reglab/statecodes huggingface dataset:
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter A - BANKING ORGANIZATIONS › Part 326 - Maintenance Of Reserves By Credit Unions › Section 326.3 - Definition

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The term net
				  worth shall mean the retained earnings balance of the credit union at the end
				  of a quarterly period as determined under generally accepted accounting
				  principles. Retained earnings consists of undivided earnings, regular reserves,
				  and any other appropriations designated by the management of a credit union or
				  regulatory authorities. Only undivided earnings and appropriations of undivided
				  earnings shall be included in net worth. Net worth shall not include the
				  allowance for loan and lease losses account. In the case of a credit union that
				  qualifies to be designated as a low income credit union, net worth shall also
				  include secondary capital accounts that are uninsured and subordinate to all
				  other claims of creditors, shareholders and the National Credit Union Share
				  Insurance Fund.
(b) In the event
				  that a different definition of net worth is contained in
				  12
				  CFR 702.2, this section shall be deemed to
				  define net worth as set forth in such section.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter A - BANKING ORGANIZATIONS › Part 327 - Investments By Credit Unions In The Shares Of Corporate Credit Unions Located In This State › Section 327.1 - Investments by credit unions in the shares of corporate credit unions located in this state

Current through Register Vol. 46, No. 28, July 10, 2024
Any credit union that seeks to invest in the shares of a
					 state or Federal corporate credit union located in this State in an amount that
					 exceeds 50 percent of its total capital or the insured limit, whichever is
					 greater, shall give the superintendent prior written notice of its intent to
					 make such investment. If the superintendent shall find that the proposed
					 investment is consistent with the declaration of policy set forth in section 10 
					 of the Banking Law, he or she shall, within 30 days after receipt of such
					 notice, notify the credit union in writing that such investment may be made or
					 that an additional period of time, not to exceed 60 days, is required to
					 properly make a determination.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter A - BANKING ORGANIZATIONS › Part 333 - Indices Which May Be Used In Connection With Variable Rate Closed-end Personal Loans Made By Lending Institutions Pursuant To Part 33 Or In Connection With Variable Rate Open-end Accounts Established By Banking Institutions Pursuant To Part 90 › Section 333.1 - Approval of indices

Current through Register Vol. 46, No. 28, July 10, 2024
The following are the indices approved by the
					 superintendent, for use by lending institutions which are making variable rate
					 closed-end personal loans pursuant to the provisions of Part 33 of this Title,
					 and for use by banking institutions which establish variable rate open-end
					 accounts pursuant to the provisions of Part 90 of this Title:
(a) the bank prime loan index;
(b) the indices for one-month, three-month or
				  six-month certificates of deposit sold in the secondary market;
(c) the indices for the auction averages from
				  the sale of United States three-month, six-month or one-year Treasury
				  bills;
(d) the indices for
				  three-month, six-month or one-year Treasury bills sold in the secondary
				  market;
(e) the indices for the
				  one-year, two-year, three-year, five-year, seven-year, ten-year, twenty- year
				  or thirty-year constant maturity yield for United States Treasury
				  securities;
(f) the prime rate as
				  published by The Wall Street Journal; and
(g) the indices for one-month, three-month,
				  six-month and twelve-month Secured Overnight Financing Rate (SOFR), published
				  as "CME Term SOFR" rates by the CME Group Benchmark Administration Limited.
The indices under subdivisions (a) through (e) of this
					 section are published and announced by the Board of Governors of the Federal
					 Reserve System in such publications as The Federal Reserve Bulletin, H.15,
					 G.13, etc. With respect to these indices, where daily rates and weekly and
					 monthly averages of such daily rates are published, this Part allows use of
					 either the daily rate or the weekly or monthly average rate for such index.
					 This Part also allows use of a rate such as a quarterly or semiannual rate
					 calculated by averaging four or less of the subdivision (a) through (e) rates.
					 In the event of split rate figures for the prime rate as published under
					 subdivision (f) of this section, the lending or banking institution shall use
					 the low figure except where use of the high figure or an average of the two
					 figures is provided by contract and disclosed to the borrower or
					 customer.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter A - BANKING ORGANIZATIONS › Part 333 - Indices Which May Be Used In Connection With Variable Rate Closed-end Personal Loans Made By Lending Institutions Pursuant To Part 33 Or In Connection With Variable Rate Open-end Accounts Established By Banking Institutions Pursuant To Part 90 › Section 333.2 - Availability of index figures

Current through Register Vol. 46, No. 28, July 10, 2024
The figures used from any of the above indices shall be
					 confirmed for accuracy by the lending or banking institution. The above
					 indices, except for section
					 333.1(g) 
					 of this Part, may only be used if the lending or banking institution readily
					 makes available to borrowers and customers at every branch office (excluding
					 automated teller machines or similar facilities) or by mailing or otherwise
					 upon request, the index figures used in the rate calculation as such figures
					 appear in the source publication.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter A - BANKING ORGANIZATIONS › Part 334 - Indices Which May Be Used In Connection With Part 80 Variable Rate Junior Mortgage Loans, Part 91 Variable Rate Installment Agreements And Part 92 Variable Rate Closed-end Retail Installment Contracts And Obligations › Section 334.1 - Approval of indices

Current through Register Vol. 46, No. 28, July 10, 2024
The following indices are approved by the superintendent
					 for use in connection with variable rate junior mortgage loans made pursuant to
					 Part 80 of this Title by licensees as defined thereunder, in connection with
					 variable rate retail instalment credit agreements established pursuant to Part
					 91 of this Title by retail sellers or creditors as defined thereunder, and in
					 connection with variable rate closed-end retail instalment contracts and
					 obligations entered into pursuant to Part 92 of this Title by retail sellers or
					 holders as defined thereunder:
(a) the
				  bank prime loan index;
(b) the
				  indices for one-month, three-month or six-month certificates of deposit sold in
				  the secondary market;
(c) the
				  indices for the auction averages from the sale of United States three-month,
				  six-month or one-year Treasury bills;
(d) the indices for three-month, six-month or
				  one-year Treasury bills sold in the secondary market;
(e) the indices for the one-year, two-year,
				  three-year, five-year, seven-year, ten-year, twenty- year or thirty-year
				  constant maturity yield for United States Treasury securities; and
(f) the prime rate as published in The Wall
				  Street Journal; and
(g) the indices
				  for one-month, three-month, six-month and twelve-month Secured Overnight
				  Financing Rate (SOFR) published as "CME Term SOFR" rates by the CME Group
				  Benchmark Administration Limited.
All the indices listed above, except (f), and (g) are
					 published and announced by the Board of Governors of the Federal Reserve System
					 in such publications as The Federal Reserve Bulletin, H.15, G.13, etc. With
					 respect to any indices listed under subdivisions (a) through (e) of this
					 section which provide daily rates and also weekly and monthly averages of such
					 daily rates, this Part allows use of either the daily rate or the weekly or
					 monthly average rate for such index. In the event of split rate figures for the
					 prime rate as published under subdivision (f) of this section, the licensee,
					 retail seller or creditor, or retail seller or holder shall use the low figure
					 except where use of the high figure or an average of the two figures is
					 provided by contract and disclosed to the borrower or buyer. Except as provided
					 above, averaging of index figures is prohibited.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter A - BANKING ORGANIZATIONS › Part 334 - Indices Which May Be Used In Connection With Part 80 Variable Rate Junior Mortgage Loans, Part 91 Variable Rate Installment Agreements And Part 92 Variable Rate Closed-end Retail Installment Contracts And Obligations › Section 334.2 - Availability of index figures

Current through Register Vol. 46, No. 28, July 10, 2024
The figures from any of the above indices shall be
					 confirmed by the licensee, retail seller or creditor, or retail seller or
					 holder which is using the index. The above indices, except for section
					 334.1(f),
					 may only be used if the licensee, retail seller or creditor, or retail seller
					 or holder makes available to borrowers or buyers at every place of business, or
					 by mailing or otherwise upon request, the index figures used in the rate
					 calculation as such figures appear in the source publication.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter A - BANKING ORGANIZATIONS › Part 334 - Indices Which May Be Used In Connection With Part 80 Variable Rate Junior Mortgage Loans, Part 91 Variable Rate Installment Agreements And Part 92 Variable Rate Closed-end Retail Installment Contracts And Obligations › Section 334.3 - Repealed

Current through Register Vol. 46, No. 28, July 10, 2024
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter A - BANKING ORGANIZATIONS › Part 340 - Extension Of Credit On A Nondiscriminatory Basis › Section 340.1 - Inquiries concerning marital history, status, and number of dependents

Current through Register Vol. 46, No. 28, July 10, 2024
For purposes of Executive Law section 296-a(1)(c), it shall
					 not be considered an expression of limitation, specification or discrimination
					 on the basis of sex or marital status if:
(a) a creditor requires an applicant to
				  disclose the name or names by which he or she has previously been known,
				  provided that this information is used solely to determine the applicant's
				  identity and previous credit history;
(b) Where application is made for a mortgage
				  and the creditor determines that the signature of the spouse is required in
				  order to pass clear title in the event of a default, a creditor requests
				  information concerning marital status, provided that the information disclosed
				  by such inquiry is used solely for the purpose of perfecting title;
(c) a creditor inquires as to the number of
				  the applicant's dependents, provided that the information disclosed by such
				  inquiry is used solely to determine costs and expenses payable by the
				  applicant.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter A - BANKING ORGANIZATIONS › Part 340 - Extension Of Credit On A Nondiscriminatory Basis › Section 340.2 - Statement of reasons for rejection

Current through Register Vol. 46, No. 28, July 10, 2024
For purposes of Executive Law section 296-a(4)(a), a
					 statement of the specific reasons for rejection of an application for credit
					 shall be deemed to be in compliance with this section if it is a clear and
					 meaningful statement of all of the factors which justified
					 rejection.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter A - BANKING ORGANIZATIONS › Part 340 - Extension Of Credit On A Nondiscriminatory Basis › Section 340.3 - Attribution of past joint obligations

Current through Register Vol. 46, No. 28, July 10, 2024
For purposes of Executive Law section 296-a(4)(b), a
					 response to a request for a separate credit history, made after July 15, 1974,
					 shall include all obligations, whenever entered into, as to which the creditor
					 or credit reporting bureau then has information in its files. In creating such
					 a separate history, all obligations on which two parties were jointly liable
					 shall be reported as the obligation of each, irrespective of the actual source
					 of payments.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter A - BANKING ORGANIZATIONS › Part 341 - Records Of Mortgage Loan Applications › Section 341.1 - Application and definitions

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				  This Part shall apply to all banking organizations, as defined in section
				  2.11  of the New
				  York Banking Law, which, in the ordinary course of business, originate loans to
				  be secured by a mortgage or other lien upon residential real property located
				  in the State of New York, including a leasehold estate, and cooperative
				  apartment loans subject to the provisions of section 103.5, 235.8 -a or 380.2-a
				  of the New York Banking Law. This Part shall also apply to all inquiries and
				  applications to such banking organizations regarding such loans shich are being
				  granted under the current lending policy of such banking
				  organizations.
(b) Application
				  form. An application form shall be a printed or otherwise reproduced standard
				  form. Nothing herein shall prohibit any banking organization from:
(1) using any application form, including any
				  form required or permitted by applicable provisions of Federal of State laws or
				  regulations; or
(2) making
				  informational requests of an applicant in addition to such information as is
				  provided in the application form.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter A - BANKING ORGANIZATIONS › Part 341 - Records Of Mortgage Loan Applications › Section 341.2 - Responses to inquiries

Current through Register Vol. 46, No. 28, July 10, 2024
the requirements of subdivision 3 of section 6-c  of the Banking Law shall apply to all
					 written and oral inquiries, whether made in person, by letter or by
					 telephone.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter A - BANKING ORGANIZATIONS › Part 341 - Records Of Mortgage Loan Applications › Section 341.3 - Availability of application forms

Current through Register Vol. 46, No. 28, July 10, 2024
Every banking organization which originates loans to which
					 this Part applies shall, at all times, maintain a supply of application forms,
					 sufficient to satisfy the volume of requests for such forms reasonably expected
					 to be received in the ordinary course of business, at its principal office and
					 at each of its branches. An application form shall be provided to each person
					 who requests an application form. Such request may be written or oral. If no
					 application forms are available at the location where the request is made, the
					 banking organization shall make an application form available to the person
					 making the request within five business days after the date on which the
					 request was made.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter A - BANKING ORGANIZATIONS › Part 341 - Records Of Mortgage Loan Applications › Section 341.4 - Acceptance of application forms

Current through Register Vol. 46, No. 28, July 10, 2024
No banking organization shall refuse to accept a
					 substantially completed application form; provided, however, that a banking
					 organization may require a personal interview with the applicant as part of the
					 application process.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter A - BANKING ORGANIZATIONS › Part 341 - Records Of Mortgage Loan Applications › Section 341.5 - Records of application forms

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Every banking organization shall maintain
				  records of all applications which it has accepted. Such records shall be
				  retained for at least 25 months after the date on which the banking
				  organization notifies an applicant of the action taken on his application. Such
				  records shall include, but need not be limited to:
(1) the application form and any written or
				  recorded information used in evaluating the application and not returned to the
				  applicant at the applicant's request; and
(2) a copy of the notification of action
				  taken; in the case of adverse action, as defined in regulation B of the Board
				  of Governors of the Federal Reserve System, a copy of the statement of specific
				  reasons therefor (if this information was furnished orally, a notation or
				  memorandum thereof); and any written statement by the applicant alleging a
				  violation of the applicant's rights.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter A - BANKING ORGANIZATIONS › Part 342 - Call Reports › Section 342.1 - Call reports

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				  Section 204  of the Banking Law requires every
				  foreign banking corporation doing business in this State to make written
				  reports to the superintendent under oath showing the amount of its assets and
				  liabilities and containing such other matters as the superintendent shall
				  prescribe.
(b) Section 255  of the Banking Law requires savings
				  banks to make a written report to the superintendent annually which shall
				  contain a statement of its condition and shall include such information and be
				  in such form as the superintendent may prescribe. This section also requires
				  savings banks to make such other special reports as the superintendent shall
				  from time to time require.
(c)
				  Section 404  of the Banking Law requires every
				  savings and loan association to make a written report to the superintendent
				  annually which shall contain a statement of its condition and shall include
				  such information and be in such form as the superintendent may prescribe. This
				  section also requires savings and loan associations to make such other special
				  reports as the superintendent shall from time to time require.
(d) Such reports shall be in the form and
				  shall include the content required by the Report of Assets and Liabilities of
				  U.S. Branches and Agencies of Foreign Banks or the Consolidated Report of
				  Condition and Income promulgated by the Federal Financial Institutions
				  Examination Council (FFIEC), whichever is applicable, whether or not such
				  reporting entity is otherwise required to file a report of condition with a
				  Federal banking regulator. Forms and instructions for such reports may be found
				  on the website of the FFIEC (http:// www.ffiec.gov/).
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter A - BANKING ORGANIZATIONS › Part 342 - Call Reports › Section 342.2 - Filing; deemed filing

Current through Register Vol. 46, No. 28, July 10, 2024
(a) A
				  reporting entity shall render a periodical report of condition, either
				  electronically or in hard copy, to the superintendent.
(b) A periodical report of condition shall be
				  deemed rendered to the superintendent if the superintendent shall have such
				  access as he or she deems appropriate through the facilities of the Federal
				  Deposit Insurance Corporation or the Federal Reserve Board, as the case may be
				  (the appropriate Federal regulatory authority), to such reports of condition as
				  have been rendered to the appropriate Federal regulatory authority, in
				  compliance with the rules and regulations of such appropriate Federal
				  regulatory authority.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter A - BANKING ORGANIZATIONS › Part 342 - Call Reports › Section 342.3 - Certification

Current through Register Vol. 46, No. 28, July 10, 2024
By virtue of filing its periodical report of condition with
					 the appropriate Federal regulatory authority, the reporting entity, through its
					 chief financial officer (or equivalent officer), and its attesting senior
					 executive officer, shall be deemed to have made the appropriate certification
					 set forth below; provided, however, that if there is a change in the wording of
					 the attestation required in the applicable form of call report promulgated by
					 the FFIEC, a comparable change shall be deemed to have been made in such form
					 of certification.
(a) CFO (or
				  equivalent). I attest that this report of assets and liabilities or report of
				  condition, whichever is applicable, (including the supporting schedules and
				  supplement) for this report date has been prepared in conformance with the
				  instructions issued by the appropriate Federal regulatory authority and is true
				  and correct to the best of my knowledge and belief.
(b) Attesting senior executive officer of
				  foreign bank branch or agency or each director or trustee of savings bank or
				  savings and loan association. I attest to the correctness of this report of
				  assets and liabilities or report of condition, whichever is applicable,
				  (including the supporting schedules and supplement) for this report date and
				  declare that it has been examined by me and to the best of my knowledge and
				  belief has been prepared in conformance with the instructions issued by the
				  appropriate Federal regulatory authority and is true and correct.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter A - BANKING ORGANIZATIONS › Part 342 - Call Reports › Section 342.4 - Corrected filings

Current through Register Vol. 46, No. 28, July 10, 2024
If the reporting entity files a corrected report of assets
					 and liabilities or report of condition with the appropriate Federal regulatory
					 authority, it will immediately notify the superintendent in writing of such
					 corrected filing.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 400 - Licensed Cashers Of Checks › Section 400.3 - Reports

Current through Register Vol. 46, No. 28, July 10, 2024
Each licensee shall file an annual report within 75 days of
					 the close of the calendar year covering the preceding calendar year for each
					 licensed location on forms provided by the Banking Department. The figures
					 entered on these forms shall be derived from financial statements of the
					 licensee that have been audited by an independent certified public accountant
					 (CPA) and on which the CPA has expressed an opinion. Only one certified
					 financial statement shall be prepared for all locations licensed under the same
					 legal entity. The annual report shall contain such information as required by
					 the superintendent. In addition to the above report, the superintendent may
					 require, under oath and in the form prescribed by the superintendent, such
					 additional regular or special reports as the superintendent may deem necessary
					 to the proper supervision of any licensee under article 9-A of the Banking
					 Law.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 400 - Licensed Cashers Of Checks › Section 400.5 - Conduct of business

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				  Every licensee shall:
(1) Post and display at
				  all times in a conspicuous place on the premises the license. Every licensee
				  that cashes one or more checks, drafts or money orders for any payees that are
				  natural persons must post the schedule of rates to be charged with respect to
				  such transactions involving payees that are natural persons. The schedule shall
				  be made of durable material, be no less than 30 inches wide and 36 inches high
				  with letters at least 3/4 inch in size and indicate the fee applicable to the
				  full amount of the check to be cashed. The schedule shall indicate the fee that
				  corresponds to the amount of the check. The amount of the check shall be set
				  forth on the schedule in increments of $25 ranging from $25 to $2,000. The
				  schedule shall also indicate the percentage charge imposed on all checks and
				  the minimum charge of $1 per check. The schedule shall be in English and in
				  Spanish and posted in the customer's area.
(2) Pay to every customer tendering any
				  check, draft or money order to be cashed, the entire face amount of such
				  instrument in cash less any charges permitted by this Part, on the same date
				  upon which such instrument is presented. In no event shall the licensee make a
				  partial payment on account, on any such instrument.
(3) Indicate on every check, draft or money
				  order cashed at the time of cashing, the date on which such item was
				  cashed.
(4) Maintain continuously
				  for each licensed premises net liquid assets of at least $10,000. In order to
				  determine whether the said sum is continuously available for each licensed
				  premises, each licensee shall compute and include the following: add the amount
				  of cash in bank, cash on hand, checks on hand not previously dishonored and
				  marketable securities owned, and deduct the amount of any loans due in one year
				  or less, including loans payable on demand, and all accounts payable.
(5) Be held responsible for any violation of
				  the Banking Law or regulations promulgated thereunder by any employee or by
				  anyone directly or indirectly connected with the licensee's check cashing
				  business.
(6) Reconcile its bank
				  statements at least monthly.
(7)
				  Keep a true copy of each and every report which it shall be called upon to
				  furnish to any agency or department of the U.S. government, this State or any
				  municipality in this State. Such copies, together with any work sheets used to
				  assemble the figures and/or facts shown in such report, are to be retained as
				  part of the records of each licensee for a period of three years.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 400 - Licensed Cashers Of Checks › Section 400.6 - Reports of arrests, convictions, etc

Current through Register Vol. 46, No. 28, July 10, 2024
A written report shall be made to the superintendent of any
					 arrest, indictment or conviction (including any plea bargaining agreement) of
					 any stockholder, director, officer, owner, partner or employee connected with
					 the business of the licensee, for the violation of any law within 10 days after
					 such arrest, indictment or conviction becomes known to the
					 licensee.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 400 - Licensed Cashers Of Checks › Section 400.7 - Reports of changes in directors, officers, employees, etc

Current through Register Vol. 46, No. 28, July 10, 2024
The licensee shall inform the Banking Department in
					 writing, within 10 days of the occurrence, of the name of any director,
					 stockholder, officer, owner, partner, employee or other individual connected
					 with the business of the licensee who terminates or alters his or her status
					 with the licensee, and the name of any individual who becomes connected with
					 the business of the licensee as a director, stockholder, officer, employee or
					 in any other capacity. Any change in partnership, or in the ownership or in the
					 officers, directors or stockholders of a corporation, or in the persons
					 financially interested in the business of the licensee, will not become
					 effective until approved by the superintendent. If the superintendent finds
					 that an individual who becomes connected with the business of a licensee does
					 not meet the standards set forth in section 369  of the Banking Law, the licensee, upon
					 receiving written notice of such findings, shall immediately take steps to
					 ensure that such individual ceases to have any connection with the licensee.
					 The superintendent may request any information and documentation from the
					 licensee in determining whether to approve any such individuals. Nothing in
					 this section shall be deemed to apply to any person who becomes connected with
					 the business of the licensee and who is required to submit an application under
					 section
					 400.1 
					 of this Part to acquire control of the licensee.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 400 - Licensed Cashers Of Checks › Section 400.8 - Advertising

Current through Register Vol. 46, No. 28, July 10, 2024
If a licensee states or indicates in advertising of any
					 kind or nature, or by a sign of any kind, that it is licensed by or subject to
					 the supervision of the superintendent it may do so only by use of the following
					 phrase:
"Licensed by the Superintendent of Banks pursuant to
					 article 9-A of the Banking Law."
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 400 - Licensed Cashers Of Checks › Section 400.9 - Limited station license

Current through Register Vol. 46, No. 28, July 10, 2024
(a) For
				  the purposes of this section, a limited station is hereby defined as a place
				  where a licensed casher of checks may maintain and make available to the
				  particular group specified in the application, and to that group only, the
				  facilities for cashing checks, drafts or money orders on the designated
				  premises, such facilities being made available for no more than two days of
				  each week (such days to be designated in the application). Neither the
				  location, the group, nor the days designated in the application may be changed
				  without the written approval of the superintendent.
(b) The holder of a license to maintain a
				  limited station shall observe the rules and regulations issued by the
				  superintendent which are applicable to all licensed cashers of checks, except
				  that if the information called for and required to be kept in books or records
				  as outlined in section
				  400.3  of this Part is
				  kept as part of the records of the principal office of the licensee then
				  separate records at the limited station shall not be required.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 400 - Licensed Cashers Of Checks › Section 400.10 - Mobile unit

Current through Register Vol. 46, No. 28, July 10, 2024
In addition to the information and procedure required under
					 section
					 400.1 
					 of this Part:
(a) Every applicant for
				  a mobile unit license must specify in the application:
(1) The one or more designated places in a
				  general area described and bounded by streets and avenues at which the
				  facilities of the mobile unit are to be made available to the public for the
				  cashing of checks, drafts or money orders.
(2) The names and addresses of the principal
				  establishments whose employees are to be primarily served by the operation of
				  the mobile unit in such general area, together with a statement outlining the
				  convenience, advantage and necessity therefor, particularly with regard to the
				  presence of existing banking institutions and/or other check cashing facilities
				  available in the general area.
(3)
				  The particular streets within the general area on which it is expected that the
				  mobile unit will actually transact its business.
(4) The days of the week (not more than one
				  day or one period of 24 consecutive hours for each designated place) that the
				  unit will be in operation within such general area.
(5) The place where the books, records, and
				  all information pertaining to its business are to be kept and be available to
				  representatives of the Banking Department. Such place shall not be changed
				  without first advising the superintendent in writing of the new place where
				  such records are to be kept.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 400 - Licensed Cashers Of Checks › Section 400.11 - Fees

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				  Except with respect to the cashing of checks, drafts or money orders for payees
				  of such checks, drafts or money orders that are other than natural persons, a
				  licensee shall be permitted to charge or collect a fee for cashing a check,
				  draft or money order not to exceed:
(1) 1.5
				  per centum of the amount of the check issued by a Federal or State government
				  agency for the payment to the bearer of Federal or State monetary assistance,
				  Social Security, unemployment compensation, retirement, veteran's benefits,
				  emergency relief or housing assistance, or a tax refund; or
(2) $1 or 2.2 per centum of the amount of all
				  other checks, drafts or money orders, whichever is greater.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 400 - Licensed Cashers Of Checks › Section 400.12 - Agents of money transmitters

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				  Definitions. As used in this section:
(1) The
				  term money transmission activities shall mean any of those activities for which
				  a license is required under article 13-B of the Banking Law, including but not
				  limited to the sale of money orders and the transfer of funds.
(2) The term transfer of funds shall mean the
				  transmission of funds from one location to another by electronic devices or
				  otherwise, including but not limited to the acceptance of funds for utility
				  bill payments (but not including the sale of money orders).
(3) The term licensed money transmitter shall
				  mean all entities licensed under article 13-B of the Banking Law and all
				  entitles exempt from such licensing.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 400 - Licensed Cashers Of Checks › Section 400.13 - Reports of misconduct, etc

Current through Register Vol. 46, No. 28, July 10, 2024
Every licensee shall submit a report to the superintendent
					 immediately upon the discovery of the taking, or attempted taking, of money or
					 property from such licensee. Such reports shall be submitted as prescribed by
					 Part 300 of the superintendent's regulations.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 401 - Licensed Lenders › Section 401.1 - Application procedure; licenses

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Application. Application for a license to
				  engage in the business of making loans in the principal amount of $25,000 or
				  less for any loan to an individual for personal, family, household, or
				  investment purposes and in a principal amount of $50,000 or less for business
				  and commercial loans may be obtained from the Banking Department, at the
				  address set forth in section
				  1.1  of
				  Supervisory Policy G 1 of this Title. If an application is requested in
				  writing, the address should indicate the following: Attn: Licensed Financial
				  Services Division.
(b) Financial
				  responsibility. Applicants for a license shall demonstrate and maintain:
(1) Liquid assets of at least $50,000
				  available for the operation of the business at the location specified in the
				  application.
(2) Net worth of at
				  least $100,000.
(3) A confirmed
				  line of credit of at least $100,000 issued by any banking institution
				  incorporated under the laws of the United States or any state or any insurance
				  company.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 401 - Licensed Lenders › Section 401.2 - Application for acquisition of control of licensed lender by purchase of stock, merger, consolidation, purchase of assets or otherwise

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Application. An application for
				  acquisition of control of a licensed lender may be obtained from the Banking
				  Department, at the address set forth in section
				  1.1  of
				  Supervisory Policy G 1 of this Title. If an application is requested in
				  writing, the address should indicate the following: Attn: Licensed Financial
				  Services Division.
(b) Financial
				  responsibility. An applicant desiring to acquire control of a licensee shall
				  have and maintain liquid assets of at least $50,000 for the operation of each
				  place of business of the licensee. In addition, the applicant shall have and
				  maintain net worth of at least $100,000 and a confirmed line of credit of at
				  least $100,000 issued by any banking institution incorporated under the laws of
				  the United States or any state or any insurance company.
(c) Background information. Unless the
				  applicant is already licensed under article 9 of the Banking Law, the applicant
				  shall provide a report from an independent investigatory firm detailing the
				  personal and financial background of the applicant. This report shall contain
				  the information necessary for the superintendent to determine whether the
				  applicant has the financial responsibility, experience, character and general
				  fitness required by article 9 of the Banking Law.
(d) Business background. Unless the applicant
				  is already licensed under article 9 of the Banking Law, the applicant shall
				  demonstrate to the superintendent's satisfaction that it has five years
				  verifiable experience in the business of making consumer loans or similar
				  lending and credit evaluation experience or that it has engaged or will engage
				  in its employ one or more persons having such experience. The superintendent
				  may permit other relevant educational or business experience to be credited
				  towards satisfaction of the lending and credit evaluation experience
				  requirement.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 401 - Licensed Lenders › Section 401.3 - Changes in directors or officers

Current through Register Vol. 46, No. 28, July 10, 2024
Within 30 days after a change of any of the executive
					 officers or directors a licensee shall submit to the superintendent, in
					 writing:
(a) the name, address and
				  occupation of each new officer or director and;
(b) provide such other information as may be
				  required by the provisions of article 9 of the Banking Law;
(c) for purposes of this section, the term
				  executive officer means every officer who participates or has authority to
				  participate, otherwise than in the capacity of a director, in major
				  policymaking functions, regardless of whether he or she has an official title
				  or whether such title contains any designation of assistant and regardless of
				  whether he or she is serving without salary or other compensation. The chairman
				  of the board of directors, the president, every vice- president, the secretary,
				  and the treasurer are assumed to be executive officers, unless, by resolution
				  of the board of directors or by the bylaws of the corporation, any such officer
				  is excluded from participation in major policymaking functions, otherwise than
				  in the capacity of a director, and he or she does not actually participate
				  therein.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 401 - Licensed Lenders › Section 401.4 - Change of location

Current through Register Vol. 46, No. 28, July 10, 2024
A licensee may, subject to the superintendent's finding
					 that there is no reasonable objection, change its location by giving written
					 notice to the superintendent at least 30 days prior to such change. The written
					 notice shall set forth the current address, the complete address of the
					 proposed new location, the effective date of the relocation, and shall be
					 accompanied by a postal verification of the address of the new location,
					 payment of the fee specified in section
					 1.2  of
					 Supervisory Policy G 1 of this Title and the original license
					 certificate.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 401 - Licensed Lenders › Section 401.5 - Loans, books and records

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				  When payment is received on any loan, entry shall be made in the licensee's
				  record of the borrower's account as follows:
(1) on a simple interest loan-the date of
				  payment, the amount applied to interest, the amount credited to principal and
				  the unpaid principal balance; and
(2) on a precomputed interest loan-the date
				  of payment, any amount applied to default or deferment charges, the amount
				  applied to the total unpaid balance and the total unpaid balance.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 401 - Licensed Lenders › Section 401.6 - Place of business; conduct of business

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
(1) The
				  place of business designated in the license shall be open each business day
				  during normal business hours except where otherwise authorized by the
				  superintendent. If the superintendent authorizes a licensed location to be open
				  for business only during certain days or hours, the licensee shall post on the
				  window the days and hours such office is open.
(2) A closed-end loan agreement shall provide
				  for payments of principal, or principal and interest combined, to be made not
				  less frequently than one each month beginning not more than one month and 15
				  days after the date the loan is made.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 401 - Licensed Lenders › Section 401.7 - Purchase and collection of loans made in other jurisdictions

Current through Register Vol. 46, No. 28, July 10, 2024
Each licensee is authorized to purchase and collect, within
					 any office, room or place of business wherein said licensee conducts its
					 business, direct loans made by any of its branches or other lenders if:
(a) such loans were legally made in a foreign
				  country at a rate of interest not in excess of that permitted by article 9 of
				  the Banking Law; or
(b) such loans
				  were legally made in a state which then had in effect a regulatory small loan
				  law similar in principle to article 9 of the Banking Law; and
(c) a record of such purchases and
				  collections is kept separate and apart from the books and files relating to the
				  activities of the licensed lender in making loans under its license, and the
				  ledger cards relating to such purchases and collections are appropriately
				  identified; and
(d) the records,
				  documents and correspondence relating to such purchases and collections are
				  filed so as to be readily available for inspection at any time by the Banking
				  Department.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 401 - Licensed Lenders › Section 401.8 - Advertising

Current through Register Vol. 46, No. 28, July 10, 2024
Every licensee shall maintain samples of all advertising
					 material used by it (including commercial script of all radio broadcasts) for a
					 period of two years from the date of its use and shall inform the
					 superintendent of the licensed location at which such materials are kept. Such
					 samples shall be available for inspection at any time by a representative of
					 the Banking Department.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 401 - Licensed Lenders › Section 401.9 - Insurance

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Whenever a
				  licensee requires or provides insurance, it shall furnish to the borrower a
				  standard policy or certificate of insurance at the time the loan is granted or
				  within 30 days thereafter, and shall retain on file in its office a specimen
				  copy of such policy or certificate.
(b) Each licensee shall maintain, at a
				  designated licensed location of the licensee or of any affiliate, a specimen
				  copy of any master or blanket policy used in connection with such insurance
				  coverage.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 401 - Licensed Lenders › Section 401.10 - Computation of interest or charges

Current through Register Vol. 46, No. 28, July 10, 2024
(a) In computing interest on the amount
				  financed or in precomputing interest, fractions of a month shall be computed on
				  the basis of the actual number of days; each day in the fraction shall be
				  considered as 1/30 of a month, and the rate of charge for each day shall be
				  1/30 of the monthly rate.
(b) In
				  fixing the date of the first installment beyond one month, a licensee shall
				  determine the number of days in excess of one month by:
(1) using the unit period, as defined in
				  Appendix J of Regulation Z, measuring back from installment due date. All
				  months shall be considered equal. Full months shall be measured from any point
				  in time on a given date to the same point in time on the same date of another
				  month.
(2) measuring the number of
				  days forward from the loan date to the beginning of the first full unit period.
				  The amount of the first installment may be increased by the amount of interest
				  for the number of days in excess of one month.