reglab/statecodes huggingface dataset:
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 86 - Organization And Operation Of Stock-form Savings Banks And Savings And Loan Associations › Section 86.7 - Applicability of certain provisions of the banking law to stock-form savings banks

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The
				provisions of the following sections of the Banking Law shall have no
				applicability to stock-form savings banks:
(1)
				Section 23--Acceptance or rejection of certificate; investigation fees (to the
				extent that it shall require the payment of an investigation fee other than the
				fee payable under Banking Law, section 14-e[2]).
(2) Section 230--Incorporation; organization
				certificate.
(3)
				[Reserved]
(4) Section
				232--Organization certificate to be submitted to superintendent; proof of
				publication and service of notice of intention.
(5) Section 233--When corporate existence
				begins; conditions precedent to commencing business.
(6) Section 234(1)--General powers (only
				insofar as said provision authorizes the payment of "dividends" on deposit
				accounts).
(7) Section
				234(2)--General powers (only relative to contributions of mutual incorporators
				or trustees).
(8) Section
				243--Surplus fund.
(9) Section
				244--Earnings; how and when to be computed; transfers to surplus fund;
				undivided profits available for dividends (excluding definition of "net
				worth").
(10) Section 245--Interest
				payments.
(11) Section 246--Board
				of trustees; number; vacancies; qualifications; oath and declaration.
(12) Section 246-a--Executive committee and
				other committees.
(13) Section
				247--Restrictions upon trustees and officers.
(14) Section 248--Removal and forfeiture of
				office of trustee.
(15) Section
				249--Compensation of trustees and officers.
(16) Section 250--Pensions;
				insurance.
(17) Section
				251--Meetings; quorum; bylaws; officers.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 86 - Organization And Operation Of Stock-form Savings Banks And Savings And Loan Associations › Section 86.8 - Applicability of certain provisions of the banking law to stock-form savings and loan associations

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The
				provisions of the following sections of the Banking Law shall have no
				applicability to stock-form savings and loan associations:
(1) Section 23--Acceptance or rejection of
				certificate; investigation fees (to the extent that it shall require the
				payment of an investigation fee other than the fee payable under Banking Law,
				section 14-e[2]).
(2) Section
				375--Incorporation; organization certificate.
(3) Section 376--Proposed bylaws.
(4) Section 377--When corporate existence
				begins.
(5) Section 378--Power to
				issue shares; dues thereon (only to the extent that deposit accounts are
				denominated therein as share accounts).
(6) Section 385--Surplus account.
(7) Section 386--Profits; how and when to be
				computed.
(8) Section 387--Credits
				to surplus account and undivided profits; dividends to shareholders.
(9) Section 388--Fines and penalties for
				failure to make payments on installment shares.
(10) Section 389--Matured shares; conversion
				into shares of another class upon notice.
(11) Section 390(1, 2, 3, 4, 6)--Withdrawal
				of unpledged shares, provisions for dividends.
(12) Section 392--Retirement of shares;
				suspension; transfer.
(13) Section
				397--Number, qualifications and disqualifications of directors; oath; quorum;
				meeting of directors.
(14) Section
				398--Filling of vacancies in board of directors; change in number of
				directors.
(15) Section
				398-a--Forfeiture of office of director.
(16) Section 398-b--Duties of directors and
				officers.
(17) Section
				398-c--Executive committee and other committees.
(18) Section 399--Restrictions on directors
				and officers.
(19) Section
				400--Pensions; insurance.
(20)
				Section 402--Amendment of articles of association and by-laws; application to
				supreme court.
(21) Section
				405--Annual report to shareholders; delivery and publication.
(22) Section 406--Charters conformed to this
				article; obligations and rights unimpaired; saving clause.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 86 - Organization And Operation Of Stock-form Savings Banks And Savings And Loan Associations › Section 86.9 - Formation of a holding company in connection with the conversion of a mutual institution to stock form

Current through Register Vol. 46, No. 28, July 10, 2024
The board of trustees or directors, as the case may be, of a
				  thrift seeking to convert to stock form may cause a company to be formed to
				  acquire all the stock of such converting institution. In such case, the
				  converting institution shall file with its application for conversion detailed
				  information as to the formation of such holding company (including specific
				  details as to the rights of depositors or shareholders of such mutual
				  institution to subscribe for stock of such holding company) as well as the
				  proxy statement or short-form proxy statement complying with the provisions of
				  section
				  86.14  of this
				  Part. In addition, the thrift institution shall, as a condition of the
				  superintendent's approval of the institution's conversion from mutual to stock
				  form, file with the superintendent a copy of (a) any prospectus of such holding
				  company as it shall be required to prepare under applicable State and Federal
				  securities laws, and (b) any application for approval to become a bank holding
				  company or savings and loan holding company as it shall be required to file
				  under applicable Federal law. Unless clearly inapplicable, all of the
				  requirements of this Part shall apply to a conversion under this
				  section.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 86 - Organization And Operation Of Stock-form Savings Banks And Savings And Loan Associations › Section 86.10 - Limitations on certain acquisitions of control of stock-form thrift institutions

Current through Register Vol. 46, No. 28, July 10, 2024
An organization certificate of a converting thrift may
				  contain provisions, the effect of which would be to prohibit the acquisition of
				  control of the converted stock-form thrift institution for a period not
				  exceeding three years from the effective date of the conversion from mutual to
				  stock-form.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 86 - Organization And Operation Of Stock-form Savings Banks And Savings And Loan Associations › Section 86.11 - Conflict between state and federal law and regulation

Current through Register Vol. 46, No. 28, July 10, 2024
In the event that any converting institution or other person
				  subject to the provisions of this Part shall find that it cannot either
				  absolutely or without undue hardship comply with the provisions of this Part
				  and at the same time satisfy the requirements of any State or Federal law or
				  any regulation promulgated by the Federal Deposit Insurance Corporation,
				  Federal Savings and Loan Insurance Corporation, Securities and Exchange
				  Commission or any other regulatory agency as may have jurisdiction over any
				  person or transaction referred to herein, such converting institution or other
				  person may request a waiver of such conflicting provision from the
				  superintendent, which the superintendent may grant for good cause after
				  considering the declaration of policy in section one of chapter one of the Laws
				  of 1984.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 86 - Organization And Operation Of Stock-form Savings Banks And Savings And Loan Associations › Section 86.12 - Supervisory stock conversions

Current through Register Vol. 46, No. 28, July 10, 2024
Notwithstanding any other provision of this Part, where the
				  superintendent has determined that grounds exist for him to take possession of
				  the business and property of a mutual thrift institution, in that such
				  institution:
(a) is or will in the
				immediate future be unable to meet its obligations;
(b) is or otherwise would be in an unsafe and
				unsound condition;
(c) cannot with
				safety and expediency continue business;
he may authorize the institution to convert to stock-form and
				  to effect a sale or other transfer of its capital stock to a third party or
				  parties in a transaction in which the converting institution's depositors or
				  shareholders have no right of approval or right to subscribe for shares to be
				  issued by the converting institution. In determining whether to authorize such
				  a transaction, the superintendent shall take into consideration the
				  declarations of policy contained in section 10 
				  of the Banking Law and section 1 of chapter 1 of the Laws of 1984. Upon
				  approval of such a transaction, the superintendent shall file the converted
				  institution's amended organization certificate with the same force and effect
				  as provided in section
				  86.4(c) 
				  of this Part.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 86 - Organization And Operation Of Stock-form Savings Banks And Savings And Loan Associations › Section 86.14 - Proxy statement

Current through Register Vol. 46, No. 28, July 10, 2024
The proxy statement required by this Part shall comply with
				  Form 86-PS, except that a converting institution may combine the proxy
				  statement and offering circular in one document. A short-form proxy statement
				  shall contain the information required by Items 1, 2, 3, 4 and 5 of Form 86-PS.
				  A short-form proxy statement shall also include cross references to the
				  sections of the offering circular containing the information required by Form
				  86-PS, which reads in its entirety as follows:
FORM 86-PS
[Facing Sheet]
NEW YORK STATE DEPARTMENT OF FINANCIAL
				  SERVICES
One State Street
New York, New York 10004
Proxy Statement
(Exact name of converting institution as specified in
				  charter)
(Street address of converting institution)
(City, State and ZIP Code)
Proxy Statement Form - Index to Items
Item 1. Notice of Meeting
Item 2. Revocability of Proxy
Item 3. Persons Making Solicitation
Item 4. Voting Rights and Vote Required for
				Approval
Item 5. Directors and
				Executive Officers
Item 6.
				Remuneration and Other Transactions with Management and Others
Item 7. Business of the Converting
				Institution
Item 8. Description of
				the Plan of Conversion
Item 9.
				Description of Capital Stock
Item
				10. Capitalization
Item
				11. Use of New Capital
Item
				12. New Charter, Bylaws or Other Documents
Item 13. Other Matters
Item 14. Financial Statements
Item 15. Consents of Experts and
				Reports
Item 16. Attachments
FORM 86-PS
Information Required in Conversion Proxy
				  Statement
Note:
1. Except as otherwise specifically provided,
				where any item calls for information for a specified period in regard to
				directors, officers, trustees or other persons holding specified positions or
				relationships, the information shall be given in regard to any person who held
				any of the specified positions or relationships at any time during the period.
				However, information need not be included for any portion of the period during
				which such person did not hold any such position or relationship provided a
				statement to that effect is made.
2. The proxy statement shall include such
				information which the superintendent by interpretative release or otherwise has
				deemed necessary to comply with items of this Form 87-PS.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 86 - Organization And Operation Of Stock-form Savings Banks And Savings And Loan Associations › Section 86.15 - Offering circular

Current through Register Vol. 46, No. 28, July 10, 2024
A converting institution (as applicable) shall be required to
				  file with the superintendent and distribute to its eligible account holders and
				  to the public an offering circular which complies with Form 86-OC, which reads
				  in its entirety as follows:
FORM 86-OC
[Facing Sheet]
NEW YORK STATE DEPARTMENT OF FINANCIAL
				  SERVICES
One State Street
New York, New York 10004
Offering Circular
_________________________________________________________________________________________
(Exact name of converting institution as specified in
				  charter)
_________________________________________________________________________________________
(Street address of converting institution)
_________________________________________________________________________________________
(City, State and ZIP Code)
Offering Circular Form
Item 1.
Information Required by and
				Use of Form 86-OC.
The offering circular shall be dated as of the date of its
				  issuance. The offering circular shall contain substantially the same
				  information required to be included in the proxy statement of the converting
				  institution distributed to depositors or shareholders to vote upon the plan of
				  conversion. Information of the type required to be included in the proxy
				  statement may be omitted from the offering circular only to the extent that it
				  is clearly inapplicable. The offering circular may be in "wrap around" form
				  with the proxy statement attached.
Instructions:
1. The term
offering
				circular
refers to both the offering circular for the subscription
				offering and the offering circular for the public offering through a
				underwriter, unless otherwise indicated.
2. The offering circular shall include such
				information which the Superintendent by interpretive release or otherwise, has
				deemed necessary to comply with this Form 86-OC.
3. An offering circular for the subscription
				offering in "wrap around" form distributed to depositors or shareholders and
				other persons who have previously been furnished a copy of the proxy statement
				need not contain the proxy statement as an attachment provided such offering
				circular states that a copy of the proxy statement has previously been
				furnished to such persons and that an additional copy thereof will be furnished
				promptly upon request to the converting institution (with the telephone number
				and mailing address of the converting institution stated).
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 87 - Conversion Of Mutual And Stock-form Federal Savings Banks And Stock-form Federal Savings And Loan Associations To State Charter › Section 87.1 - General information

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The
				instructions set forth in this Part shall apply to the conversion of a
				mutual-form or stock-form Federal savings bank and stock-form Federal savings
				and loan association, having its principal place of business in this State,
				into a State-chartered savings institution pursuant to Banking Law, section
				412.
(b) Six copies of a letter of application and
				each document referred to in section
				87.2  of this
				Part, including two executed copies of the documents referred to in section
				87.2(a)-(c),
				shall be filed with the Superintendent at the Banking Department at the address
				set forth in section
				1.1  of
				Supervisory Policy G 1 of this Title. The letter of application shall set forth
				the name and address of the officer to whom all communications from the Banking
				Department should be addressed, and the date or proposed date of filing of any
				required applications or other documents with any Federal agency, and shall be
				accompanied by payment of the fee specified in section
				1.2  of
				Supervisory Policy G 1 of this Title. Inquiries concerning the preparation of
				the application should be addressed to the superintendent.
(c) Before submission of the application, the
				plan of conversion shall be approved by a majority of the board of directors or
				trustees. After such approval, in the case of a stock-form Federal savings and
				loan association, the plan shall then be approved at a meeting held upon not
				less than 10 days' written notice to each stockholder of such Federal savings
				and loan association, by the vote, in person or by proxy, of the holders of at
				least 66 2/3 percent of each class of capital stock of such institution. Notice
				of such meeting, together with any proxy material, shall be served personally
				upon or mailed to each stockholder at his or her last known address, and shall
				contain a statement of the time, place and purpose of the meeting.
(d) Within 60 days after the date the
				application is filed, the applicant shall take the action prescribed or
				authorized by Federal law to effect such conversion.
(e) Approval by the superintendent will be
				conditional in all cases upon the continued insurance of the applicant's
				deposit accounts to the extent permitted by Federal law.
(f) Following submission of the application,
				the superintendent may require a full examination of the applicant by State
				bank examiners before action is taken upon the application.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 87 - Conversion Of Mutual And Stock-form Federal Savings Banks And Stock-form Federal Savings And Loan Associations To State Charter › Section 87.2 - Documents required

Current through Register Vol. 46, No. 28, July 10, 2024
The following documents shall be filed as part of the
				  application:
(a) plan of conversion,
				signed by the applicant's president and attested by its secretary, setting
				forth the terms and conditions of the conversion and the manner in which it is
				to be accomplished, including the names of the principal executive and
				administrative officers and directors or trustees;
(b) organization certificate, as required by
				Banking Law, section
				230 or
				4001, whichever may be applicable, executed
				by a majority of the applicant's directors or trustees;
(c) minutes of the meeting of stockholders of
				the stock-form savings and loan association at which the plan of conversion was
				approved, including the notice of meeting, proxy material, and plan of
				conversion in the form submitted, certified by the presiding officer and by the
				secretary of the meeting. The presiding officer and the secretary of the
				meeting shall certify that (1) the notice of meeting and proxy material were
				served personally or by mail, and (2) the plan of conversion in the form
				attached was the plan submitted at the meeting and was approved as specified in
				section
				87.1(c) 
				of this Part. Such certificate shall also indicate the actual vote for and
				against the plan of conversion; and
(d) proposed bylaws of the converting
				institution as required by Banking Law, section
				251 or
				6001,
				whichever may be applicable.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 87 - Conversion Of Mutual And Stock-form Federal Savings Banks And Stock-form Federal Savings And Loan Associations To State Charter › Section 87.3 - Additional documents

Current through Register Vol. 46, No. 28, July 10, 2024
The following additional documents shall be submitted to the
				  superintendent as they become available to the applicant:
(a) copies of all notices, consents and
				authorizations required by Federal Law and regulations in connection with the
				conversion; and
(b) opinion of
				counsel for the applicant as to compliance with all requirements of Federal and
				State law in connection with the conversion.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 89 - Alternative Investments In Debt And Equity Securities By Savings Banks And Savings And Loan Associations › Section 89.1 - Scope

Current through Register Vol. 46, No. 28, July 10, 2024
The provisions of this Part shall apply to all investments in
				  debt and equity securities made by any savings bank pursuant to section 235.30
				  of the Banking Law, or by any savings and loan association pursuant to section
				  379.5 of the Banking Law. The provisions of this Part shall not apply to debt
				  or equity securities acquired by a thrift institution in good faith in full or
				  partial settlement, modification or readjustment of any investment made,
				  pursuant to the Banking Law, by such thrift institution where the acquisition
				  of such securities was necessary in order for the thrift institution to
				  minimize or avoid loss in connection with such investment. Any thrift
				  institution which makes an election (and notifies the Banking Department in
				  writing of such election) to purchase securities pursuant to section 235.30 of
				  the Banking Law and this Part shall not be authorized to purchase any
				  securities pursuant to sections 235.1, 235.2, 235.3, 235.4, 235.5, 235.7, 235.7
				  -a, 235.10, 235.11, 235.13, 235.14, 235.15, 235.19, 235.21(a)(2), 235.21(b),
				  235.21-a, 235.24, 235.24-a, 235.24-b, 235.24-c, 235.25, 235.26, 235.27 and
				  235.28-a of the Banking Law. No thrift institution which has purchased any
				  security pursuant to section 235.30 of the Banking Law and this Part shall
				  purchase any additional amount of such security pursuant to any other provision
				  of the Banking Law. Any security which is not authorized for purchase by
				  section 235.30 of the Banking Law may be purchased pursuant to the provisions
				  of section 235.31 of the Banking Law. No thrift institution shall acquire any
				  security pursuant to section 235.31 of the Banking Law if such acquisition
				  would cause such institution to violate section
				  89.4 
				  (excluding subdivisions [b] and [f] thereof) of this Part. The authority of a
				  savings bank to make investments pursuant to sections 235.9(a)(6) and
				  235-d  of the Banking Law, and the
				  authority of a savings and loan association to make investments pursuant to
				  sections 379-b and 381.1(e) of the Banking Law, is
				  not affected by the enactment of this Part. Notwithstanding the foregoing, any
				  security purchased by a thrift institution may be retained by such institution,
				  provided that such security was legally acquired in compliance with the Banking
				  Law.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 89 - Alternative Investments In Debt And Equity Securities By Savings Banks And Savings And Loan Associations › Section 89.2 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
The following terms, as used in this Part, shall have the
				  following meanings:
(a) The term
				security shall mean any stock, or any bond, note, debenture or other evidence
				of indebtedness. The term securitydoes not include a futures contract or an
				option or warrant to purchase a security, except that an option or warrant
				acquired by the thrift institution as part of a unit which includes a debt or
				equity security shall constitute a security.
(b) The term qualified debt security shall
				mean any debt security which is not in default as to either principal or
				interest when acquired. [Next page is 519]
(c) The term qualified equity security shall
				mean any equity security which is, at the time of acquisition, listed on the
				New York Stock Exchange or the American Stock Exchange, or any equity security
				for which, at the time of acquisition, representative high and low bid prices
				are regularly quoted on the National Association of Securities Dealers
				Automated Quotation System.
(d) The
				term thrift institution shall mean a savings bank or savings and loan
				association organized under, or subject to the provisions of, the Banking
				Law.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 89 - Alternative Investments In Debt And Equity Securities By Savings Banks And Savings And Loan Associations › Section 89.3 - Permitted investments

Current through Register Vol. 46, No. 28, July 10, 2024
A thrift institution may invest in, purchase or otherwise
				  acquire any qualified equity security or any qualified debt security in
				  accordance with the provisions of this Part.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 89 - Alternative Investments In Debt And Equity Securities By Savings Banks And Savings And Loan Associations › Section 89.4 - Prohibited investments

Current through Register Vol. 46, No. 28, July 10, 2024
No thrift institution shall, pursuant to the provisions of
				  section 235.30 or 379.5 of the Banking Law:
(a) invest in or otherwise acquire any equity
				security (or any security convertible into an equity security) issued by any
				bank, trust company, savings bank, savings and loan association, bank holding
				company, banking organization, life insurance company or corporation engaged
				principally in the issue, flotation, underwriting, public sale, or distribution
				at wholesale or retail or through participation of any type of
				security;
(b) invest in any
				security, other than a qualified debt or qualified equity security, in which a
				prudent person of discretion and intelligence in such matters seeking a
				reasonable income and preservation of capital would invest;
(c) own or acquire more than five percent of
				any class of the issued and outstanding equity securities of any
				issuer;
(d) own or acquire any
				equity security if such ownership or acquisition would cause (1) more than 10
				percent of the thrift institution's assets to be invested in equity securities,
				or (2) more than one percent of the thrift institution's assets to be invested
				in the equity securities of any single issuer;
(e) acquire any securities other than for
				investment purposes, or acquire any securities with a view to the public
				distribution thereof;
(f) acquire
				securities on margin;
(g) purchase
				or sell, or offer to purchase or sell, any qualified debt security or qualified
				equity security in violation of any applicable State or Federal securities
				laws; or
(h) acquire any qualified
				debt security, other than one described in Banking Law, section 235.1, 235.2,
				235.3, 235.4, 235.5, 235.11, 235.15, 235.24, 235.24 -a, 235.24-b, 235.24-c or
				235.27, if the amount of consideration paid for such debt security, when added
				to the aggregate amount of loans outstanding to the issuer of such debt
				security, would cause the thrift institution to be in violation of the
				provisions of the Banking Law (and the rules and regulations promulgated
				thereunder) which limit the aggregate amount of loans which a thrift
				institution may make to one borrower.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 89 - Alternative Investments In Debt And Equity Securities By Savings Banks And Savings And Loan Associations › Section 89.5 - Investment committee

Current through Register Vol. 46, No. 28, July 10, 2024
No thrift institution shall make any investment, pursuant to
				  the provisions of section 235.30 or 379.5 of the Banking Law and the provisions
				  of this Part, without the prior establishment of a securities investment
				  committee of its board of trustees or directors, a majority of the members of
				  which committee shall not be officers or employees of the thrift
				  institution.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 89 - Alternative Investments In Debt And Equity Securities By Savings Banks And Savings And Loan Associations › Section 89.6 - No presumption of prudence created

Current through Register Vol. 46, No. 28, July 10, 2024
The fact that an investment is not prohibited by this Part
				  shall not (a) create any presumption as to the prudence of such investment, or
				  (b) constitute any evidence as to the Banking Department's position regarding
				  the prudence of such investment.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 90 - Variable Rate Open-end Accounts Established By Lending Institutions › Section 90.1 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
For purposes of this Part:
(a) The term banking institution shall mean a
				bank, trust company, savings bank, savings and loan association, credit union
				or branch of a foreign banking corporation.
(b) The term credit account shall mean an
				account which is established under a retail instalment credit agreement, as
				defined under section 401  of the Personal Property Law and as
				provided by section 413  of the Personal Property Law, which
				permits the customer of the banking institution to make purchases from time to
				time by use of a credit card or as otherwise provided.
(c) The term lending institution shall mean a
				banking institution as defined by subdivision (a) of this section or a licensed
				lender licensed pursuant to article IX of the Banking Law, which maintains loan
				accounts with customers and/or which is a financing agency, as defined under
				section 401  of the Personal Property Law, for the
				purpose of maintaining credit accounts with customers as provided in
				subdivision 11 of section 413  of the Personal Property Law.
(d) The term loan account shall mean an
				account established according to the provisions of subdivision 5 of section 108  of the Banking Law, or section
				401.2(c)(2) 
				of this Title, which permits the customer of the banking institution or
				licensed lender, respectively, to receive one or more loans or advances from
				time to time by use of a credit card, check or other written order or request
				of the customer.
(e) The term
				open-end account shall mean an account established by a lending institution
				pursuant to an agreement, which account may be comprised of either a loan
				account, a credit account or both a loan account and a credit
				account.
(f) The term rate shall
				mean, depending on the context, the rate of interest charged on a loan account
				or the rate of service charge charged on a credit account.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 90 - Variable Rate Open-end Accounts Established By Lending Institutions › Section 90.2 - Scope

Current through Register Vol. 46, No. 28, July 10, 2024
This Part applies to open-end accounts which are established
				  by lending institutions and which provide for changes in the rate charged on
				  the account from time to time but not more often than once within any
				  three-month period. The use of indices for such open-end accounts must comply
				  with the provisions of Part 333 of this Title.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 90 - Variable Rate Open-end Accounts Established By Lending Institutions › Section 90.3 - Disclosures

Current through Register Vol. 46, No. 28, July 10, 2024
All disclosures required by this Part are to be made in a
				  single, separate document, in plain language and with captioned subdivisions
				  for the information to be disclosed. Such disclosures shall be provided by the
				  lending institution to a customer who is to be primarily liable on the open-end
				  account prior to the date of the first transaction on the account in the case
				  of a new account, or, in the case where an existing open-end account is being
				  amended to provide for the variable rate feature, at least 30 days prior to the
				  effective date of the variable rate amendment. Disclosure shall be made, in any
				  reasonable order, of the following information:
(a) an identification of the index to be used
				by the lending institution in connection with changing the rate on the open-end
				account or, if applicable, in connection with changing the individual rates on
				the loan account and credit account comprising the open-end account, and
				information where the index figures will be available;
(b) disclosure of the intervals at which the
				lending institution may change the rate on the open-end account (or, if
				applicable, the individual rates on the loan account and the credit account),
				the time(s) or date(s) at which the lending institution will calculate the rate
				or rates with respect to the index, and any conditions or events on which the
				changes in the rate or rates are contingent;
(c) the effect an increase in the rate or
				rates on the open-end account will have on the amount of the monthly
				payment;
(d) a hypothetical
				example, illustrative of the type of credit being offered, of the effect of a
				rate increase on monthly payments (e.g., an example showing such effect or
				combination of effects for the loan account and the credit account of an
				open-end account which is comprised of both);
(e) a history of the movements in the index
				selected for the open-end account, as further provided under section
				90.4  of this Part;
				and
(f) the fact that the customer
				will receive prior notifications from the lending institution of increases in
				the rate or rates for the open-end account, and the time periods within which
				the notifications will be sent.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 90 - Variable Rate Open-end Accounts Established By Lending Institutions › Section 90.5 - Notifications

Current through Register Vol. 46, No. 28, July 10, 2024
The notification of a rate increase and of the new rate,
				  referred to in section
				  90.3(f) 
				  of this Part, shall be delivered or mailed by the lending institution to a
				  customer who is primarily liable on the open-end account no less than 25 and
				  not more than 60 days prior to the effective date of a rate increase; provided,
				  however, that if the open-end account provides for a monthly billing cycle, the
				  notification may be delivered or mailed with the periodic statement for a
				  monthly billing cycle, to become effective after the close of the next monthly
				  billing cycle. In the case of new customers who apply for an existing variable
				  rate open-end account within 30 days of the time that the lending institution
				  will increase the rate on the account but where the lending institution will
				  not be able to provide the required written notification, the increase in the
				  rate and the new rate shall be disclosed to the applicant prior to opening the
				  account.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 90 - Variable Rate Open-end Accounts Established By Lending Institutions › Section 90.6 - Compliance with federal regulation

Current through Register Vol. 46, No. 28, July 10, 2024
Effective November 7, 1989, lenders which comply with section
				  226.5b of Regulation Z ( 12 CFR part 226) will be deemed to be in compliance
				  with section
				  90.3  of this Part to
				  the extent that section
				  90.3  pertains to home
				  equity plans subject to section 226.5b; provided that lenders supply a copy of
				  the disclosures required by section 226.5b for retention by the
				  consumer.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 91 - Variable Rate Retail Instalment Credit Agreements Established By Retail Sellers › Section 91.1 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
For purposes of this Part:
(a) The term credit account shall mean an
				account which is established by a retail seller under a retail instalment
				credit agreement as defined under subdivision 8 of section 401  of the Personal Property Law and as
				provided by section 413  of the Personal Property Law.
(b) The term creditor shall mean a retail
				seller, except that the term shall also mean a sales finance company which has
				purchased or acquired the credit accounts of a retail seller in the case where,
				by contractual agreement between the retail seller and the sales finance
				company, the sales finance company undertakes on behalf of the retail seller to
				meet the specific requirements imposed by this Part on a "creditor."
(c) The term rate shall mean the rate of
				service charge charged on a credit account.
(d) The term retail seller shall have the
				meaning assigned to it under subdivision 3 of section 401  of the Personal Property Law.
(e) The term sales finance company shall have
				the meaning assigned to it under sections 491 and
				492 (1)  of the Banking Law,
				and applies to a person or company which purchases or acquires credit accounts
				established by retail sellers, provided that for purposes of this Part the term
				also includes a bank, trust company, savings bank or savings and loan
				association which purchases credit accounts established by retail
				sellers.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 91 - Variable Rate Retail Instalment Credit Agreements Established By Retail Sellers › Section 91.2 - Scope

Current through Register Vol. 46, No. 28, July 10, 2024
This Part governs credit accounts which provide for changes
				  in the rate charged on the account from time to time but not more often than
				  once within any three-month period, and which are established by retail sellers
				  or which are purchased or acquired by sales finance companies from retail
				  sellers. The use of indices for such credit accounts must comply with Part 334
				  of this Title.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 91 - Variable Rate Retail Instalment Credit Agreements Established By Retail Sellers › Section 91.3 - Disclosures

Current through Register Vol. 46, No. 28, July 10, 2024
All disclosures required by this Part are to be made in a
				  single, separate document, in plain language and with captioned subdivisions
				  for the information to be disclosed. Such disclosures shall be provided by the
				  retail seller to a customer who is to be primarily liable on the credit account
				  prior to the date of the first transaction on the account in the case of a new
				  account, or, in the case where an existing credit account is being amended to
				  provide for the variable rate feature, at least 30 days prior to the effective
				  date of the variable rate amendment. Disclosure shall be made, in any
				  reasonable order, of the following information:
(a) an identification of the index to be used
				by the creditor in connection with changing the rate on the credit account, and
				information where the index figures will be available;
(b) disclosure of the intervals at which the
				creditor may change the rate on the credit account, the time(s) or date(s) at
				which the creditor will calculate the rate with respect to the index, and any
				conditions or events on which the changes in the rate are contingent;
(c) the effect that an increase in the rate
				on the credit account will have on the amount of the monthly payment;
(d) a hypothetical example, illustrative of
				the type of credit being offered, of the effect of a rate increase on monthly
				payments;
(e) a history of the
				movements in the index selected for the credit account, as further provided
				under section
				91.4  of this Part;
				and
(f) the fact that the customer
				will receive prior notifications from the creditor of increases in the rate for
				the credit account, and the time periods within which the notifications will be
				sent.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 91 - Variable Rate Retail Instalment Credit Agreements Established By Retail Sellers › Section 91.5 - Notifications

Current through Register Vol. 46, No. 28, July 10, 2024
The notification of a rate increase and of the new rate,
				  referred to in section
				  91.3(f) 
				  of this Part, shall be delivered or mailed by the creditor to a customer who is
				  primarily liable on the credit account no less than 25 and more than 60 days
				  prior to the effective date of a rate increase; provided, however, that if the
				  credit account provides for a monthly billing cycle, the notification may be
				  delivered or mailed with the periodic statement for a monthly billing cycle, to
				  become effective after the close of the next monthly billing cycle. In the case
				  of new customers who apply for a variable rate credit account within 30 days of
				  the time that the creditor will increase the rate on the account but where the
				  creditor will not be able to provide the required written notification, the
				  increase in the rate and the new rate shall be disclosed to the applicant prior
				  to opening the account.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 92 - Variable Rate Closed-end Retail Instalment Contracts And Obligations Entered Into By Retail Sellers › Section 92.1 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
For purposes of this Part:
(a) The term contract or obligation shall
				mean a retail instalment contract as defined under subdivision 5 of section 301  of the Personal Property Law, or a
				retail instalment contract or a retail instalment obligation as defined under
				subdivisions 6 and 7 of section 401  of the Personal Property Law.
(b) The term credit service charge shall have
				the meaning assigned to it under subdivision 8 of section 301  of the Personal Property Law or under
				subdivision 11 of section 401  of the Personal Property Law.
(c) The term holder shall have the meaning
				assigned to it under subdivision 10 of section 301  of the Personal Property Law or under
				subdivision 15 of section 401  of the Personal Property Law.
(d) The term rate shall mean the rate of
				credit service charge on the contract or obligation.
(e) The term retail seller shall have the
				meaning assigned to it under subdivision 3 of section 301  of the Personal Property Law or
				subdivision 3 of section 401  of the Personal Property Law.
(f) The term retail seller or holder or the
				retail seller or the holder shall mean the retail seller, except that the term
				shall mean a holder other than the retail seller in the case where, by
				contractual agreement between the retail seller and and such holder, the holder
				undertakes on behalf of the retail seller to meet the specific requirements
				imposed by this Part or establishes certain terms and conditions for the
				contract or obligation.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 92 - Variable Rate Closed-end Retail Instalment Contracts And Obligations Entered Into By Retail Sellers › Section 92.2 - Scope

Current through Register Vol. 46, No. 28, July 10, 2024
This Part governs contracts or obligations which provide for
				  changes, from time to time but not more often than once within any three-month
				  period, in the rate of credit service charge charged with respect to a contract
				  or obligation entered into by a retail seller or a contract or obligation
				  purchased or acquired by a holder from a retail seller. The use of indices for
				  such variable rate contracts or obligations must comply with Part 334 of this
				  Title.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 92 - Variable Rate Closed-end Retail Instalment Contracts And Obligations Entered Into By Retail Sellers › Section 92.3 - Disclosures

Current through Register Vol. 46, No. 28, July 10, 2024
All disclosures required under this Part are to be made in a
				  single, separate document, in plain language and with captioned subdivisions
				  for the information to be disclosed. Such disclosures shall be provided by the
				  retail seller to a buyer who is to be primarily liable on the contract or
				  obligation prior to the consummation of the contract or obligation. Disclosure
				  shall be made, in any reasonable order, of the following information:
(a) the identification of the index to be
				used by the retail seller or the holder in connection with varying the rate on
				the contract or obligation, and where the index figures are
				available;
(b) the circumstances
				under which the rate on the contract or obligation may vary, including
				disclosures of the intervals at which the retail seller or the holder may
				change the rate, the time(s) or date(s) at which the retail seller or the
				holder calculates the rate with respect to the index, and any conditions or
				events on which the changes in rate are contingent;
(c) the effect or the combination of effects
				that an increase in the rate on the contract or obligation may have on the
				amount of the monthly payment, or the number of monthly payments or the amount
				of the final payment;
(d) a
				hypothetical example, illustrative of the type of credit being offered, of the
				effect or the combination of effects of a rate increase on the amount of the
				monthly payment, or the number of monthly payments or the amount of the final
				payment;
(e) the history of the
				movements in the index selected for the contract or obligation, as further
				provided under section
				92.4  of this Part;
				and
(f) the fact that the buyer
				will receive prior notification from the retail seller or the holder of
				increases in the rate or changes in the terms of payment, and the time periods
				within which such notifications will be sent.