Title BNK, Banking

§ 366. Definitions. When used in this article. 1. The term "licensed\ncasher of checks" means any individual, partnership, unincorporated\nassociation or corporation duly licensed by the superintendent of\nfinancial services to engage in business pursuant to the provisions of\nt…

§ 367. License requirements; fees; capital requirements. 1. No person,\npartnership, association or corporation shall engage in the business of\ncashing checks, drafts or money orders for a consideration without first\nobtaining a license from the superintendent.\n 2. Applicatio…

§ 369. Conditions precedent to issuing license; issuance and filing of\nlicense; posting license. 1. If the superintendent shall find that the\nfinancial responsibility, experience, character, and general fitness of\nthe applicant, and of the members thereof if the applicant be …

§ 37. Reports to superintendent. 1. The superintendent shall at least\ntwo times in each year designate a past day as of which every bank,\ntrust company, private banker and, in the discretion of the\nsuperintendent, a bank holding company and any non-banking subsidiary\nthereof…

§ 37-a. Submission of annual reports by the Holocaust claims\nprocessing office. The superintendent shall report annually to the\ngovernor, the temporary president of the senate, the speaker of the\nassembly, the chairs of the senate standing committees on finance and\nbanks, an…

§ 370. Restrictions as to place or area of doing business;\nestablishment of stations; change of location. 1. No more than one place\nof business or one mobile unit shall be maintained under the same\nlicense; provided, however, that more than one license may be issued to\nthe s…

§ 370-a. Changes in control. 1. It shall be unlawful except with the\nprior approval of the superintendent for any action to be taken which\nresults in a change of control of the business of a licensee. Prior to\nany change of control, the person desirous of acquiring control of…

§ 371. Regulations. The superintendent is hereby authorized and\nempowered to make such rules and regulations, and such specific rulings,\ndemands, and findings as he may deem necessary for the proper conduct of\nthe business authorized and licensed under and for the enforcement…

§ 372. Fees and charges; posting schedule; records and reports. 1. The\nsuperintendent shall, by regulation, establish the maximum fees which\nmay be charged by licensees for cashing a check, draft, or money order.\nNo licensee shall charge or collect any sum for cashing a check…

§ 372-a. Superintendent authorized to examine. 1. For the purpose of\ndiscovering violations of this article or securing information lawfully\nrequired in this section, the superintendent may at any time, and as\noften as may be determined, either personally or by a person duly\…

§ 372-b. Forged checks for cashing; signage. All licensees shall post\nin a conspicuously prominent place, clearly visible to all patrons, a\nstatement printed in plain language as provided by the superintendent\ninforming the public that cashing a forged check is illegal and th…

§ 373. Acts prohibited; suspension or revocation of license;\npenalties. 1. No licensee shall engage in the business of making loans\nof money, credit, goods or things or discounting of notes, bills of\nexchange, checks, or other evidences of debt pursuant to the provisions\nof …

§ 374. Application of article. 1. The provisions of this article shall\nnot apply when checks, drafts or money orders are cashed, other than by\na licensee, without a consideration or charge; nor when checks, drafts\nor money orders are cashed, other than by a licensee, as an in…

§ 375. Incorporation; organization certificate. When authorized by the\nsuperintendent as provided in article two of this chapter, fifteen or\nmore persons, residents of the state of New York, may form a corporation\nto be known as a savings and loan association. Such persons sh…

§ 376. Proposed by-laws. 1. The incorporators shall subscribe and\nacknowledge and submit to the superintendent proposed by-laws in\nduplicate, which shall make provision for the following: (a) The dates\nof regular meetings of shareholders; the notice, if any, to be given;\nthe…

§ 377. When corporate existence begins. When the superintendent shall\nhave approved the organization certificate and the proposed by-laws, and\nshall have issued his authorization certificate as provided in article\ntwo of this chapter, the corporate existence of the associatio…

§ 378. Power to issue shares; dues thereon. 1. Every savings and loan\nassociation shall be either permanent or serial in character. A\npermanent association shall be one which issues instalment shares, not\nin series, and credits dividends thereon to the holders of such shares\…

§ 378-a. Time deposits. 1. Subject to such regulations and\nrestrictions as the superintendent of financial services finds to be\nnecessary and proper, a savings and loan association may contract to\nreceive time deposits including deposits upon which the savings and loan\nassoc…

§ 378-b. Club accounts. 1. No contract under which a savings and loan\nassociation agrees to repay shares of fixed sums made at regular\nintervals at a given time with all interest or dividends credited\nthereon, or to repay said shares when, together with interest or\ndividends…

§ 378-c. Excelsior linked deposit program. A savings and loan\nassociation may accept moneys deposited by the comptroller or the\ncommissioner of taxation and finance as linked deposits pursuant to\narticle fifteen of the state finance law and enter into agreements,\npledge asse…

§ 378-d. Preservation of books and records. Every savings and loan\nassociation shall preserve all its records of final entry, including\ncards used under the card system and deposit tickets, for a period of at\nleast six years from the date of making the same or from the date o…

§ 378-e. Water pollution control linked deposit program. A savings and\nloan association may accept moneys deposited by the New York state\nenvironmental facilities corporation as linked deposits pursuant to\narticle sixteen of the state finance law and enter into agreements,\np…

§ 379. Power to invest in securities. A savings and loan association\nmay invest its funds in the following securities: (1) Shares of the\nSavings and Loan Bank of the State of New York, in an amount not\nexceeding five per centum of the assets of such association at the time\no…

§ 379-b. Service corporation owned by associations; authorized\nactivities of such corporation; investment therein. 1. A savings and\nloan association may invest in the stock, capital notes and debentures\nof a service corporation organized under the laws of this state for the\n…

§ 38. Power of subpoena. 1. The superintendent shall have power at all\ntimes, either personally or by his deputies, including special deputy\nsuperintendents, or examiners, to subpoena witnesses, to compel their\nattendance, to administer an oath, to examine any person under oa…

§ 380. Power to make loans. 1. A savings and loan association may make\na loan upon the security of a mortgage of the type authorized to be made\nby a savings bank by subdivisions five-a and six of section two hundred\nthirty-five of this chapter, subject to such regulations as …

§ 380-a. Power to purchase mortgage, loan or investment. Subject to\nsuch regulations and restrictions as the superintendent of financial\nservices may prescribe therefor, an association may acquire by purchase\nany mortgage, loan or invetsment which by the provisions of this ar…

§ 380-b. Power to purchase mortgages from mortgage holders. A savings\nand loan association may purchase from mortgage holders; (1) any bond\nand mortgage insured or guaranteed by the United States or any\ninstrumentality thereof, or for which there is a commitment to so insure\…

§ 380-c. Power to participate in certain loans and mortgage\ninvestments. Subject to such regulations and restrictions as may be\nprescribed by the superintendent of financial services, a savings and\nloan association may participate in making or acquiring (1) loans of a\ntype t…

§ 380-e. Effect of usury. The knowingly taking, receiving, reserving,\nor charging by a savings and loan association of interest, as computed\npursuant to this article, at a rate greater than such rate of interest\nas may be authorized by law shall be held and adjudged a forfeit…

§ 380-f. Power to make advances of federal funds. A savings and loan\nassociation may make advances of federal funds to commercial banks,\nprovided such advances are made on the condition that they be repaid on\nthe next business day following the day on which the advance is mad…

§ 380-g. Power to engage in line of credit financing of residential\nreal estate. A savings and loan association is authorized to invest an\namount, not exceeding the lesser of (a) ten per centum of the sum of its\nsurplus, undivided profits, and reserves or (b) one per centum o…

§ 380-h. Trust powers. 1. The superintendent of financial services is\nauthorized and empowered to grant permission to a savings and loan\nassociation to exercise any or all of the powers specified in sections\none hundred, one hundred-a, one hundred-b and one hundred-c of this\…

§ 380-i. Personal loan departments. Subject to such regulations as the\nsuperintendent of financial services may prescribe, a savings and loan\nassociation may operate a personal loan department under the same terms\nand conditions as are provided under subdivisions four and fiv…

§ 380-j. Authorization to acquire and lease personal property. A\nsavings and loan association is authorized to acquire and lease personal\nproperty to the same extent as a commercial bank is authorized to engage\nin such activities under subdivision twelve of section ninety-six…

§ 380-k. Investment in promissory notes. A savings and loan\nassociation may invest in promissory notes and other evidences of\nindebtedness representing commercial, corporate or business loans to the\nsame extent as a savings bank is authorized to invest in such notes\nunder su…

§ 380-l. Excelsior linked deposit program. A savings and loan\nassociation may make linked loans, each authorized and approved pursuant\nto article fifteen of the state finance law and each in an amount equal\nto a corresponding linked deposit made pursuant to such article, subj…

§ 380-m. Water pollution control linked deposit program. A savings and\nloan association may make linked loans, each authorized and approved\npursuant to article sixteen of the state finance law and each in an\namount equal to a corresponding linked deposit made pursuant to such…

§ 381. Power to take and hold real estate; restrictions. 1. A savings\nand loan association may take, hold and convey real property as follows:\n(a) A plot whereon there is or may be erected a building suitable for\nthe convenient transaction of its business, from portions of wh…

§ 382. Power to borrow. Subject to such regulations as the\nsuperintendent of financial services may promulgate, a savings and loan\nassociation may borrow money and pledge its assets as security for the\nrepayment thereof if it has been authorized so to do by the vote of a\nmaj…

§ 382-a. Power to act as trustee under self-employed retirement trust\nand of individual retirement account; investment in savings account. 1.\nSubject to any regulations and restrictions prescribed by the\nsuperintendent of financial services, a savings and loan association\nsh…

§ 382-b. Power to issue certain obligations. 1. In addition to all\nother powers granted to it by other provisions of law, a savings and\nloan association may issue such notes, bonds, debentures, or other\nobligations or other securities as the superintendent may authorize.\n 2.…

§ 383. Other powers. Every savings and loan association shall, subject\nto the restrictions and limitations contained in this chapter, have the\nfollowing powers: 1. To become a member of the Savings and Loan Bank of\nthe State of New York; to exercise such powers as may be conf…

§ 383-a. Rental of safe deposit boxes. Any savings and loan\nassociation may rent to its members safe deposit boxes in which to keep\npersonal property and papers of any kind.\n

§ 384. Entries in books; restrictions; amortization of securities. 1.\nNo savings and loan association shall by any system of accounting or any\ndevice of bookkeeping, directly or indirectly, enter any of its assets\nupon its books in the name of any individual, partnership or\n…

§ 385. Surplus account. Every savings and loan association shall\naccumulate and maintain a surplus account as provided in section three\nhundred eighty-seven of this article. Such surplus account up to ten per\ncentum of the association's capital shall not be available for any\…

§ 386. Profits; how and when to be computed. 1. Every savings and loan\nassociation shall close its books, for the purpose of computing its\nprofits, at the end of any period for which a dividend is to be paid and\nin no event less frequently than quarterly. To determine the amo…

§ 387. Credits to surplus account and undivided profits; dividends to\nshareholders. 1. When the net profits of any savings and loan\nassociation have been determined at the close of an accounting period,\nif its net worth does not equal ten per centum of its capital, such net\n…

§ 388. Fines and penalties for failure to make payments on instalment\nshares. 1. Where dividends on instalment shares are credited by series,\na savings and loan association may impose fines upon the holders of\ninstalment shares of a series, their legal representatives or succ…

§ 389. Matured shares; conversion into shares of another class upon\nnotice. Whenever the dues and dividends credited to instalment or\naccumulative prepaid shares shall equal their matured value, notice of\nsuch maturity shall be given to the holders thereof and the payment of\…