reglab/statecodes huggingface dataset:
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 401 - Licensed Lenders › Section 401.11 - Authorization for the conduct of other business

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Prior to the commencement of any other
				  business activity which is not licensed under the Banking Law or authorized by
				  article 9 of such law at a licensed location a licensee shall notify the
				  superintendent, in writing, of such proposed activity. The notification shall
				  contain a detailed description of such activity together with all related
				  documentation. The superintendent shall approve or deny the conduct of such
				  activity and shall so notify the licensee in writing within 60 days after
				  receiving a properly completed request for such authorization.
(b) Upon written notice to the
				  superintendent, a licensee may conduct on its premises the following business
				  activities in conformity with section 350 (3)  of the Banking Law:
(1) an income tax preparation
				  service;
(2) an agency activity
				  performed pursuant to an agency agreement with a money transmitter licensed
				  pursuant to article XIII-B of the Banking Law; and
(3) soliciting and selling of automobile club
				  memberships.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 401 - Licensed Lenders › Section 401.12 - Filing of rate charts and loan forms

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Within 30 business days after a licensee
				  issues any rate chart(s) setting forth rates or amounts of interest to be used
				  in its licensed lender operation, such licensee shall file with the
				  superintendent two copies of each such chart(s).
(b) Within 30 business days after a licensee
				  issues any form or forms of loan agreement or related security instruments to
				  be used in its licensed lender operation, a licensee shall file with the
				  superintendent one copy of each such loan agreement or related security
				  instrument.
(c) Every form of loan
				  agreement or related security instrument and every rate chart(s) of which a
				  copy or copies are required to be filed with the superintendent pursuant to the
				  provisions of this section shall indicate a date of issuance and an identifying
				  symbol consisting of a combination of numbers and/or letters.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 402 - Budget Planners › Section 402.1 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
For purposes of this Part:
(a) The term control party shall mean any
				  individual or entity that possesses, directly or indirectly, the power to
				  direct or cause the direction of the management and policies of a
				  licensee.
(b) The term director
				  shall mean any member of the governing board of the licensee whether designated
				  as a director, officer, trustee, manager, governor or by any other
				  title.
(c) The term capital
				  certificate shall have the same meaning as is set forth in article 5 of the New
				  York Not-for-Profit Corporation Law.
(d) The term debtor shall mean an individual
				  who enters into a contract with a licensee while the individual is a New York
				  resident.
(e) The term licensee
				  shall mean any entity licensed pursuant to article 12- C of the New York
				  Banking Law.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 402 - Budget Planners › Section 402.3 - Services to be provided by licensee

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Every licensee shall make an initial
				  assessment of the potential debtor's financial situation taking into account at
				  a minimum, the potential debtor's available and projected income and the
				  existence of other liquid assets as well as the potential debtor's indebtedness
				  to determine if it is in the best economic interest of the potential debtor to
				  enter into a budget planner contract. If not, the licensee shall recommend that
				  the potential debtor seek legal or other appropriate advice as to other
				  alternatives, including bankruptcy.
(b) Every licensee shall provide adequate
				  budgeting, educational and counseling services directly to the debtor,
				  consistent with the purposes of article 12- C of the New York Banking
				  Law.
(c) Upon receipt of funds from
				  the debtor, the licensee shall promptly transmit such funds, less any
				  contractual fees which are due and owing to it from the debtor, to the
				  creditor(s).
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 402 - Budget Planners › Section 402.4 - Duration of qualifier experience

Current through Register Vol. 46, No. 28, July 10, 2024
If at any time the licensee ceases to be in compliance with
					 the requirement of section
					 402.2(b)(11) 
					 of this Part, it shall notify the superintendent within 10 calendar days of
					 such noncompliance. Within three calendar days of making such notification, the
					 licensee shall submit to the superintendent, the name and qualifications of any
					 other director, whether or not a member of the governing board, who has been
					 engaged by the licensee to satisfy the requirements of section
					 402.2(b)(11) 
					 of this Part.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 402 - Budget Planners › Section 402.5 - Provision for surety bond

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				  Except as provided in section
				  402.6 
				  of this Part, every licensee shall file with the superintendent a corporate
				  surety bond in the principal amount of $250,000, or such larger or smaller
				  amount as the superintendent may require. If the licensee is notified that a
				  larger bond is required, such larger bond shall be in full force within 30
				  days. A copy of the larger bond shall be submitted to the superintendent. The
				  corporate surety bond required by the section shall be issued by a bonding
				  company or insurance company authorized to do business in this State. The form
				  of the bond shall be obtained from the Licensed Financial Services Division of
				  the Banking Department.
(b) Such
				  bond shall be in favor of the superintendent. The bond, or deposit agreement
				  entered into pursuant to section
				  402.7 
				  of this Part, shall contain substantially the following language:
"The proceeds of this [bond/deposit agreement] shall
					 constitute a trust fund in favor of the superintendent to be used exclusively
					 to reimburse payments by debtors that have not been properly distributed to
					 creditors or to reimburse fees determined by the superintendent to be
					 improperly charged or collected and, in the event of the insolvency,
					 liquidation or bankruptcy of such licensee, to pay outstanding banking
					 department examination costs and assessments."
(c) Within 90 days of the effective date of
				  Banking Law, section
				  580, as amended by chapter 629 of the Laws
				  of 2002, which date is April 7, 2003, each licensee shall comply with the
				  provisions of this section.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 402 - Budget Planners › Section 402.6 - Deposit of assets in lieu of surety bond; assets eligible for deposit

Current through Register Vol. 46, No. 28, July 10, 2024
(a) A licensee, in
				  lieu of obtaining a bond pursuant to this Part, may keep on deposit in a branch
				  of a bank, savings bank, savings and loan association, trust company, private
				  banker, national bank, Federal savings bank, or Federal savings and loan
				  association, located in this State, regardless of whether the principal office
				  of the foregoing institution is located within or without this State, subject
				  to the approval of the superintendent, interest-bearing bonds, notes,
				  debentures, or other obligations of the United States or any agency or
				  instrumentality thereof, or guaranteed by the United States, or of this State,
				  or of a city, county, town, village, school district, or instrumentality of
				  this State or guaranteed by this State, or dollar deposits. The amount of the
				  deposit shall be $250,000 (based on the lower of principal amount or market
				  value), or such larger or smaller amount as the superintendent may
				  require.
(b) In addition to the
				  assets described in subdivision (a) of this section, the following assets are
				  eligible for deposit for purposes of this Part:
(1) commercial paper payable in dollars in
				  the United States provided such paper is accorded the highest rating of a
				  rating service designated by the Banking Board pursuant to section
				  61.1  of this
				  Title. In the event that an issue of commercial paper is rated by more than one
				  designated rating service, it must have the highest rating of each;
(2) negotiable certificates of deposit that
				  are payable in the United States and issued by an unaffiliated domestic banking
				  institution or a domestic office of an unaffiliated foreign banking
				  corporation;
(3) banker's
				  acceptances that are payable in the United States and issued by an unaffiliated
				  domestic banking institution or a domestic office of an unaffiliated foreign
				  banking corporation;
(4) bonds
				  which have an investment grade rating from either Moody's Investors Services,
				  Inc., Standard & Poor's Corporation or Fitch Investors' Service, Inc.;
				  and
(5) such other assets as
				  approved by the superintendent upon written application.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 402 - Budget Planners › Section 402.7 - Deposit agreement; certificate of licensee

Current through Register Vol. 46, No. 28, July 10, 2024
A licensee, which elects to deposit assets of the type
					 listed in section
					 402.6 
					 of this Part, shall execute with an approved depository a deposit agreement,
					 which shall be in the form prescribed by the Licensed Financial Services
					 Division of the Banking Department. An executed copy of such deposit agreement
					 shall be filed with the superintendent. As part of the deposit agreement, the
					 licensee shall agree that prior to the release or substitution of any pledged
					 assets subject to the deposit agreement, the licensee shall file a certificate
					 with the depository which shall specify the following:
(a) the complete title of each pledged asset
				  being withdrawn;
(b) the complete
				  title of each pledged asset being deposited in place thereof;
(c) the interest rate, series, serial number
				  (if any), face value, maturity date, call date, principal amount and market
				  value of each replacement pledged asset;
(d) the aggregate principal amount of all
				  such replacement pledged assets;
(e) the amount, if any, of the funds being
				  withdrawn or deposited; and
(f) a
				  certification that any pledged assets being deposited in exchange for pledged
				  assets being withdrawn comply as to type with the provisions of section
				  402.6 
				  of this Part, and that, after giving effect to the exchange, the aggregate of
				  all pledged assets remaining on deposit by the licensee, based in the case of
				  such pledged assets upon the principal amount or market value, whichever is
				  lower, shall be $250,000, or such larger or smaller amount as the
				  superintendent may require.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 402 - Budget Planners › Section 402.8 - Reports of changes in directors, bylaws and certificate of incorporation of licensee

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The
				  licensee shall notify the superintendent in writing, within 10 days of the
				  following:
(1) the name and address of any
				  director or individual who supervises the daily operations of the licensee who
				  terminates or alters his or her status with the licensee; and
(2) the name of any individual who becomes
				  associated with the business of the licensee as a director or any new
				  individual who supervises the daily operations of the licensee.
Any new director or individual shall also furnish a resume.
					 The superintendent may request other information and documentation from the
					 licensee in determining whether to approve any such director or individual. If
					 the superintendent objects to any new director or individual, the
					 superintendent shall notify the licensee of such objection setting forth the
					 reasons therefor.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 402 - Budget Planners › Section 402.9 - Debtors contact with licensees and banking department

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Every licensee must establish either:
(1) a toll-free number; or
(2) a phone number which may be called
				  "collect" for the purpose of enabling debtors to make inquiries of or
				  complaints to the licensee.
Every debtor must be informed, in writing, of this phone
					 number and the Banking Department's toll-free phone number at the time he or
					 she executes the contract.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 402 - Budget Planners › Section 402.10 - Right of debtors to rescind contract

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Every contract between a licensee and a
				  debtor must provide that the debtor may rescind the contract until midnight of
				  the third business day after the day on which the debtor signed the contract.
				  The licensee shall expressly inform every debtor of such provision prior to or
				  simultaneously with the execution of the contract.
(b) Notice of rescission is effective when it
				  is given in writing to the licensee by the debtor.
(c) Notice of rescission, if given by mail,
				  shall be deemed given when deposited in a mailbox with the correct address and
				  proper postage.
(d) If a debtor
				  exercises the right of rescission within the timeframe specified in this
				  section, the licensee shall promptly return to the debtor all fees associated
				  with the contract that were paid to it by the debtor. Such fees shall not
				  include reasonable counseling fees imposed on debtors separate and apart from
				  the execution of a budget planner contract.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 402 - Budget Planners › Section 402.11 - Term and termination; assignment

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Every contract between a licensee and a
				  debtor shall be limited to a payment period not to exceed 60 months.
(b) Every contract between a licensee and a
				  debtor shall contain a provision which states that the debtor may terminate the
				  contract upon 10 days written notice to the licensee without any fee or
				  penalty. Upon receiving such notice, the licensee shall return to the debtor
				  all monies received from the debtor which are in its possession. No licensee
				  shall communicate any derogatory information about a debtor to a creditor based
				  solely on the fact that a debtor has terminated his or her contract with the
				  licensee. Derogatory information does not include notification that the debtor
				  is no longer a client.
(c) Every
				  contract between a licensee and a debtor shall contain a provision which states
				  that the contract may not be assigned without the written consent of the
				  debtor.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 402 - Budget Planners › Section 402.12 - Unfair or deceptive acts or practices

Current through Register Vol. 46, No. 28, July 10, 2024
No licensee shall seek to avoid compliance with this Part
					 by any device, subterfuge or pretense whatsoever.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 402 - Budget Planners › Section 402.13 - Reports to be filed with the superintendent

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Each licensee shall annually, on or
				  before the first day of February, furnish a report containing the following
				  information and documentation, which shall be certified as accurate by a
				  control party:
(1) number of clients
				  nationwide and number of debtors in the preceding calendar year;
(2) number of new clients nationwide and
				  number of new debtors in the preceding calendar year;
(3) for debtors, a schedule of fees charged,
				  including initial fee, monthly fee and specific details as to how these fees
				  are computed; and
(4) the agreement
				  utilized for debtors if it has been modified since the date of application or
				  subsequently and has not been previously submitted.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 402 - Budget Planners › Section 402.14 - Changes to licensee's fee structure

Current through Register Vol. 46, No. 28, July 10, 2024
Any modification of the licensee's fee structure for
					 debtors shall require that the licensee notify the superintendent in writing of
					 the proposed change(s) at least 30 calendar days prior to implementation. The
					 superintendent shall review the fee structure taking into consideration the
					 expenses of the operation, the financial status of the debtor(s) and such other
					 factors as the superintendent shall deem relevant. The licensee may implement
					 the modified fee structure unless the superintendent disapproves of the
					 change(s) in writing within 30 days of notification of the proposed change(s)
					 unless such time period is extended in writing by the
					 superintendent.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 402 - Budget Planners › Section 402.15 - No commingling of licensee's funds

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Accounts established by the licensee to
				  maintain debtor(s) funds must be held in the title of "Budget Planner as Agent
				  for the Benefit of Principal(s) (i.e., Debtor[s])." The licensee must maintain,
				  at all times, debtor records in such a manner as to make ascertainable the
				  interests of the debtors, i.e., the records must sufficiently identify the
				  deposit balance of each debtor on any given day.
(b) Accounts must be maintained in a branch
				  of a bank, savings bank, savings and loan association, trust company, private
				  banker, national bank, Federal savings bank, or Federal savings and loan
				  association located in this State, regardless of whether the principal office
				  of the foregoing institution is located within or without this State.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 402 - Budget Planners › Section 402.16 - Licensee's privacy policy

Current through Register Vol. 46, No. 28, July 10, 2024
Each licensee shall comply with the privacy provisions
					 contained in title 5 of the Gramm- Leach-Bliley Act of 1999, which is found in
					 15 United States Code [FN*] section 6801 et seq., and the regulations
					 promulgated thereunder by the Federal Trade Commission, which are found in
					 title 16, Code of Federal Regulations,* part 313 et seq.
[FN*] For information regarding the United States Code (USC
					 or U.S.C.), the Code of Federal Regulations (CFR) and the Federal Register, see
					 Supervisory Policy G 1.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 402 - Budget Planners › Section 402.17 - Office display

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				  Every licensed budget planner shall display in full public view at both its
				  principal office and any branch office in New York State, a sign(s) which shall
				  be no less than 20 inches wide and 12 inches high with letters one-half inch in
				  size indicating:
(1) the name and principal
				  address of the licensee;
(2) that
				  the budget planner is licensed and regulated by the New York State Banking
				  Department; and
(3) that if a
				  debtor has any inquiries or complaints, he or she may call the New York State
				  Banking Department's toll-free number, write to the Banking Department, c/o
				  Consumer Services Division, or submit a complaint filed electronically via the
				  department's web page, in each case as set forth in section
				  1.1  of
				  Supervisory Policy G 1 of this Title.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 402 - Budget Planners › Section 402.18 - Change of location

Current through Register Vol. 46, No. 28, July 10, 2024
A licensee seeking to change the location of one of its
					 offices must give written notice to the superintendent at least 30 days prior
					 to such change. The notice shall:
(a)
				  state the reason(s) for the change;
(b) provide a projection of any increased
				  expenses which may be incurred; and
(c) state the extent, if any, to which the
				  licensee intends to increase fees to its debtors as a result of the change in
				  location.
If the superintendent determines that there is no
					 reasonable objection to such change of location, the superintendent shall
					 attach a rider to the license setting forth the change in
					 location.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 402 - Budget Planners › Section 402.19 - Reports of arrests, convictions, etc

Current through Register Vol. 46, No. 28, July 10, 2024
A written report shall be made to the superintendent of any
					 arrest, indictment or conviction (including any plea bargaining agreement) of
					 any control party, director, or employee of the licensee, for the violation of
					 any law within 10 days after such arrest, indictment or conviction becomes
					 known to the licensee.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 402 - Budget Planners › Section 402.20 - Reports of misconduct

Current through Register Vol. 46, No. 28, July 10, 2024
Every licensee shall submit a report to the superintendent
					 immediately upon the discovery of any of the events listed in Part 300 of this
					 Title. Such report shall be submitted as set forth in Part 300 of this
					 Title.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 402 - Budget Planners › Section 402.21 - Books and records

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				  Every licensee shall keep its books and records in a manner which will allow
				  the superintendent to determine whether the licensee is complying with article
				  12-C of the Banking Law. Every licensee shall preserve its books and records
				  for inspection for a minimum of six years. Specifically, every licensee shall
				  establish and maintain the following to be kept readily available for review by
				  the superintendent:
(1) all rejected debtor
				  application files which shall contain all documentation relating to the
				  applications. A list of rejected files shall be maintained;
(2) all cancelled debtor application files
				  which shall contain all documentation relating to the applications. A list of
				  cancelled files shall be maintained;
(3) a correspondence folder to contain all
				  correspondence to and from the Banking Department, or copies thereof;
(4) a separate file for all written debtor
				  complaints to contain the original complaint, documentation of actions taken
				  and any related correspondence; and
(5) a current business plan which describes
				  in detail the budgeting, educational and counseling services offered; the
				  policies and procedures governing each service including the curriculum
				  utilized that provides the educational and counseling services; the person(s)
				  responsible for administering each such service and the training provided to
				  employees engaged in the rendering of each such service.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 402 - Budget Planners › Section 402.22 - Licensee's return of unused debtor funds

Current through Register Vol. 46, No. 28, July 10, 2024
The licensee must demonstrate a "good faith effort" to
					 locate and refund any monies to the debtor that, for whatever reason, cannot be
					 sent to a creditor.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 402 - Budget Planners › Section 402.23 - Effective date

Current through Register Vol. 46, No. 28, July 10, 2024
The effective date of these amendments to this Part shall
					 be April 7, 2003.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 403 - Sales Finance Companies › Section 403.1 - Books and records

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				  Until payment in full, every licensee shall file each finance agreement or
				  duplicate originals thereof, and all insurance documents relating thereto,
				  except those papers returned to the buyer, so as to be readily available for
				  inspection at any time. All such papers and instruments shall bear a common
				  identifying number. (For the purpose of this Part, the term finance agreements
				  shall include retail instalment contracts, obligations and credit agreements as
				  defined in Personal Property Law, sections
				  301 and
				  401, and Banking Law, section
				  491.)
(b) Every licensee shall maintain a record
				  which will readily disclose, at any time, the aggregate number and outstanding
				  time balances of all finance agreements held by it.
(c) Every licensee shall maintain an
				  individual ledger card or appropriate combination of records with respect to
				  each finance agreement showing:
(1) The name
				  and address of the buyer.
(2) The
				  name and address of the seller.
(3)
				  The date of the contract.
(4) The
				  amount of the principal balance.
(5) The amount and date each installment is
				  due.
(6) The amount and date each
				  installment is paid.
(7) The number
				  of installments due as set forth in the contract.
(8) The total credit service charge set forth
				  in the contract.
(9) The amount, if
				  any, charged for credit life insurance as set forth in the contract.
(10) The amount, if any, charged for any
				  other insurance as set forth in the contract.
(11) The amount of any rebate granted for
				  anticipation including the date rebated.
(12) The date and amount of late charge
				  collected, identifying the installment for which it was imposed.
(13) The amount and date any extension or
				  renewal charge is collected indicating the period extended or
				  deferred.
(14) The amount, if any,
				  charged to or paid by the buyer, for official fees.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 403 - Sales Finance Companies › Section 403.2 - Filing of rate charts and agreements

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Within three business days after a
				  licensee issues, distributes, furnishes or makes available any form or forms of
				  finance agreements to be used by retail sellers in connection with retail
				  installment sales, such licensee shall file with the superintendent one copy of
				  each such form.
(b) Any licensee
				  which issues, distributes, furnishes or makes available any chart or charts
				  setting forth rates or amounts for credit service charges, and/or insurance, to
				  be used in connection with the installment sale of motor vehicles or other
				  goods or services, for the convenience of a retail seller or otherwise, shall
				  file with the superintendent one copy of each of such charts not later than
				  three days after the issuance thereof.
(c) If, at any time, subsequent to filing,
				  the existing charts are altered, amended or changed, or new charts are issued,
				  one copy of the amendments, alterations, changes or new charts shall be filed
				  with the superintendent not later than three days after the issuance
				  thereof.
(d) The term "chart", as
				  used in this section, means all tables, formulae and instructions for the
				  computation of credit service charges or service charges, including rates or
				  tables for the incidental sale of insurance, and all variations thereof caused
				  by or based upon class, geographic area, maturity or any other reason, and
				  includes any and all printed material explaining or describing the manner in
				  which such charts are to be utilized.
(e) Every form of finance agreement and every
				  chart of which a copy is required to be filed with the superintendent pursuant
				  to the provisions of this section shall bear thereon a date of issuance and an
				  identifying symbol consisting of numbers or letters or a combination
				  thereof.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 403 - Sales Finance Companies › Section 403.3 - Advertising

Current through Register Vol. 46, No. 28, July 10, 2024
(a) No licensee
				  shall represent, either orally or in writing, directly or indirectly, by any
				  means whatsoever, including, but not limited to, the use of any office sign
				  (except its duly issued license) or the use and circulation of any letterheads,
				  billheads, blank forms, notes, receipts, certificates, circulars or any written
				  or printed or partly written or printed matter whatever that it is licensed by
				  or subject to the supervision of the superintendent or this State, except by
				  use of the following phrase:
"Licensed, pursuant to Article 11-B of the Banking Law,
					 only for the purpose of engaging in the business of acquiring agreements
					 arising from retail instalment sales."
provided that the use or use and circulation of any written
					 or printed matter containing the foregoing phrase may only be in connection
					 with the licensee's business as a sales finance company.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 403 - Sales Finance Companies › Section 403.4 - Changes in directors, officers or stockholders

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Every corporate licensee shall within 10
				  days after the occurrence of the event advise the superintendent, in writing:
(1) of the name and residence of each
				  stockholder owning 20 percent or more of the stock of the licensee, and of each
				  director and officer who terminates or alters his status with the licensee,
				  and
(2) the name and residence of
				  each person who becomes a stockholder owning 20 percent or more of the stock of
				  the licensee, or a director or officer.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 403 - Sales Finance Companies › Section 403.5 - Report of arrests, indictments or convictions

Current through Register Vol. 46, No. 28, July 10, 2024
Every licensee shall make a written report to the
					 superintendent of any arrests, indictment or conviction of such licensee, of
					 any member of a partnership licensee, or of any stockholder owning 20 percent
					 or more of any class of the outstanding capital stock of a corporate licensee,
					 or of any director or officer thereof, or of any party in interest of any other
					 type of licensee, for any crime in any jurisdiction. Such report shall be made
					 to the superintendent within 10 days after the occurrence of the event becomes
					 known to the licensee.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 404 - Budget Planners/delegation Of Certain Activities › Section 404.1 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
For purposes of this Part:
(a) The term debtor shall mean an individual
				  who enters into a contract with a licensee and is at that time a New York
				  resident.
(b) The term licensee
				  shall mean an entity licensed pursuant to article 12-C of the New York Banking
				  Law.
(c) The term licensee service
				  provider shall mean an entity licensed pursuant to article 12-C of the New York
				  Banking Law that holds, or has access to, or can effectuate possession of, by
				  any means, the monies of another licensee's debtors, or distributes, or is in
				  the chain of distribution of such monies, to the creditors of such debtors,
				  pursuant to an agreement or contract with the licensee. This term shall not
				  include entities that solely provide the electronic routing and settlement of
				  financial transactions and their sponsoring banks.
(d) The term non-licensee service provider
				  shall mean an entity that holds, or has access to, or can effectuate possession
				  of, by any means, the monies of a licensee's debtors, or distributes, or is in
				  the chain of distribution of such monies, to the creditors of such debtors,
				  pursuant to an agreement or contract with the licensee. This term shall not
				  include entities that solely provide the electronic routing and settlement of
				  financial transactions and their sponsoring banks.
(e) The term control party shall mean with
				  respect to a licensee, any individual or entity that possesses, directly or
				  indirectly, the power to direct or cause the direction of the management and
				  policies of a licensee. With respect to a non-licensee service provider it
				  shall mean any individual or entity that has a 10 percent or more ownership
				  interest in the non-licensee service provider and/ or any individual or entity
				  that possesses, directly or indirectly, the power to direct or cause the
				  direction of the management and policies of a non-licensee service
				  provider.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 404 - Budget Planners/delegation Of Certain Activities › Section 404.2 - Explanatory note

Current through Register Vol. 46, No. 28, July 10, 2024
Section 580.4 of article 12-C of the New York Banking Law
					 requires licensees to obtain a surety bond, or in lieu of obtaining such a
					 bond, maintain certain assets on deposit, which constitute a trust fund to be
					 used to reimburse payments made by debtors that have not been properly
					 distributed by the licensee to the creditors of the debtors. In circumstances
					 in which a licensee uses a licensee service provider or a non-licensee service
					 provider to hold, or have access to, or to effectuate possession of, by any
					 means, the monies of a licensee's debtors, the services of such service
					 providers shall be subject to the terms and conditions set forth in sections
					 404.3,
					 404.4,
					 404.5
					 and
					 404.6  of this Part, in
					 order to provide the consumer protections afforded to licensees' debtors as
					 mandated under article 12-C of the New York Banking Law. In complying with
					 these terms and conditions, a licensee that obtains a surety bond pursuant to
					 section 580.4 of the Banking Law and uses the services of a licensee service
					 provider as described, is required to use a licensee service provider that
					 either obtains a surety bond or maintains assets on deposit, in accordance with
					 the provisions of Banking Law, section 580.4. Similarly, if the licensee
					 obtains a surety bond and uses the services of a non-licensee service provider
					 as described, the licensee is required to use a non-licensee service provider
					 that maintains assets on deposit, in accordance with the provisions of section
					 404.4(c)(2) 
					 of this Part. If, however, a licensee elects to maintain assets on deposit
					 pursuant to Banking Law, section 580.4 and uses the services of a licensee
					 service provider or a non-licensee service provider as described, there is no
					 requirement that the licensee service provider or the non-licensee service
					 provider obtain a surety bond or maintain assets on deposit. The licensee
					 service provider would, of course, be required to obtain a surety bond or
					 maintain assets on deposit with respect to its own contracts with debtors for
					 budget planning services, pursuant to Banking Law, section 580.4.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 404 - Budget Planners/delegation Of Certain Activities › Section 404.3 - Servicing by a licensee service provider

Current through Register Vol. 46, No. 28, July 10, 2024
(a) If a licensee seeks to utilize a licensee
				  service provider to hold, or have access to, or to effectuate possession of, by
				  any means, the monies of another licensee's debtors in contract with the
				  licensee for budget planning services, or to distribute, or be in the chain of
				  distribution of such monies to creditors of the licensee's debtors, the
				  licensee shall give the superintendent 10 days written notice of its intention
				  to do so.
(b) Notice to the
				  superintendent shall contain the following information:
(1) name and address of the licensee service
				  provider;
(2) a description of the
				  services to be provided by the licensee service provider;
(3) a copy of the agreement or contract
				  between the licensee and the licensee service provider with respect to the
				  provision of any or all of the services described in subdivision (a) of this
				  section; and
(4) the highest daily
				  amount of debtor funds of the licensee to be held by the licensee service
				  provider, or to which access is given to the licensee service provider, or to
				  which possession can be effectuated, by any means, by the licensee service
				  provider, or which are distributed by the licensee service provider, or are in
				  the chain of distribution, to the creditors of the licensee's
				  debtors.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 404 - Budget Planners/delegation Of Certain Activities › Section 404.4 - Servicing by a non-licensee service provider

Current through Register Vol. 46, No. 28, July 10, 2024
(a) If a licensee seeks to utilize a
				  non-licensee service provider to hold, or have access to, or to effectuate
				  possession of, by any means, the monies of the licensee's debtors in contract
				  with the licensee for budget planning services, or to distribute, or to be in
				  the chain of distribution of such monies, to the creditors of the licensee's
				  debtors, the licensee shall give the superintendent 10 days written notice of
				  its intention to do so.
(b) Notice
				  to the superintendent shall contain the following information:
(1) name and address of the non-licensee
				  service provider;
(2) name,
				  address, social security number and resume of the officers and directors of the
				  non-licensee service provider, any other individual(s) who supervises the daily
				  operations of the non-licensee service provider and any persons having a 10
				  percent or more ownership interest, directly or indirectly, in the non-licensee
				  service provider. If an individual(s) has a 10 percent or more ownership
				  interest in the non-licensee service provider and such individual is not a
				  control party of the licensee with whom the non-licensee service provider is in
				  contract to provide the services described in subdivision (a) of this section,
				  such individual shall provide an affidavit attesting to that fact;
(3) a description of the services to be
				  provided to the licensee by the non-licensee service provider;
(4) a copy of the agreement or contract
				  between the licensee and the non-licensee service provider with respect to the
				  provision of any or all of the services described in subdivision (a) of this
				  section; and
(5) the highest daily
				  amount of debtor funds to be held by the non-licensee service provider, or to
				  which access is given to the non-licensee service provider, or to which
				  possession can be effectuated, by any means, by the non-licensee service
				  provider, or which are distributed by the non-licensee service provider, or are
				  in the chain of distribution, to the creditors of the debtors.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 404 - Budget Planners/delegation Of Certain Activities › Section 404.5 - Termination of agreements or contracts

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Every agreement or contract between a
				  licensee and a licensee service provider, or a non- licensee service provider,
				  to hold, or have access to, or to effectuate possession of, by any means, the
				  monies of the licensee's debtors in contract with the licensee for budget
				  planning services, or to distribute, or be in the chain of distribution of such
				  monies, to creditors of such debtors, shall provide that the agreement or
				  contract shall not be terminated without at least 30 days written notice to the
				  party against whom termination is being sought.
(b) A licensee shall immediately notify the
				  superintendent, in writing, of such termination, upon the sending of by the
				  licensee, or upon the receipt by the licensee, of the notice of
				  termination.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 405 - Premium Finance Agencies › Section 405.2 - Filing of rate charts and agreement forms

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Within three business days after a
				  licensee issues, distributes, furnishes or makes available any chart or charts
				  setting forth rates or amounts for service charges to be used in connection
				  with premium finance agreements for the convenience of agents or brokers, such
				  licensee shall file with the superintendent three copies of each such
				  chart.
(b) Within three business
				  days after a licensee issues, distributes, furnishes or makes available any
				  form or forms of premium finance agreements to be used by agents or brokers in
				  connection with premium financing, such licensee shall file with the
				  superintendent three copies of each such form.
(c) Every form of premium finance agreement
				  and every chart of which a copy is required to be filed with the superintendent
				  pursuant to the provisions of this section shall bear thereon a date of
				  issuance and an identifying symbol consisting of numbers or letters or a
				  combination thereof.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 405 - Premium Finance Agencies › Section 405.3 - Advertising

Current through Register Vol. 46, No. 28, July 10, 2024
No licensee shall represent, either orally or in writing,
					 directly or indirectly, by any means whatsoever, including but not limited to
					 the use of any office sign (except its duly issued license) or the use and
					 circulation of any letterheads, billheads, blank forms, notes, receipts,
					 certificates, circulars, or any written or printed or partly written or printed
					 matter whatever that it is licensed by or subject to the supervision of the
					 superintendent, except by use of the following phrase:
"Licensed, pursuant to article XII-B of the Banking Law,
					 only for the purpose of engaging in the business of a premium finance
					 agency."
The use or use and circulation of any written or printed
					 matter containing the foregoing phrase may only be in connection with the
					 licensee's business as a premium finance agency.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 405 - Premium Finance Agencies › Section 405.4 - Changes in directors, officers or stockholders

Current through Register Vol. 46, No. 28, July 10, 2024
Every corporate licensee shall, within 10 days after the
					 occurrence of the event:
(a) Advise
				  the superintendent, in writing:
(1) of the
				  name and residence of each stockholder owning 20 percent or more of any class
				  of the outstanding capital stock of the licensee; and
(2) of each director and officer, who
				  terminates or alters his status with the licensee, and the name and residence
				  of each person who becomes a stockholder owning 20 percent or more of any class
				  of the outstanding capital stock of the licensee, or a director or officer;
				  and
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 405 - Premium Finance Agencies › Section 405.5 - Reports of arrests, indictments or convictions

Current through Register Vol. 46, No. 28, July 10, 2024
Every licensee shall make a written report to the
					 superintendent of any arrest, indictment or conviction of such licensee or of
					 any member of a partnership licensee, or of any stockholder owning 20 percent
					 or more of any class of the outstanding capital stock of a corporate licensee,
					 or of any director or officer thereof, or of any party in interest of any other
					 type of licensee, for any crime in any jurisdiction. Such report shall be made
					 to the superintendent within 10 days after the occurrence of the event becomes
					 known to the licensee.