The superintendent is authorized to establish within the financial
frauds and consumer protection unit one or more units designated for the
purpose  of  investigating  and  preventing  fraud  and  other  criminal
activity  in  certain  specified  areas  of  the  banking,  finance  and
insurance industries, as authorized by this chapter.
2023 New York Laws › FIS - Financial Services Law › Article 4 - Financial Frauds Prevention › 404 - Powers of the Financial Frauds and Consumer Protection Unit.

§  404.  Powers  of the financial frauds and consumer protection unit.
(a) The superintendent has authority under  this  article,  the  banking
law,  the  insurance  law  and  other  applicable  laws  to  investigate
activities that  may  constitute  violations  subject  to  section  four
hundred  eight  of  this  article  or violations of the insurance law or
banking law and to develop evidence thereon.
(b) If the  financial  frauds  and  consumer  protection  unit  has  a
reasonable  suspicion  that  a  person  or  entity  has  engaged,  or is
engaging, in fraud or misconduct with respect to the  banking  law,  the
insurance  law, the provisions of this chapter or other laws pursuant to
which the superintendent has investigatory or enforcement  powers,  then
the   superintendent,  in  the  enforcement  of  relevant  statutes  and
regulations, may undertake an investigation thereon, provided,  however,
that  the  scope  of  authority  set  forth in this section shall not be
deemed to otherwise limit or impair the ability of the superintendent to
assist any other entity in an investigation  involving  a  violation  of
law,   and  provided  further  that  the  responsibility  and  power  to
investigate  any  specific  frauds  or  misconduct  enumerated  in  this
chapter,  the  banking law, the insurance law and other laws pursuant to
which the superintendent has investigatory or enforcement  powers  shall
be  included under the jurisdiction of the financial frauds and consumer
protection unit.
(c) Nothing in this chapter shall be construed to grant  or  authorize
the financial frauds and consumer protection unit the specific powers or
responsibilities  of  the consumer protection division of the department
of state.
2023 New York Laws › FIS - Financial Services Law › Article 4 - Financial Frauds Prevention › 405 - Immunity.

§  405.  Immunity.  In  the  absence  of fraud or bad faith, no person
  subject to the provisions of  this  chapter,  the  banking  law  or  the
  insurance law shall be subject to civil liability, and no civil cause of
  action  of  any  nature  shall  arise  against  such person for any: (a)
  information relating to suspected violations of the banking law  or  the
  insurance  law  furnished to law enforcement officials, their agents and
  employees; (b) information  relating  to  suspected  violations  of  the
  banking  law  or the insurance law furnished to other persons subject to
  the provisions of this chapter; (c) information furnished in reports  to
  the  financial  frauds  and  consumer  protection  unit,  its  agents or
  employees or any state agency investigating fraud or misconduct relating
  to financial  fraud,  its  agents  or  employees;  and  (d)  information
  relating  to  insurance  fraud as defined in section 176.05 of the penal
  law furnished to the National Insurance Crime Bureau. For  the  purposes
  of  this  section  the  National  Insurance  Crime Bureau is a nonprofit
  dedicated to the prosecution of insurance fraud and vehicle  crime.  The
  superintendent  or  any  employee  of  the financial frauds and consumer
  protection unit, in the absence of fraud or  bad  faith,  shall  not  be
  subject  to  civil  liability and no civil cause of action of any nature
  shall arise against the superintendent or any such employee by virtue of
  the publication of any  report  or  bulletin  related  to  the  official
  activities of the financial frauds and consumer protection unit. Nothing
  herein  is  intended  to  abrogate  or  modify in any way any common law
  privilege or immunity heretofore enjoyed by any person.
2023 New York Laws › FIS - Financial Services Law › Article 4 - Financial Frauds Prevention › 406 - Other Law Enforcement Authority, Powers and Duties Not Affected or Impaired.

§ 406. Other law enforcement authority, powers and duties not affected
or impaired. This article shall not:
(a) Preempt the authority or relieve the duty of other law enforcement
agencies to investigate and prosecute suspected violations of law;
(b)  Prevent  or  prohibit  a  person  from voluntarily disclosing any
information concerning violations of this article, the  banking  law  or
the insurance law to any law enforcement agency; or
(c)  Limit  any  of the powers granted elsewhere in the banking law or
insurance law or other laws to the superintendent or the  department  to
investigate possible violations of law and take appropriate action.
2023 New York Laws › FIS - Financial Services Law › Article 4 - Financial Frauds Prevention › 408 - Civil Penalty.

§  408.  Civil  penalty.  (a)  In  addition  to  any civil or criminal
liability provided by law, the  superintendent  may,  after  notice  and
hearing, levy a civil penalty:
(1) not to exceed five thousand dollars per offense, for:
(A)  any  intentional  fraud  or  intentional  misrepresentation  of a
material fact  with  respect  to  a  financial  product  or  service  or
involving any person offering to provide or providing financial products
or services; or
(B)  any  violation of state or federal fair debt collection practices
or federal or state fair lending laws; and
(2) not to exceed one thousand dollars for any other violation of this
chapter or the regulations issued thereunder, provided that there  shall
be no civil penalty under this section for violations of article five of
this chapter or the regulations issued thereunder; and
(3) provided, however, that:
(A)  penalties for regulated persons under the banking law shall be as
provided for in the banking law  and  penalties  for  regulated  persons
under  the  insurance law shall be as provided for in the insurance law;
and
(B) the superintendent shall not impose or collect any  penalty  under
this  section  in  addition  to  any penalty or fine for the same act or
omission that is imposed under the insurance law or banking law; and
(C)  nothing  in  this  section  shall  affect  the  construction   or
interpretation  of the term "fraud" as it is used in any other provision
of the consolidated or unconsolidated law.
(b) Civil penalties received by the superintendent  pursuant  to  this
section  shall  be applied on an annual basis as follows: funds shall be
applied first to reduce the assessments  charged  on  persons  regulated
under  the  insurance  law  and  the banking law pursuant to section two
hundred six of this chapter up  to  the  full  amount  paid  by  persons
regulated  under  the  insurance  law  and banking law for the operating
expenses of the  financial  frauds  and  consumer  protection  unit  not
attributable  to  regulation  under the insurance or banking law for the
fiscal year in which such penalties are received, such amount  shall  be
applied to any assessment in the following year, and any remaining funds
shall  be  paid  to  the  general  fund.  The  superintendent shall have
discretion to determine how operating  expenses  which  are  not  solely
attributable to regulating persons under either the insurance law or the
banking law shall be allocated.
2023 New York Laws › FIS - Financial Services Law › Article 4 - Financial Frauds Prevention › 409 - Reports.

§  409.  Reports.  (a) Whenever the superintendent is satisfied that a
violation subject to section four hundred eight of this article or fraud
or other criminal activity under the insurance law or  banking  law  has
been  committed  or  attempted, the superintendent shall report any such
violation of law,  as  the  superintendent  deems  appropriate,  to  the
appropriate  licensing  agency,  the  district attorney of the county in
which such acts were committed,  to  the  attorney  general,  and  where
appropriate,  to  the  person  who  submitted  the  report of fraudulent
activity, as provided by the provisions  of  this  article.  Within  one
hundred  twenty  days  of  receipt  of  the superintendent's report, the
attorney general or the district attorney  concerned  shall  inform  the
superintendent as to the status of the reported violations.
(b)  No  later  than  March  fifteenth  of each year, beginning in two
thousand twelve, the superintendent shall furnish to the  governor,  the
speaker  of  the  assembly  and  the temporary president of the senate a
report describing the activities of the financial  frauds  and  consumer
protection  unit. Such report shall describe (1) the unit's efforts with
respect to (A) frauds against entities regulated under the  banking  and
insurance  laws;  and  (B)  frauds  against  consumers;  (2)  the unit's
activities to address consumer complaints; and (3)  any  recommendations
of  the superintendent with respect to changes of law that are desirable
to address gaps in protection. The report may address such other matters
relating  to  the  activities  of  the  financial  frauds  and  consumer
protection  unit  as  the  superintendent believes will be useful to the
governor or the legislature.
(c) No later than March fifteenth of each year beginning in  the  year
two  thousand  twelve,  the superintendent shall submit to the governor,
the state comptroller, the attorney general, the temporary president  of
the  senate, the speaker of the assembly, the chairpersons of the senate
finance and health committees, and  the  assembly  ways  and  means  and
health  committees,  a report summarizing the department's activities to
investigate and combat  health  insurance  fraud  including  information
regarding  referrals  received, investigations initiated, investigations
completed, and any other material necessary or desirable to evaluate the
department's efforts.
2023 New York Laws › FIS - Financial Services Law › Article 6 - Emergency Medical Services and Surprise Bills › 601 - Dispute Resolution Process Established.

§  601.  Dispute  resolution  process  established. The superintendent
  shall establish a dispute resolution process by which a  dispute  for  a
  bill  for  emergency  services  or  a surprise bill may be resolved. The
  superintendent shall have the power to grant and  revoke  certifications
  of  independent  dispute  resolution  entities  to  conduct  the dispute
  resolution process.  The  superintendent  shall  promulgate  regulations
  establishing  standards  for the dispute resolution process, including a
  process for certifying  and  selecting  independent  dispute  resolution
  entities.  An  independent  dispute resolution entity shall use licensed
  physicians in active practice in the same or similar  specialty  as  the
  physician   providing  the  service  that  is  subject  to  the  dispute
  resolution process of this article for disputes that  involve  physician
  services.  To the extent practicable, the physician shall be licensed in
  this state. Disputes  shall  be  submitted  to  an  independent  dispute
  resolution  entity  within  three years of the date the health care plan
  made the original payment on the  claim  that  is  the  subject  of  the
  dispute.
2023 New York Laws › FIS - Financial Services Law › Article 6 - Emergency Medical Services and Surprise Bills › 602 - Applicability.

§  602. Applicability. (a) This article shall not apply to health care
  services, including emergency services, where physician fees are subject
  to  schedules  or  other  monetary  limitations  under  any  other  law,
  including  the  workers'  compensation  law and article fifty-one of the
  insurance law, and shall not preempt any such law.
2023 New York Laws › FIS - Financial Services Law › Article 6 - Emergency Medical Services and Surprise Bills › 604 - Criteria for Determining a Reasonable Fee.

§  604.  Criteria for determining a reasonable fee. In determining the
appropriate amount to pay for a  health  care  service,  an  independent
dispute   resolution   entity   shall  consider  all  relevant  factors,
including:
(a) whether there is a gross disparity between the fee charged by  the
provider for services rendered as compared to:
(1)  fees paid to the involved provider for the same services rendered
by the provider to other patients in health  care  plans  in  which  the
provider is not participating, and
(2)  in  the case of a dispute involving a health care plan, fees paid
by the health care plan to reimburse similarly qualified  providers  for
the  same services in the same region who are not participating with the
health care plan;
(b) the level of training, education and experience of the health care
professional, and in the case of a hospital, the teaching  staff,  scope
of services and case mix;
(c) the provider's usual charge for comparable services with regard to
patients   in   health   care   plans  in  which  the  provider  is  not
participating;
(d) the circumstances and complexity of the particular case, including
time and place of the service;
(e) individual patient characteristics;
(f) the median of the rate recognized  by  the  health  care  plan  to
reimburse similarly qualified providers for the same or similar services
in the same region that are participating with the health care plan; and
(g) with regard to physician services, the usual and customary cost of
the service.
2023 New York Laws › FIS - Financial Services Law › Article 6 - Emergency Medical Services and Surprise Bills › 606 - Hold Harmless for Insureds From Bills for Emergency Services and Surprise Bills.

§  606.  Hold  harmless for insureds from bills for emergency services
  and surprise bills. (a) A non-participating provider shall not  bill  an
  insured  for  a  surprise  bill  except  for  any  applicable copayment,
  coinsurance or deductible that would be owed if the insured  utilized  a
  participating provider.
* (b)  A  non-participating  provider  shall  not  bill an insured for
  emergency  services,  including  inpatient  services  which  follow   an
  emergency  room  visit, except for any applicable copayment, coinsurance
  or deductible that would be owed if the insured utilized a participating
  provider.
* NB Effective until January 1, 2025 and shall remain in effect  until
  after  the  superintendent of financial services and the commissioner of
  health have promulgated regulations
* (b) A non-participating provider  shall  not  bill  an  insured  for
  emergency   services,  including  inpatient  services  which  follow  an
  emergency room visit, or  for  services  rendered  by  a  mobile  crisis
  intervention services provider licensed, certified, or designated by the
  office  of  mental  health  or  the  office  of  addiction  services and
  supports, except for any applicable copayment, coinsurance or deductible
  that would be owed if the insured utilized a participating provider.
* NB Effective January 1, 2025 but shall not take effect  until  after
  the  superintendent of financial services and the commissioner of health
  have promulgated regulations
2023 New York Laws › FIS - Financial Services Law › Article 6 - Emergency Medical Services and Surprise Bills › 608 - Payment for Independent Dispute Resolution Entity.

§  608.  Payment  for  independent  dispute resolution entity. (a) For
disputes involving an insured, when the independent  dispute  resolution
entity  determines the health care plan's payment is reasonable, payment
for the dispute resolution process shall be the  responsibility  of  the
non-participating  provider.  When  the  independent  dispute resolution
entity determines the non-participating provider's  fee  is  reasonable,
payment  for  the dispute resolution process shall be the responsibility
of the health care plan. When a good faith negotiation directed  by  the
independent  dispute  resolution  entity  pursuant  to paragraph four of
subsection (a) of section six hundred five of this article, or paragraph
six of subsection (a) of section  six  hundred  seven  of  this  article
results   in   a   settlement   between   the   health   care  plan  and
non-participating   provider,   the   health   care   plan    and    the
non-participating  provider  shall  evenly divide and share the prorated
cost for dispute resolution.
(b) For disputes involving a patient that is not an insured, when  the
independent  dispute resolution entity determines the physician's fee is
reasonable, payment for the dispute  resolution  process  shall  be  the
responsibility  of the patient unless payment for the dispute resolution
process would pose a hardship to the patient. The  superintendent  shall
promulgate  a regulation to determine payment for the dispute resolution
process in cases of hardship. When the  independent  dispute  resolution
entity  determines  the physician's fee is unreasonable, payment for the
dispute resolution process shall be the responsibility of the physician.
2023 New York Laws › FIS - Financial Services Law › Article 7 - Student Debt Consultants › 702 - Prohibitions.

§  702.  Prohibitions.  A  student  debt consultant is prohibited from
doing the following:
(a) performing  student  debt  consulting  services  without  a  legal
written,  fully-executed contract with a borrower that comports with the
provisions of this article;
(b) charging for or accepting any payment for student debt  consulting
services  before  the  full completion of all such services, including a
payment to be  placed  in  escrow  or  any  other  account  pending  the
completion of such services;
(c) taking a power of attorney from a borrower;
(d)  retaining  any  original loan document or other original document
related to a borrower's student loan;
(e) requesting that a borrower provide  his  or  her  FSA  ID  to  the
consultant, or accepting a borrower's FSA ID;
(f)  stating  or  implying  that a borrower will not be able to obtain
relief on their own;
(g) misrepresenting, expressly or by implication, that:
(1) the consultant is a part  of,  affiliated  with,  or  endorsed  or
sponsored by the government, government loan programs, the United States
department of education, or borrowers' student loan servicers; or
(2)  some  or  all  of a borrower's payments to the consultant will be
applied towards the borrower's student loans.
(h) inducing or attempting to induce  a  student  debtor  to  enter  a
contract that does not fully comply with the provisions of this article;
or
(i) engaging in any unfair, deceptive, or abusive act or practice.
2023 New York Laws › FIS - Financial Services Law › Article 7 - Student Debt Consultants › 703 - Disclosure Requirements.

§  703.  Disclosure  requirements. (a) A student debt consultant shall
clearly and conspicuously disclose in all advertisements:
(1) the actual services the consultant provides to borrowers;
(2) that borrowers may apply for consolidation loans from  the  United
States  department of education at no cost, including providing a direct
link in all online advertising and  contact  information  in  all  print
advertising to the application materials for a Direct Consolidation Loan
from the United States department of education;
(3) that consolidation or other services offered by the consultant may
not be the best or only option for borrowers;
(4)  that  alternative federal student loan repayment plans, including
income-based  programs,  that  do  not  require  consolidating  existing
federal student loans may be available; and
(5)  that  borrowers  should  consider  consulting  their student loan
servicer before signing any legal document concerning a student loan.
(b) The disclosures required by subsection (a)  of  this  section,  if
disseminated  through  print media or the internet, shall be clearly and
legibly printed or displayed in not less than  twelve-point  bold  type,
or,  if  the  advertisement  is printed to be displayed in print that is
smaller than twelve point, in bold type print that is  no  smaller  than
the  print  in  which  the  text  of  the  advertisement  is  printed or
displayed.
(c) The provisions of this section shall apply to all consultants  who
disseminate  advertisements  in  the  state of New York or who intend to
directly or indirectly contact a borrower who has a student loan and  is
a  resident  of  or  a  student  in  New  York  state. Consultants shall
establish and at all times maintain control over the content,  form  and
method  of  dissemination  of  all  advertisements  of  their  services.
Further, all advertisements shall be sufficiently complete and clear  to
avoid the possibility to mislead or deceive.
2023 New York Laws › FIS - Financial Services Law › Article 7 - Student Debt Consultants › 705 - Penalties and Other Provisions.

§  705.  Penalties  and  other  provisions.  (a) If the superintendent
finds, after  notice  and  hearing,  that  a  consultant  has  knowingly
violated  any  provision of this article and the violation was material,
the superintendent may: (1) make null and void any agreement between the
borrower and the consultant; and (2) impose a civil penalty of not  more
than ten thousand dollars for each violation.
(b)  If  the consultant violates any provision of this article and the
borrower suffers damage because  of  the  violation,  the  borrower  may
recover  actual  and consequential damages and costs from the consultant
in an action  based  on  this  article.  If  the  consultant  recklessly
violates  any  provision of this article, the court may award attorneys'
fees and costs. If the consultant intentionally violates  any  provision
of this article, the court may award treble damages, attorneys' fees and
costs.
(c)  Any provision of a student debt consulting contract that attempts
or purports to limit the liability of the consultant under this  article
shall  be null and void. Inclusion of such provision shall at the option
of the borrower render the contract void. Any provision  in  a  contract
which attempts or purports to require arbitration of any dispute arising
under  this  article  shall  be  void at the option of the borrower. Any
waiver of the provisions of this article shall be void and unenforceable
as contrary to public policy.
(d) The provisions of this  article  are  not  exclusive  and  are  in
addition  to  any  other  requirements,  rights, remedies, and penalties
provided by law.
2023 New York Laws › FIS - Financial Services Law › Article 7 - Student Debt Consultants › 706 - Rules and Regulations.

§  706.  Rules  and  regulations.  In  addition  to such powers as may
  otherwise be prescribed by this chapter, the  superintendent  is  hereby
  authorized and empowered to promulgate such rules and regulations as may
  in the judgment of the superintendent be consistent with the purposes of
  this  article,  or  appropriate for the effective administration of this
  article.
2023 New York Laws › FIS - Financial Services Law › Article 8 - Commercial Financing › 802 - Exemptions.

§  802.  Exemptions.  This  article  shall not apply to, and shall not
place any additional  requirements  or  obligations  upon,  any  of  the
following:
(a) a financial institution;
(b) a person acting in its capacity as a technology services provider,
such  as licensing software and providing support services, to an entity
exempt under this section  for  use  as  part  of  the  exempt  entity's
commercial  financing  program, provided such person has no interest, or
arrangement or agreement to purchase  any  interest  in  the  commercial
financing extended by the exempt entity in connection with such program;
(c)  a  lender  regulated under the federal Farm Credit Act (12 U.S.C.
Sec.  2001 et seq.);
(d) a commercial financing transaction secured by real property;
(e) a lease as defined in section 2-A-103 of  the  uniform  commercial
code;
(f)  any  person  or  provider  who makes no more than five commercial
financing transactions in this state in a twelve-month period;
(g) an individual commercial financing transaction in an  amount  over
two million five hundred thousand dollars; or
(h)  a  commercial  financing  transaction in which the recipient is a
dealer as defined in section four hundred fifteen  of  the  vehicle  and
traffic  law,  or  an  affiliate  of  such a dealer, or a rental vehicle
company as defined in section three hundred ninety-six-z of the  general
business law, or an affiliate of such a company pursuant to a commercial
financing agreement or commercial open-end credit plan of at least fifty
thousand  dollars, including any commercial loan made pursuant to such a
commercial financing transaction.
2023 New York Laws › FIS - Financial Services Law › Article 8 - Commercial Financing › 804 - Closed-End Commercial Financing Disclosure Requirements.

§  804.  Closed-end  commercial  financing  disclosure requirements. A
provider,  subject  to  this  article,  shall  provide   the   following
disclosures to a recipient at the time of extending a specific offer for
closed-end   financing   according   to  formatting  prescribed  by  the
superintendent:
(a) The total amount of the commercial financing, and the disbursement
amount, if different from the financing amount, after any fees  deducted
or withheld at disbursement.
(b) The finance charge.
(c) The annual percentage rate, using only the words annual percentage
rate or the abbreviation "APR", expressed as a yearly rate, inclusive of
any  fees and finance charges that cannot be avoided by a recipient, and
calculated  in  accordance  with  the  federal  Truth  in  Lending  Act,
Regulation  Z,  12  C.F.R.  § 1026.22, regardless of whether such act or
such regulation would require such a calculation.
(d) The total repayment amount, which is the disbursement amount  plus
the finance charge.
(e) The term of the financing.
(f) The payment amounts:
(i)  for  payment  amounts  that  are  fixed,  the payment amounts and
frequency (e.g., daily, weekly, monthly), and, if  the  term  is  longer
than one month, the average monthly payment amount; or
(ii) for payment amounts that are variable, a full payment schedule or
a  description of the method used to calculate the amounts and frequency
of payments, and, if the term is longer than one  month,  the  estimated
average monthly payment amount.
(g)  A description of all other potential fees and charges that can be
avoided by the recipient, including, but not limited  to,  late  payment
fees and returned payment fees.
(h) Were the recipient to elect to pay off or refinance the commercial
financing prior to full repayment, the provider must disclose:
(i) whether the recipient would be required to pay any finance charges
other  than interest accrued since their last payment. If so, disclosure
of the percentage of any  unpaid  portion  of  the  finance  charge  and
maximum dollar amount the recipient could be required to pay; and
(ii)  whether  the  recipient  would be required to pay any additional
fees not already included in the finance charge.
(i) A description of collateral requirements or security interests, if
any.
2023 New York Laws › FIS - Financial Services Law › Article 8 - Commercial Financing › 805 - Open-End Commercial Financing Disclosure Requirements.

§  805.  Open-end  commercial  financing  disclosure  requirements.  A
provider,  subject  to  this  article,  shall  provide   the   following
disclosures to a recipient at the time of extending a specific offer for
open-end   financing   according   to   formatting   prescribed  by  the
superintendent:
(a) The maximum amount of credit available to the recipient (e.g., the
credit line amount), and  the  amount  scheduled  to  be  drawn  by  the
recipient  at  the  time  the  offer  is extended, if any, less any fees
deducted or withheld at disbursement.
(b) The finance charge.
(c) The annual percentage rate, using only the words annual percentage
rate or the abbreviation "APR", expressed  as  a  nominal  yearly  rate,
inclusive  of  any  fees and finance charges that cannot be avoided by a
recipient, and calculated  in  accordance  with  the  federal  Truth  in
Lending  Act, Regulation Z, 12 C.F.R. § 1026.22 and based on the maximum
amount of credit available to the recipient and the term resulting  from
making  the  minimum  required payments term as disclosed, regardless of
whether such act or such regulation would require such a calculation.
(d) The total repayment amount, which is the  draw  amount,  less  any
fees  deducted or withheld at disbursement, plus the finance charge. The
total repayment amount shall assume a draw amount equal to  the  maximum
amount  of  credit  available to the recipient if drawn and held for the
duration of the term or draw period.
(e) The term of the plan, if applicable, or the period  over  which  a
draw is amortized.
(f)  The  payment frequency and amounts, based on the assumptions used
in  the  calculation  of  the  annual  percentage  rate,   including   a
description  of  payment  amount  requirements such as a minimum payment
amount, and if the payment frequency is other than monthly,  the  amount
of  the  average  projected payments per month. For payment amounts that
are variable, the provider should  include  a  payment  schedule,  or  a
description of the method used to calculate the amounts and frequency of
payments, and the estimated average monthly payment amount.
(g)  A description of all other potential fees and charges that can be
avoided by the recipient, including, but not limited to, draw fees, late
payment fees, and returned payment fees.
(h) Were the recipient to elect to pay off or refinance the commercial
financing prior to full repayment, the provider must disclose:
(i) whether the recipient would be required to pay any finance charges
other than interest accrued since their last payment. If so,  disclosure
of  the  percentage  of  any  unpaid  portion  of the finance charge and
maximum dollar amount the recipient could be required to pay; and
(ii) whether the recipient would be required  to  pay  any  additional
fees not already included in the finance charge.
(i) A description of collateral requirements or security interests, if
any.
2023 New York Laws › FIS - Financial Services Law › Article 8 - Commercial Financing › 806 - Factoring Transaction Disclosure Requirements.

§  806.  Factoring  transaction  disclosure  requirements. A provider,
subject to this article, shall provide the following  disclosures  to  a
recipient  at  the  time  of  extending a specific offer for a factoring
transaction according to formatting prescribed by the superintendent:
(a) The amount of the receivables purchase price paid to the recipient
and, if different from the purchase price, the amount disbursed  to  the
recipient after any fees deducted or withheld at disbursement.
(b) The finance charge.
(c)  The estimated annual percentage rate, using that term, calculated
according to the federal Truth in Lending Act, Regulation Z, 12 C.F.R. §
1026 Appendix J, as a  "single  advance,  single  payment  transaction",
regardless  of  whether such act or such regulation would require such a
calculation. To calculate the  estimated  annual  percentage  rate,  the
purchase  amount is considered the financing amount, the purchase amount
minus the finance charge is considered the payment amount, and the  term
is  established  by  the  payment  due  date  of  the receivables. As an
alternate method of establishing the term, the provider may estimate the
term for a factoring transaction as  the  average  payment  period,  its
historical  data over a period not to exceed the previous twelve months,
concerning payment  invoices  paid  by  the  party  owing  the  accounts
receivable in question.
(d)  The  total  payment amount, which is the purchase amount plus the
finance charge.
(e) A description of all other potential fees and charges that can  be
avoided by the recipient.
(f)  A  description  of  the  receivables purchased and any additional
collateral requirements or security interests.
2023 New York Laws › FIS - Financial Services Law › Article 8 - Commercial Financing › 807 - Other Forms of Financing Disclosure Requirements.

§   807.   Other  forms  of  financing  disclosure  requirements.  The
superintendent may require disclosure by a provider extending a specific
offer  of  commercial  financing  which  is  not   open-end   financing,
closed-end  financing,  sales-based  financing, or factoring transaction
but otherwise meets the definition of commercial financing  as  provided
in   this  article.  Subject  to  such  rules  and  regulations  by  the
superintendent, a provider subject to this  article  shall  provide  the
following disclosures to a recipient at the time of extending a specific
offer  of other forms of financing according to formatting prescribed by
the superintendent:
(a) The total amount of the commercial financing, and the disbursement
amount, if different from the financing amount, after any fees  deducted
or withheld at disbursement.
(b) The finance charge.
(c) The annual percentage rate, using only the words annual percentage
rate or the abbreviation "APR", expressed as a yearly rate, inclusive of
any  fees  and  finance  charges,  and calculated in accordance with the
relevant sections of the federal Truth in Lending Act, Regulation  Z  or
this  article,  regardless  of whether such act or such regulation would
require such a calculation.
(d) The total repayment amount which is the disbursement  amount  plus
the finance charge.
(e) The term of the financing.
(f) The payment amounts:
(i)  for  payment  amounts  that  are  fixed,  the payment amounts and
frequency (e.g.,  daily,  weekly,  monthly),  and  the  average  monthly
payment amount; or
(ii)  for  payment  amounts that are variable, a payment schedule or a
description of the method used to calculate the amounts and frequency of
payments, and the estimated average monthly payment amount.
(g) A description of all other potential fees and charges that can  be
avoided  by  the  recipient, including, but not limited to, late payment
fees and returned payment fees.
(h) Were the recipient to elect to pay off or refinance the commercial
financing prior to full repayment, the provider must disclose:
(i) whether the recipient would be required to pay any finance charges
other than interest accrued since their last payment. If so,  disclosure
of  the  percentage  of  any  unpaid  portion  of the finance charge and
maximum dollar amount the recipient could be required to pay; and
(ii) whether the recipient would be required  to  pay  any  additional
fees not already included in the finance charge.
(i) A description of collateral requirements or security interests, if
any.
2023 New York Laws › FIS - Financial Services Law › Article 8 - Commercial Financing › 808 - Disclosure Requirements for Renewal Financing.

§  808.  Disclosure  requirements  for  renewal  financing.  If,  as a
condition of obtaining the commercial financing, the  provider  requires
the recipient to pay off the balance of an existing commercial financing
from the same provider, the provider must disclose:
(a) The amount of the new commercial financing that is used to pay off
the  portion  of  the  existing  commercial  financing  that consists of
prepayment charges required to be paid and any unpaid  interest  expense
that  was  not  forgiven at the time of renewal. For financing for which
the total  repayment  amount  is  calculated  as  a  fixed  amount,  the
prepayment  charge is equal to the original finance charge multiplied by
the amount of the renewal used  to  pay  off  existing  financing  as  a
percentage of the total repayment amount, minus any portion of the total
repayment  amount forgiven by the provider at the time of prepayment. If
the amount is more than zero, such amount shall be  the  answer  to  the
following question:
"Does  the  renewal  financing  include any amount that is used to pay
unpaid finance charge or fees, also known as double dipping? Yes, {enter
amount}. If the amount is zero, the answer would be No."
(b) If the disbursement amount will be reduced to pay down any  unpaid
portion  of  the  outstanding balance, the actual dollar amount by which
such disbursement amount will be reduced.
2023 New York Laws › FIS - Financial Services Law › Article 8 - Commercial Financing › 809 - Required Signature.

§  809.  Required signature. The provider shall obtain the recipient's
  signature, which may be fulfilled by an  electronic  signature,  on  all
  disclosures  required  to  be presented to the recipient by this article
  before authorizing the recipient to proceed further with the  commercial
  financing transaction application.
2023 New York Laws › FIS - Financial Services Law › Article 8 - Commercial Financing › 810 - Additional Information.

§ 810. Additional information. Nothing in this article shall prevent a
  provider  from  providing  or  disclosing  additional  information  on a
  commercial financing being offered to  a  recipient,  provided  however,
  that  such  additional information shall not be disclosed as part of the
  disclosure required by this article. If other metrics of financing  cost
  are  disclosed  or  used  in  the  application  process  of a commercial
  financing, these metrics shall not be presented as a "rate" if they  are
  not  the  annual  interest  rate or the annual percentage rate. The term
  "interest", when used to describe a percentage rate, shall only be  used
  to  describe  annualized  percentage  rates, such as the annual interest
  rate. When a provider states a rate of finance  charge  or  a  financing
  amount  to  a  recipient  during  an  application process for commercial
  financing, the  provider  shall  also  state  the  rate  as  an  "annual
  percentage rate", using that term or the abbreviation "APR".
2023 New York Laws › FIS - Financial Services Law › Article 8 - Commercial Financing › 811 - Rules and Regulations.

§  811. Rules and regulations. The superintendent is hereby authorized
and empowered to promulgate such rules and regulations  as  may  in  the
judgment  of  the superintendent be consistent with the purposes of this
article,  or  appropriate  for  the  effective  administration  of  this
article, including, but not limited to:
(a)  Such  rules and regulations in connection with the calculation or
determination of any metric required to be disclosed to a recipient.
(b) Such rules and regulations as necessary to develop  and  prescribe
disclosure formatting to be used by providers that allows for recipients
to  easily  compare financing options in a clear and conspicuous manner.
Such rules and regulations shall include the designation and method  for
disclosing  the  information  required  in  this  article,  or approving
adequate forms and methods already used by providers.
(c) Such rules and regulations as may define the terms  used  in  this
article  and  as  may  be  necessary  and  appropriate  to interpret and
implement the provisions of this article.
(d) Such rules and regulations as may be necessary for the enforcement
of this article.
2023 New York Laws › FIS - Financial Services Law › Article 8 - Commercial Financing › 812 - Penalties.

§  812.  Penalties.  (a)  Upon  a finding by the superintendent that a
provider has violated the provisions of this article  or  the  rules  or
regulations  promulgated hereunder, the provider shall be ordered to pay
to the people of this state a civil penalty for each violation  of  this
article  or  any regulation or policy promulgated hereunder a sum not to
exceed two thousand dollars for each violation or where  such  violation
is willful ten thousand dollars for each violation.
(b)  In addition to any penalty imposed pursuant to subdivision (a) of
this section, upon a finding by the superintendent that a  provider  has
knowingly violated this article, the superintendent may order additional
relief,  including,  but  not  limited to, restitution or a permanent or
preliminary injunction on  behalf  of  any  recipient  affected  by  the
violation.
2023 New York Laws › GAS - General Associations › Article 1 - Short Title; Definitions › 2 - Definitions.

§  2.  Definitions.  As used in this chapter: 1. The term "joint stock
  association" includes  every  unincorporated  joint  stock  association,
  company or enterprise having written articles of association and capital
  stock  divided  into  shares,  but  does  not include a corporation or a
  business trust.
2. The  term  "business  trust"  means  any  association  operating  a
  business  under  a  written  instrument  or  declaration  of  trust, the
  beneficial interest under which is divided into  shares  represented  by
  certificates.
3.  The  term  "stockholder"  means  every  member  of  a  joint stock
  association.
4. The term "association," as used in article four  of  this  chapter,
  means  a  joint stock association or a business trust as defined in this
  section.
2023 New York Laws › GAS - General Associations › Article 2 - Joint-Stock Associations › 3 - Contents of Articles of Association.

§ 3.  Contents of articles of association. The articles of association
  of a joint-stock association may:
1.    Provide that the death of a stockholder thereof, or the transfer
  of his shares of stock therein, shall not  work  a  dissolution  of  the
  association;
2.    Prescribe  the  number of its directors, not less than three, to
  have the sole management of its affairs;
3.  Contain any other provision for the management of its affairs  not
  inconsistent with law.
2023 New York Laws › GAS - General Associations › Article 2 - Joint-Stock Associations › 4 - Certificate to Be Filed Within Sixty Days and Annually Thereafter; Penalty; Evidence.

§  4.    Certificate  to  be  filed  within  sixty  days  and annually
  thereafter;  penalty;   evidence.      Every   joint-stock   association
  transacting  business  within  this state shall, within sixty days after
  its formation, and in each January thereafter, file with  the  secretary
  of  state,  and  with  the  clerk  of  the county in which its principal
  business is carried on, a written certificate, signed  and  verified  by
  its  president  and treasurer, stating the name and date of organization
  of such association, the number  of  its  stockholders,  the  names  and
  places  of  residence  of  its  officers,  and  its  principal  place of
  business.  Any such certificate, the record thereof, or a certified copy
  of such certificate or record shall be presumptive evidence of the truth
  of all facts therein stated against such association, its  officers  and
  stockholders.    The  officers  of a joint-stock association who fail to
  comply with  the  provisions  of  this  section  shall  be  jointly  and
  severally  liable  to pay to the people of this state a penalty of fifty
  dollars for each day such failure continues.
2023 New York Laws › GAS - General Associations › Article 2 - Joint-Stock Associations › 6 - Power to Take and Convey Real Property.

§  6.    Power  to  take  and  convey  real  property.   A joint-stock
  association, in the name  of  its  president,  as  such  president,  may
  purchase, take, hold and convey such real property only,
1.    As  may  be  necessary  for  its  immediate accommodation in the
  convenient transaction of its business.
2.  As may be mortgaged to it in good faith by  way  of  security  for
  loans made by or moneys due to it.
3.   As it may purchase at sales under judgments, decrees or mortgages
  held by it.
2023 New York Laws › GAS - General Associations › Article 2 - Joint-Stock Associations › 7 - Changing Articles of Association.

§  7.  Changing articles of association. Any change in the articles of
  association of a joint-stock association not inconsistent with  law  may
  be  made  with the consent of all its stockholders, or otherwise, as the
  articles of association may provide.  Unless the articles of association
  of a joint-stock association contain provisions  to  the  contrary,  its
  directors  may  be  increased  or  reduced  to  not less than three; its
  capital stock may be increased or reduced; or the term of its  existence
  may  be  extended,  with the consent of its stockholders owning at least
  two-thirds of its stock issued and outstanding, on the  following  terms
  and  conditions:    The  consent of the requisite number of stockholders
  must be given by vote, or by writing presented and filed, at  a  regular
  or  regularly  called special meeting.   Notice of the time and place of
  such meeting, with notice of the proposed  change,  must  be  personally
  served  on  each  stockholder  of  the  association at least thirty days
  before the meeting,  or  by  mailing  it  to  such  stockholder  at  his
  last-known  post-office  address at least sixty days before the meeting.
  The amount of its capital stock shall not be reduced below the amount of
  its paid-up capital stock, nor shall it be reduced if the liabilities of
  the association exceed its assets.
2023 New York Laws › GAS - General Associations › Article 2 - Joint-Stock Associations › 8 - Proceeding to Mortgage, Lease or Sell Real Estate.

§ 8.  Proceeding to mortgage, lease or sell real estate.  Whenever any
  unincorporated association is required by law to make application to the
  court  for  leave  to  mortgage,  lease  or  sell  its  real estate, the
  proceeding therefor shall be  had  as  prescribed  for  corporations  in
  article five of the general corporation law.
2023 New York Laws › GAS - General Associations › Article 2 - Joint-Stock Associations › 9 - Receiver of Joint-Stock Association.

§  9.    Receiver  of  joint-stock  association.   Section ten of this
  chapter and sections one hundred fifty and one hundred thirty-six of the
  general corporation law apply to an  action  or  a  special  proceeding,
  against  a  joint-stock  association created by or under the laws of the
  state, or a trustee, director, or other officer thereof;  or  against  a
  joint-stock  association  created by or under the laws of another state,
  government, or  country,  or  a  trustee,  director,  or  other  officer
  thereof,  where  the association does business within the state, or has,
  within the state, a business agency or a fiscal agency, or an agency for
  the transfer of its stock.