reglab/statecodes huggingface dataset:
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 420 - Mortgage Loan Originators: Licensing; Education Requirements › Section 420.15 - Surety bonds

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Each
				  mortgage loan originator shall be covered by a surety bond in accordance with
				  section 599-k  of the Banking Law. The surety bond
				  of an originating entity may be used to satisfy the mortgage loan originator's
				  surety bond requirement; provided that such surety bond contains coverage for
				  each mortgage loan originator not otherwise covered by a qualifying surety bond
				  in an amount prescribed in subdivision (b) of this section. The surety bond
				  shall be in a form prescribed by the superintendent.
(b) The penal amount of the required surety
				  bond shall be maintained in an amount that reflects the dollar amount of loans
				  originated by the mortgage loan originator as determined by the following
				  requirements:
Required amount of bond
Aggregate $ amount of NY loans originated
$10,000
Less than $1,000,000
$15,000
$1,000,000 to $7,499,999
$25,000
$7,500,000 to $14,999,999
$50,000
$15,000,000 to $29,999,999
$75,000
$30,000,000 to $49,999,999
$100,000
$50,000,000+
The amount of loans originated for this purpose shall be
					 the volume of loans originated in the prior calendar year by the MLO. The MLO
					 or originating entity shall provide proof of the existence of a bond in the
					 requisite amount at the time of each annual renewal of an MLO's license and
					 such other times as requested by the superintendent. If an originating entity
					 maintains a bond covering its MLOs, such bond shall be in an amount equal to
					 the aggregate of the individual bonds required for all covered MLOs calculated
					 as set forth above; provided, however, that any bond maintained by an
					 originating entity to cover its MLOs is not required to be in excess of:
(1) $100,000 if the originating entity has
				  less than 10 covered MLOs;
(2)
				  $150,000 if the originating entity has 10 but no more than 15 covered
				  MLOs;
(3) $250,000 if the
				  originating entity has 16 but no more than 24 covered MLOs; and
(4) $500,000 if the originating entity has 25
				  or more covered MLOs.
Each originating entity obtaining a bond covering its MLOs
					 also shall deliver to the department at such time a certification with respect
					 to such bond in the form acceptable to the superintendent.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 420 - Mortgage Loan Originators: Licensing; Education Requirements › Section 420.16 - Reports; permissive challenges by licensee

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
Superintendent's reports
.
As provided for in section 599-l  of the Banking Law, the
					 superintendent is required to report to the NMLS at least annually all
					 violations of article 12-E, as well as enforcement actions and other relevant
					 information requested by the NMLS, subject to the provisions contained in the
					 confidentiality provisions of section 599-q 
					 of the Banking Law.
(b)
Permissible challenges
.
MLOs may challenge in writing all information entered into
					 the NMLS by the superintendent. The superintendent shall modify any such
					 information if he or she in his or her sole discretion shall determine such
					 information is incorrect.
(c)
Originating entity reports
.
Originating entities employing or having as independent
					 contractors one or more MLOs shall, when required by the NMLS, submit such
					 reports of condition as may be required by the NMLS.
(d)
MLO reports
.
Each MLO shall submit to the NMLS a report of condition in
					 the format and within the time frame prescribed by the NMLS. An originating
					 entity may file such report in aggregate form, if permitted by the NMLS,
					 provided that such report contains information for all MLOs who originated
					 loans for such entity during the reporting period.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 420 - Mortgage Loan Originators: Licensing; Education Requirements › Section 420.17 - Calculation and collection of fees

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Under section 599-d  of the Banking Law, each applicant
				  for an initial license as an MLO shall pay the fees set forth in paragraphs
				  (1)-(4) of this subdivision and an applicant for a license renewal shall pay
				  the fees set forth in paragraphs (4) and (5) of this subdivision, all as
				  determined by the superintendent:
(1) an
				  investigation fee determined in the reasonable estimate of the superintendent
				  to be the actual cost to the department to investigate the applicant;
(2) an initial license fee as determined by
				  the superintendent;
(3) the
				  fingerprint processing fee charged by the State Division of Criminal Justice
				  Services and established pursuant to article 35 of the Executive Law or such
				  other fee or fees that may be imposed by any entity reviewing the fingerprint
				  cards;
(4) a processing fee that
				  may be charged and collected by the NMLS; and
(5) an annual licensing fee.
All fees, including fees payable to the department by an
					 applicant or licensee, may be collected by the NMLS.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 420 - Mortgage Loan Originators: Licensing; Education Requirements › Section 420.18 - Duties of originating entity

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Each originating entity shall:
(1) by the end of each calendar quarter
				  submit to the superintendent in written or electronic form a report containing
				  the following:
(i) the names and addresses of
				  each MLO newly employed by, or affiliated as an independent contractor with,
				  such originating entity during such quarter and the effective date of such
				  employment or affiliation; and
(ii)
				  each dismissal for cause of an MLO employed by, or affiliated as an independent
				  contractor of, such originating entity during such quarter, which is due to or
				  based upon an alleged violation of the Banking Law, this Part or any other
				  violation of any applicable Federal or State law, rule or regulation and the
				  effective date of such dismissal;
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 420 - Mortgage Loan Originators: Licensing; Education Requirements › Section 420.19 - Duties of MLO

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Except as
				  may be permitted by the superintendent in writing, a MLO shall not be
				  simultaneously employed or affiliated with more than one originating entity
				  licensed, registered or exempt from licensing pursuant to the provisions of
				  article 12-D of the Banking Law.
(b) Each MLO shall engage in mortgage loan
				  originating activities in a manner such as to command the confidence of the
				  community and to warrant belief that his or her activities are conducted
				  honestly, fairly and free from deceptive practices.
(c) Each MLO shall promptly notify the
				  department of the following:
(1) change of
				  primary residence address;
(2) any
				  felony conviction or pending felony charges; any charge of or conviction with
				  respect to a misdemeanor involving financial services or a financial services
				  related business; or any charge or conviction involving fraud, false statements
				  or omissions, theft or wrongful taking of property, bribery, perjury; forgery;
				  money laundering or extortion subsequent to initial licensure;
(3) termination of and/or resignation from
				  employment with an originating entity;
(4) the initiation, settlement or resolution
				  of any complaint, action or proceeding brought against him or her by a state or
				  Federal governmental unit or self-regulatory organization in connection with a
				  financial services-related activity or business or involving fraud,
				  misrepresentation, consumer deception, larceny, money laundering or perjury;
				  and
(5) the initiation, settlement
				  or resolution of any other civil action or proceeding against him or her
				  involving fraud, misrepresentation, larceny or perjury.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 420 - Mortgage Loan Originators: Licensing; Education Requirements › Section 420.20 - Prohibited conduct

Current through Register Vol. 46, No. 28, July 10, 2024
(a) No
				  MLO shall:
(1) engage in conduct prohibited
				  under section
				  38.7  of this
				  Title, as applicable;
(2) continue
				  to engage in mortgage loan originating after receiving notice of the denial of
				  his or her application for a license or notice of the revocation, suspension or
				  termination of his or her license;
(3) misrepresent his or her license status,
				  or persuade or induce a borrower to apply for a mortgage loan under the belief
				  that such MLO is duly licensed as a mortgage banker or registered as a mortgage
				  broker pursuant to article 12-D of the Banking Law or an entity exempt from the
				  licensing provisions of article 12-D;
(4) publish, advertise or display his or her
				  MLO license in any manner which implies that the MLO is licensed or registered
				  with the New York State Department of Financial Services to engage in mortgage
				  loan originating activities as a mortgage banker or mortgage broker pursuant to
				  article 12-D of the Banking Law;
(5) conduct business with any entity or
				  individual which he or she knows or should know is an unlicensed mortgage
				  banker or unregistered mortgage broker not otherwise exempt from the licensing,
				  registration and license requirements of articles 12-D and 12-E of the Banking
				  Law;
(6) engage in any transaction,
				  practice, or course of business that is not in good faith or does not
				  constitute fair dealing as required by the character and fitness requirements
				  of section 599-d  of the Banking Law and sections 592 and
				  592-a  of the Banking Law;
(7) download or remove borrowers' or mortgage
				  loan applicants' loan files or other information from the premises or automated
				  systems of an originating entity without permission of the originating
				  entity;
(8) publish or advertise
				  its MLO license or unique identifier in any manner which implies that such
				  license or unique identifier can be shared or used by multiple individuals to
				  engage in mortgage loan originating activities in this State;
(9) allow any individual or entity,
				  regardless of whether such individual or entity is registered, or licensed
				  pursuant to article 12-D or 12-E of the Banking Law, to utilize the MLO's
				  license or unique identifier to engage in mortgage loan originating activities;
				  or
(10) except as may be approved
				  in writing by the superintendent, simultaneously work for or be affiliated with
				  more than one originating entity.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 420 - Mortgage Loan Originators: Licensing; Education Requirements › Section 420.21 - Administrative action and penalties

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
Revocation of License
.
Pursuant to section 599-n  of the Banking Law, the
					 superintendent, in addition to the authority provided by subdivision (b) of
					 this section, may revoke any license as a mortgage loan originator if he or she
					 finds that:
(1) the licensee has
				  violated any provisions of article 12-E or any rule or regulation prescribed by
				  the superintendent under and within the authority of article 12-D or 12-E or of
				  any other applicable law, rule or regulation of this State or the Federal
				  government pertaining to mortgage banking, brokering or loan originating;
				  or
(2) any fact or condition exists
				  which, if it had existed at the time of the original application for such
				  license, would have warranted the superintendent to refuse to issue such
				  initial license.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 420 - Mortgage Loan Originators: Licensing; Education Requirements › Section 420.22 - Effective date

Current through Register Vol. 46, No. 28, July 10, 2024
This Part will be effective immediately upon
					 adoption.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 421 - Financial Aid Award Information Sheet › Section 421.1 - Scope and application of this Part

Current through Register Vol. 46, No. 28, July 10, 2024
Section 9-w  of the Banking Law authorizes the
					 superintendent to adopt rules and regulations for the implementation of a
					 standard financial aid award letter.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 421 - Financial Aid Award Information Sheet › Section 421.2 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
(a) For
				  purposes of this Part, unless otherwise stated herein, terms shall have the
				  same meaning as set forth in section 601 of New York State Education
				  Law.
(b) "Financial Aid Award
				  Information Sheet" means standard financial aid award letter required by
				  section 9-w  of the Banking Law.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 421 - Financial Aid Award Information Sheet › Section 421.3 - Content and Delivery of Financial Aid Award Information Sheet

Current through Register Vol. 46, No. 28, July 10, 2024
(a) In
				  responding to an incoming or prospective undergraduate student's financial aid
				  application, a college, vocational institution or other institution that offers
				  an approved program as defined in section 601  of the
				  Education Law shall provide a Financial Aid Award Information Sheet. The
				  Financial Aid Award Information Sheet shall be delivered in the same manner in
				  which the school responds to a financial aid award application.
(b) The Financial Aid Award Information
				  Sheet shall be in the form available at
www.dfs.ny.gov/studentprotection
.
				  Colleges, vocational institutions or other institutions that offer an approved
				  program as defined in section 601  of the
				  Education Law may make reasonable changes to the language or design of the
				  Financial Aid Award Information Sheet if necessary to more accurately reflect a
				  student's cost of education or financial aid award, provided that the
				  information in the Financial Aid Award In- formation Sheet is of such size,
				  color, and contrast and is so presented as to be readily noticed, read and
				  understood by the recipient.
(c)
				  For purposes of the Financial Aid Award Information Sheet, the term "Campus"
				  shall mean an institution affiliated with a single U.S. Department of Education
				  Office of Postsecondary Education Identification code.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 422 - Inspecting, Securing and Maintaining Vacant and Abandoned Residential Real Property › Section 422.1 - Preamble

Current through Register Vol. 46, No. 28, July 10, 2024
(a) As enacted by
				  part Q of chapter 73 of the Laws of 2016, Real Property Actions and Proceedings
				  Law (RPAPL) section 1308 requires certain holders of first lien mortgages to
				  inspect, secure and maintain vacant and abandoned one to four family
				  residential real property and section 1310 establishes a statewide vacant and
				  abandoned property registry in the form of an electronic database to be
				  maintained by the Department of Financial Services (the department).
(b) RPAPL sections 1308(12) and 1310(4)
				  authorize the Superintendent of Financial Services (superintendent) to issue
				  the rules and regulations necessary to implement RPAPL sections 1308 and
				  1310.
(c) This Part establishes
				  rules necessary to implement RPAPL sections 1308 and 1310.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 422 - Inspecting, Securing and Maintaining Vacant and Abandoned Residential Real Property › Section 422.3 - Applicability and Exemption under RPAPL 1308

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Subject to the provisions of subdivisions
				  (b), (c), and (d) of this section, the obligations imposed by RPA PL 1308 shall
				  apply to every vacant and abandoned residential real property, irrespective of
				  when the mortgage on the property was originated or became delinquent or when
				  the property became vacant and abandoned.
(b)
(1) For
				  each calendar year, the obligations imposed by RPA PL 1308 shall not apply
				  during that calendar year to a mortgagee that is able to establish all of the
				  following:
(i) it is a State or federally
				  chartered bank, savings bank, savings and loan association, or credit
				  union;
(ii) it engages in mortgage
				  origination and mortgage ownership during the calendar year; and
(iii) it had less than three-tenths of one
				  percent of the total loans in the state which the mortgagee either originated,
				  owned, serviced, or maintained for the calendar year ending two years prior to
				  the current calendar year.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 422 - Inspecting, Securing and Maintaining Vacant and Abandoned Residential Real Property › Section 422.4 - Vacant and abandoned property reporting

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Within 21 business days of when a
				  mortgagee or mortgage loan servicer of a property learns, or should have
				  learned, that a property is vacant and abandoned, the mortgagee or mortgage
				  loan servicer shall submit or cause to be submitted on the form prescribed by
				  the department the following information:
(1)
				  the address of the subject property;
(2) the current name, address and contact
				  information for the lender, assignee or mortgage loan servicer responsible for
				  maintaining the subject property;
(3) whether a foreclosure proceeding has been
				  commenced as to the subject property, and, if so, the date the proceeding was
				  commenced and the status of the proceeding;
(4) the name, last known address and contact
				  information for the mortgagor(s) of record; and
(5) any additional information requested by
				  the superintendent.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 422 - Inspecting, Securing and Maintaining Vacant and Abandoned Residential Real Property › Section 422.5 - Quarterly reporting

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				  Every mortgagee that is not exempt from the obligations imposed by RPA PL 1308
				  shall file with the superintendent, on a form that may be prescribed by the
				  superintendent, a quarterly report containing the following information:
(1) identification of all loans secured by a
				  mortgage on residential real property held by the mortgagee where the borrower
				  has been delinquent for 90 or more days;
(2) for each loan identified pursuant to
				  paragraph (1) of this subdivision:
(i) the
				  address of the subject property.
(ii) the date on which each inspection of the
				  subject property to determine occupancy was conducted as required by RPA PL
				  1308 (1);
(iii) the date on which a
				  determination was made that the subject property was vacant and
				  abandoned;
(iv) the date on which
				  the notice required by RPA PL 1308 (3) was posted on the subject
				  property;
(v) identification of all
				  actions to secure and maintain the subject property that have been taken, the
				  date each action was taken, and the nature of each action;
(vi) whether a foreclosure proceeding has
				  been commenced as to the subject property, and if so, the date the proceeding
				  was commenced and the status of the proceeding;
(3) any additional information requested by
				  the superintendent.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 422 - Inspecting, Securing and Maintaining Vacant and Abandoned Residential Real Property › Section 422.6 - Applicability of RPAPL 1310 reporting requirements

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The obligations imposed by RPA PL 1310
				  shall apply to both the mortgagee and the mortgage loan servicer of every
				  vacant and abandoned residential real property located in the State, provided
				  that only one filing shall in every case be required for each
				  property.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 422 - Inspecting, Securing and Maintaining Vacant and Abandoned Residential Real Property › Section 422.7 - Federal law and Federal guidelines

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Where a specific provision of RPA PL 1308
				  is directly inconsistent with a Federal law or court order, the inconsistent
				  provision of RPA PL 1308 shall not be applied to the mortgagee. Instead, the
				  mortgagee's compliance with RPA PL 1308 shall be evaluated by reference to the
				  applicable Federal law or court order.
(b) Where a specific provision of RPA PL 1308
				  imposes an obligation on a mortgagee that is greater than what is imposed by a
				  provision in a Federal law or court order, the specific provision of RPA PL
				  1308 shall not be deemed to be directly inconsistent with the Federal law or
				  court order.
(c) Where a specific
				  provision of RPA PL 1308 imposes an obligation on a mortgagee and there is no
				  similar provision in a Federal law or court order, the specific provision of
				  RPA PL 1308 shall not be deemed to be directly inconsistent with the Federal
				  law or court order
(d) Where the
				  Federal National Mortgage Association requires that the servicing of a specific
				  mortgage comply with the investor or insurer guidelines issued by Federal
				  National Mortgage Association, compliance with the property preservation
				  requirements included in such guidelines as they exist on December 20, 2016,
				  shall be deemed to be in compliance with section 1308. If the property
				  preservation requirements included in the investor or insurer guidelines issued
				  by Federal National Mortgage Association change after December 20, 2016,
				  compliance with such future property preservation requirements shall be deemed
				  to be in compliance with section 1308 only if the future property preservation
				  requirements impose the same or greater property preservation requirements as
				  compared to the requirements included in guidelines in effect on December 20,
				  2016.
(e) Where the Federal Home
				  Loan Mortgage Corporation requires that the servicing of a specific mortgage
				  comply with the investor or insurer guidelines issued by Federal Home Loan
				  Mortgage Corporation, compliance with the property preservation requirements
				  included in such guidelines as they exist on December 20, 2016, shall be deemed
				  to be in compliance with section 1308. If the property preservation
				  requirements included in the investor or insurer guidelines issued by Federal
				  Home Loan Mortgage Corporation change after December 20, 2016, compliance with
				  such future property preservation requirements shall be deemed to be in
				  compliance with section 1308 only if the future property preservation
				  requirements impose the same or greater property preservation requirements as
				  compared to the requirements included in guidelines in effect on December 20,
				  2016.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 422 - Inspecting, Securing and Maintaining Vacant and Abandoned Residential Real Property › Section 422.8 - Disclosure of information maintained in the statewide vacant and abandoned property registry

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The
				  information maintained in the statewide vacant and abandoned property registry
				  shall be deemed and treated as confidential and shall therefore be exempt from
				  disclosure pursuant to New York's Freedom of Information Law, Public Officer
				  Law, article 6.
(b) The
				  superintendent may, in his or her sole discretion, release any information in
				  the statewide vacant and abandoned property registry if the superintendent
				  determines that such disclosure is in the best interest of the
				  public.
(c) Upon written request in
				  the form prescribed by the department, the superintendent shall release to a
				  public official, as defined in this Part, the information maintained in the
				  statewide vacant and abandoned property registry that is specific to the
				  geographic scope of the public official's district or political subdivision.
				  The superintendent may require, in addition to any agreements or certifications
				  required by subdivision (d) of this section, that a public official certify, as
				  a condition to receiving information maintained in the statewide vacant and
				  abandoned property registry, that the release of the requested information
				  furthers the purposes of section 1307, section 1310, or article 18 of the
				  RPAPL, or any other law, code, rule, regulation or ordinance that the
				  superintendent determines to be related to section 1307, section 1310, or
				  article 18 of the RPAPL.
(d) The
				  superintendent may require any party receiving information maintained in the
				  statewide vacant and abandoned registry pursuant to this section to execute, as
				  a condition of receiving the information, a confidentiality agreement and/or
				  periodic certifications affirming that the confidentiality of the information
				  has been maintained.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 422 - Inspecting, Securing and Maintaining Vacant and Abandoned Residential Real Property › Section 422.9 - Enforcement

Current through Register Vol. 46, No. 28, July 10, 2024
RPA PL 1308 and 1310 and the rules in this Part will be
					 enforced as provided under RPAPL section 1308(8), the Financial Services Law
					 and the Banking Law.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 422 - Inspecting, Securing and Maintaining Vacant and Abandoned Residential Real Property › Section 422.10 - Effective date

Current through Register Vol. 46, No. 28, July 10, 2024
This Part shall be effective on December 20,
					 2016.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter C - General Regulations-banking And Non-banking Organizations › Part 500 - Investigation And Document Fees; Banking And Non- Banking Organizations › Section 500.1 - Fees; authority of the superintendent

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Pursuant to section 18  of the Banking Law, the superintendent may
				  establish by regulation the charges for copies of any paper filed in the
				  Banking Department and for any certification thereof. The charge for such
				  copies shall be as specified in section
				  1.2  of
				  Supervisory Policy G 1 of this Title.
(b) Section 18-a 
				  of the Banking Law sets forth the fees to be charged for various applications
				  by banking or non-banking organizations as required by the Banking Law.
				  Subdivision six of such section grants discretion to the superintendent to
				  waive or reduce the amount of any such fee, either on a case-by-case basis or
				  generally, pursuant to regulations, with respect to a type of application if
				  the superintendent determines one or more conditions, as specified by such
				  subdivision six, are met. The application fees charged by the Banking
				  Department are set forth in section
				  1.2  of
				  Supervisory Policy G 1 of this Title. Insofar as the fee specified in that
				  section for a particular type of application is less than that set forth in
				  section 18-a 
				  of the Banking Law, the superintendent has reduced or waived such
				  fee.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter C - General Regulations-banking And Non-banking Organizations › Part 501 - Banking Division Assesments › Section 501.1 - Background

Current through Register Vol. 46, No. 28, July 10, 2024
Pursuant to the Financial Services Law ("FSL"), the New
					 York State Banking Department ("Banking Department") and the New York State
					 Insurance Department were consolidated on October 3, 2011 into the Department
					 of Financial Services ("department"). Prior to the consolidation, assessments
					 of institutions subject to the Banking Law ("BL") were governed by section 17
					 of the BL. Effective October 3, 2011, assessments are governed by section 206
					 of the FSL, provided that section 17 of the BL continues to apply to
					 assessments for the fiscal year commencing on April 1, 2011. Both section 17 of
					 the BL and section 206 of the FSL provide that all expenses (including, but not
					 limited to, compensation, lease costs and other overhead costs) of the
					 department attributable to institutions subject to the BL are to be charged to,
					 and paid by, such regulated institutions. These institutions ("regulated
					 entities") are now regulated by the banking division of the department. Under
					 both section 17 of the BL and section 206 of the FSL, the superintendent is
					 authorized to assess regulated entities for its total costs in such proportions
					 as the superintendent shall deem just and reasonable. The Banking Department
					 has historically funded itself entirely from industry assessments of regulated
					 entities. These assessments have covered all direct and indirect expenses of
					 the Banking Department, which are activities that relate to the conduct of
					 banking business and the regulatory concerns of the department, including all
					 salary expenses, fringe benefits, rental and other office expenses and all
					 miscellaneous and overhead costs such as human resource operations, legal and
					 technology costs. This regulation sets forth the basis for allocating such
					 expenses among regulated entities and the process for making such
					 assessments.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter C - General Regulations-banking And Non-banking Organizations › Part 501 - Banking Division Assesments › Section 501.2 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
The following definitions apply in this Part:
(a) "Total Operating Cost" means for the
				  fiscal year beginning on April 1, 2011, the total direct and indirect costs of
				  operating the Banking Division. For fiscal years beginning on April 1, 2012,
				  "Total Operating Cost" means:
(1) the sum of
				  the total operating expenses of the Department that are solely attributable to
				  regulated persons under the Banking Law; and
(2) the proportion deemed just and reasonable by the
				  Superintendent of the other operating expenses of the Department which under
				  Section
				  206(a) of the Financial
				  Services Law may be assessed against persons regulated under the Banking Law
				  and other persons regulated by the Department.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter C - General Regulations-banking And Non-banking Organizations › Part 501 - Banking Division Assesments › Section 501.3 - Billing and Assessment Process

Current through Register Vol. 46, No. 28, July 10, 2024
The New York State fiscal year begins April 1 and ends
					 March 31 of the following calendar year. Each institution subject to assessment
					 pursuant to this Part is billed five times for a fiscal year: four quarterly
					 assessments (each approximately 25% of the anticipated annual amount) based on
					 the Banking Division's estimated annual budget at the time of the billing, and
					 a final assessment (or "true-up"), based on the Banking Division's actual
					 expenses for the fiscal year. Any institution that is a Regulated Entity for
					 any part of a quarter shall be assessed for the full quarter.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter C - General Regulations-banking And Non-banking Organizations › Part 501 - Banking Division Assesments › Section 501.4 - Computation of Assessment

Current through Register Vol. 46, No. 28, July 10, 2024
The total annual assessment for an institution shall be the
					 sum of its Supervisory Component and its Regulatory Component.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter C - General Regulations-banking And Non-banking Organizations › Part 501 - Banking Division Assesments › Section 501.5 - Penalties/enforcement actions

Current through Register Vol. 46, No. 28, July 10, 2024
All Regulated Entities shall be subject to all applicable
					 penalties, including late fees and interest, provided for by the BL, the FSL,
					 the State Finance law or other applicable laws. Enforcement act ions for
					 nonpayment could include suspension, revocation, termination or other
					 actions.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter C - General Regulations-banking And Non-banking Organizations › Part 501 - Banking Division Assesments › Section 501.6 - Effective date

Current through Register Vol. 46, No. 28, July 10, 2024
This Part shall be effective immediately. It shall apply to
					 all State Fiscal Years beginning with the Fiscal Year starting on April 1,
					 2011
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter C - General Regulations-banking And Non-banking Organizations › Part 504 - Banking Division Transaction Monitoring and Filtering Program Requirements and Certifications › Section 504.1 - Background

Current through Register Vol. 46, No. 28, July 10, 2024
The Department of Financial Services (the "Department") has
					 been involved in investigations into compliance by Regulated Institutions, as
					 defined below, with applicable Bank Secrecy Act/Anti-Money Laundering laws and
					 regulations1 ("BSA/AML") and Office of Foreign
					 Assets Control of the Treasury Department ("OFAC")2
					 requirements implementing federal economic and trade
					 sanctions.3
As a result of these investigations, the Department
					 identified shortcomings in the transaction monitoring and filtering programs of
					 these institutions attributable to a lack of robust governance, oversight, and
					 accountability at senior levels. Based on not only this experience, but also
					 its regular examinations for safety and soundness, along with other factors,
					 the Department has reason to believe that financial institutions have
					 shortcomings in their transaction monitoring and filtering programs.
As a result, the Department has determined to clarify the
					 required attributes of a Transaction Monitoring and Filtering Program and to
					 require that the Board of Directors or Senior Officer(s), as applicable, of
					 each Regulated Institution submit to the Superintendent annually a Board
					 Resolution or Compliance Finding, as defined in this Part, confirming the steps
					 taken to ascertain compliance by the Regulated Institution with this
					 Part.
This regulation implements these
					 requirements.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter C - General Regulations-banking And Non-banking Organizations › Part 504 - Banking Division Transaction Monitoring and Filtering Program Requirements and Certifications › Section 504.2 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
The following definitions apply in this Part:
(a) "Annual Board Resolution or Senior
				  Officer Compliance Finding" means a board resolution or senior officer(s)
				  finding in the form set forth in Attachment A.
(b) "Bank Regulated Institutions" means all
				  banks, trust companies, private bankers, savings banks, and savings and loan
				  associations chartered pursuant to the New York Banking Law (the "Banking Law")
				  and all branches and agencies of foreign banking corporations licensed pursuant
				  to the Banking Law to conduct banking operations in New York.
(c) "Board of Directors" means the governing
				  board of every Regulated Institution or the functional equivalent if the
				  Regulated Institution does not have a Board of Directors.
(d) "Nonbank Regulated Institutions" shall
				  mean all check cashers and money transmitters licensed pursuant to the Banking
				  Law.
(e) "Regulated Institutions"
				  means all Bank Regulated Institutions and all Nonbank Regulated
				  Institutions.
(f) "Risk Assessment"
				  means an on-going comprehensive risk assessment, including an enterprise wide
				  BSA/AML risk assessment, that takes into account the institution's size,
				  staffing, governance, businesses, services, products, operations, customers,
				  counterparties, other relations and their locations, as well as the geographies
				  and locations of its operations and business relations.
(g) "Senior Officer(s)" shall mean the senior
				  individual or individuals responsible for the management, operations,
				  compliance and/or risk of a Regulated Institution including a branch or agency
				  of a foreign banking organization subject to this Part.
(h) "Suspicious Activity Reporting" means a
				  report required pursuant to  31 U.S.C. §
											5311  et seq. that identifies
				  suspicious or potentially suspicious or illegal activities.
(i) "Transaction Monitoring Program" means a
				  program that includes the attributes specified in Subdivisions (a), (c) and (d)
				  of Section 504.3.
(j) "Filtering
				  Program" means a program that includes the attributes specified in Subdivisions
				  (b), (c) and (d) of Section 504.3.
(k) "Transaction Monitoring and Filtering
				  Program" means a Transaction Monitoring Program, and a Filtering Program,
				  collectively.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter C - General Regulations-banking And Non-banking Organizations › Part 504 - Banking Division Transaction Monitoring and Filtering Program Requirements and Certifications › Section 504.3 - Transaction Monitoring and Filtering Program Requirements

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Each Regulated Institution shall maintain
				  a Transaction Monitoring Program reasonably designed for the purpose of
				  monitoring transactions after their execution for potential BSA/AML violations
				  and Suspicious Activity Reporting, which system may be manual or automated, and
				  which shall include the following attributes, to the extent they are
				  applicable:
1. be based on the Risk
				  Assessment of the institution;
2.
				  be reviewed and periodically updated at risk-based intervals to take into
				  account and reflect changes to applicable BSA/AML laws, regulations and
				  regulatory warnings, as well as any other information determined by the
				  institution to be relevant from the institution's related programs and
				  initiatives;
3. appropriately match
				  BSA/AML risks to the institution's businesses, products, services, and
				  customers/counterparties;
4.
				  BSA/AML detection scenarios with threshold values and amounts designed to
				  detect potential money laundering or other suspicious or illegal
				  activities;
5. end-to-end, pre-and
				  post-implementation testing of the Transaction Monitoring Program, including,
				  as relevant, a review of governance, data mapping, transaction coding,
				  detection scenario logic, model validation, data input and Program
				  output;
6. documentation that
				  articulates the institution's current detection scenarios and the underlying
				  assumptions, parameters, and thresholds;
7. protocols setting forth how alerts
				  generated by the Transaction Monitoring Program will be investigated, the
				  process for deciding which alerts will result in a filing or other action, the
				  operating areas and individuals responsible for making such a decision, and how
				  the investigative and decision-making process will be documented; and
8. be subject to an on-going analysis to
				  assess the continued relevancy of the detection scenarios, the underlying
				  rules, threshold values, parameters, and assumptions.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter C - General Regulations-banking And Non-banking Organizations › Part 504 - Banking Division Transaction Monitoring and Filtering Program Requirements and Certifications › Section 504.4 - Annual Board Resolution or Senior Officer(s) Compliance Finding

Current through Register Vol. 46, No. 28, July 10, 2024
To ensure compliance with the requirements of this Part,
					 each Regulated Institution shall adopt and submit to the Superintendent a Board
					 Resolution or Senior Officer(s) Compliance Finding in the form set forth in
					 Attachment A by April 15th of each year. Each Regulated Institution shall
					 maintain for examination by the Department all records, schedules and data
					 supporting adoption of the Board Resolution or Senior Officer(s) Compliance
					 Finding for a period of five years.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter C - General Regulations-banking And Non-banking Organizations › Part 504 - Banking Division Transaction Monitoring and Filtering Program Requirements and Certifications › Section 504.5 - Penalties/Enforcement Actions

Current through Register Vol. 46, No. 28, July 10, 2024
This regulation will be enforced pursuant to, and is not
					 intended to limit, the Superintendent's authority under any applicable
					 laws.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter C - General Regulations-banking And Non-banking Organizations › Part 504 - Banking Division Transaction Monitoring and Filtering Program Requirements and Certifications › Section 504.6 - Effective Date

Current through Register Vol. 46, No. 28, July 10, 2024
This Part shall be effective January 1, 2017. Regulated
					 Institutions will be required to prepare and submit to the Superintendent
					 Annual Board Resolutions or Senior Officer(s) Compliance Findings under §
										504.4  commencing April 15, 2018.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter C - General Regulations-banking And Non-banking Organizations › Part 504 - Banking Division Transaction Monitoring and Filtering Program Requirements and Certifications › Section 504.7 - Attachment A

Current through Register Vol. 46, No. 28, July 10, 2024
_____________________
(Regulated Institution Name)
APRIL 15, 20___
Annual Board Resolution or Senior Officer(s) Compliance
					 Finding For Bank Secrecy Act/Anti-Money Laundering and Office of Foreign Asset
					 Control Transaction Monitoring and Filtering Program
Whereas, in compliance with the requirements of the New
					 York State Department of Financial Services (the department) that each
					 Regulated Institution maintain Transaction Monitoring and Filtering Program in
					 compliance with section
					 504.3 
					 of this Part; and
Whereas, section
					 504.4 
					 of this Part requires that the board of directors or a senior officer(s), as
					 appropriate, adopt and submit to the superintendent a board resolution or
					 senior officer compliance finding confirming its or such individual's findings
					 that the regulated institution is in compliance with section
					 504.3 
					 of this Part;
NOW, THEREFORE, the board of directors or senior officer
					 certifies:
(1) The board of directors
				  (or name of senior officer[s]) has reviewed documents, reports, certifications
				  and opinions of such officers, employees, representatives, outside vendors and
				  other individuals or entities as necessary to adopt this board resolution or
				  senior officer compliance finding;
(2) The board of directors or senior
				  officer(s) has taken all steps necessary to confirm that (name of regulated
				  institution) has a Transaction Monitoring and Filtering Program that complies
				  with the provisions of section
				  504.3 
				  of this Part; and
(3) To the best
				  of the (board of directors) or (name of senior officer[s]) knowledge, the
				  Transaction Monitoring and the Filtering Program of (name of regulated
				  institution) as of ______ (date of the board resolution or senior officer(s)
				  compliance finding) for the year ended ___ (year for which board resolution or
				  compliance finding is provided) complies with section
				  504.3 
				  of this Part.
Signed by each member of the board of directors or senior
					 officer(s)(Name)__________ Date: