Title BNK, Banking

§ 640. Definitions. In this article, unless the context or subject\nmatter otherwise requires:\n 1. "Person" means an individual, partnership, corporation,\nassociation, joint stock association, trust or other group, however\norganized.\n 2. "Licensee" means any person duly lice…

§ 641. License. 1. No person shall engage in the business of selling\nor issuing checks, or engage in the business of receiving money for\ntransmission or transmitting the same, without a license therefor\nobtained from the superintendent as provided in this article, nor shall\n…

§ 642. Action by superintendent. 1. Upon the filing of an application,\nand the payment of the fees for investigation and license, the\nsuperintendent shall investigate the financial condition and\nresponsibility, financial and business experience, character and general\nfitness…

§ 643. Bond or securities. 1. As a condition for the issuance and\nretention of the license, applicants for a license and other licensees\nshall, within thirty days after notice by the superintendent, or such\nlonger or shorter period as he or she shall prescribe, file with the\…

§ 645. Assignment of claims to superintendent. At the written request\nof any claimant or creditor of the licensee whose claim is based on a\ntransaction, in this state, for the sale or issuance of a check or the\nreceipt of money for transmission or transmission of the same, un…

§ 646. Investigations, hearings and reports. 1. The superintendent\nshall have the power to make such investigations and conduct such\nhearings as he shall deem necessary to determine whether any licensee or\nany other person has violated any of the provisions of this article, o…

§ 647. Judicial review. The refusal by the superintendent of an\noriginal license, in the case of an applicant which, prior to January\nfirst, nineteen hundred sixty-three, and upon the date of filing such\napplication, has lawfully been engaged in this state in the business of\…

§ 648. Agents. A licensee may conduct its business at one or more\nlocations within this state, as follows:\n (a) The business may be conducted through or by means of agents as the\nlicensee may from time to time designate or appoint and, in no event,\nshall the business of mone…

§ 649. Rules and regulations. The superintendent is hereby authorized\nand empowered to make such rules and regulations as may in his judgment\nbe necessary or appropriate for the enforcement of this article.\n

§ 650. Violations and penalties. 1. Any person who violates or\nparticipates in the violation of any provisions of this article, or who\nknowingly makes any incorrect statement of a material fact in any\napplication, report or statement made pursuant to this article, or who\nkno…

§ 651. Investments. Every licensee shall at all times maintain\npermissible investments having (i) a market value, computed in\naccordance with generally accepted accounting principles, at least equal\nto the aggregate of the amount of all its outstanding payment\ninstruments an…

§ 651-a. Remittances. 1. Each agent of a licensee which sells any New\nYork instruments or New York traveler's checks issued by such licensee\nshall, and each licensee shall so require each of its agents which sells\nany New York instruments or New York traveler's checks issued …

§ 651-b. Maintenance of books and records by agents. Each licensee\nshall require of each of its agents to make and keep such accounts,\ncorrespondence, memoranda, papers, books and other records as the\nsuperintendent by regulation or order requires. All records so required\nsh…

§ 652. Severability. If any provision of this article, or the\napplication of such provision to any person or circumstance, shall be\nheld invalid, the remainder of this article, and the application of such\nprovision to persons or circumstances other than those to which it is\n…

§ 652-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…

§ 652-b. Tying arrangements. 1. It shall be unlawful for any\ntransmitter of money or its officers, affiliates or subsidiaries to\nenter into an agreement with a check casher, licensed pursuant to the\nprovisions of article nine-A of this chapter, whereby credit is extended\nto …

§ 653. Definitions. 1. "Claimant", when used in this article, means a\npurchaser or holder of a New York instrument.\n 2. "Federal insuring agency", when used in this article, means the\nFederal Deposit Insurance Corporation or the National Credit Union\nAdministration.\n 3. "Fu…

§ 654. Purpose of the fund. There is hereby created a fund to be known\nas the "state transmitter of money insurance fund". The purpose of the\nfund shall be to insure the New York instruments of uninsured\ntransmitters of money which, by reason of insolvency, bankruptcy or\noth…

§ 655. Maximum amount of insurance. 1. Subject to the provisions of\nsubdivisions two and three of this section, the maximum amount of\ninsurance that any claimant shall be entitled to shall be determined by\nthe superintendent after taking into account the amount of claims, the…

§ 656. Claims against the fund. 1. If an uninsured transmitter of\nmoney has defaulted in making payment on any of its New York\ninstruments, the superintendent shall give notice of such default to\npurchasers and holders of such instruments. Such notice may be given by\nmeans o…

§ 657. Payments to the fund. In the event the fund has borrowed any\nmonies from the property and liability insurance security fund pursuant\nto the provisions of section six hundred fifty-eight of this chapter,\nand has any debt outstanding thereto, or in the event an uninsured…

§ 658. General powers of the fund; administration of the fund. 1. The\nfund shall have the power to borrow money from the property and\nliability insurance security fund created by section seven thousand six\nhundred three of the insurance law on such terms and conditions as the…

§ 659. Rules and regulations. The superintendent is hereby authorized\nand empowered to make such rules and regulations as may in his judgment\nbe necessary or appropriate for the enforcement of this article.\n

§ 660. Misconduct of officers, directors, trustees, or employees of\nbanking corporations and of private bankers. A director of a\ncorporation, organized under the laws of this state, having banking\npowers, who concurs in any vote or act of the directors of such\ncorporation, o…

§ 661. Officer or agent of banking corporation or a private banker\nmaking guaranty or endorsement beyond the legal limit. An officer or\nagent of any banking corporation, or a private banker or his agent, who\nmakes or delivers any guaranty or indorsement on behalf of such\ncor…

§ 662. Bank officer or employee overdrawing his account or asking for\nor receiving commissions or gratuities from persons procuring loans or\nmaking overdrafts of their accounts. Any officer, director, agent,\nteller, clerk or employee of any bank, banking association, savings\…

§ 663. Receiving deposits in insolvent bank. An officer, agent, teller\nor clerk of any bank, banking association or savings bank, and every\nprivate banker or his agent and any teller or clerk of a private banker\nor any officer, agent or clerk of any corporation transacting an…

§ 664. Unlawful investments by officers of mutual savings banks. Any\nofficer or trustee of a mutual savings bank authorizing or making any\ninvestment of the funds of the bank in securities not authorized by law,\nis guilty of a misdemeanor.\n

§ 665. Misconduct by directors of banking corporations. Every director\nof a banking corporation who:\n 1. In case of the fraudulent insolvency of such corporation, shall\nhave participated in such fraud; or\n 2. Wilfully does any act as such director which is expressly forbidde…

§ 666-a. Loans to be guaranteed by New York state higher education\nassistance corporation. It shall be unlawful for any banking corporation\nor private banker authorized to carry on the business of banking under\nthe laws of this state to require that a person making applicatio…

§ 668. Use of checks with certain photographs or drawings reproduced\nthereon prohibited. It shall be unlawful for any person, firm or\ncorporation to use any bank check in this state that has printed or\nembossed thereon a photograph, drawing or other reproduction of any\npubli…

§ 669. Unauthorized use of the term "bank" or "trust company." Any\nperson not authorized by the superintendent of financial services, who:\n 1. Uses an office sign at the place where his business is transacted,\nhaving thereon any artificial or corporate name, or other words\ni…

§ 671. False statements or rumors as to banking institutions. Any\nperson who wilfully and knowingly makes, circulates or transmits to\nanother or others any statement or rumor, written, printed or by word of\nmouth, which is untrue in fact and is directly or by inference\nderog…

§ 672. Falsification of books, reports or statements of private\nbankers or corporations subject to the banking law. 1. Any officer,\ndirector, trustee, employee or agent of any corporation to which the\nbanking law is applicable who makes a false entry in any book, report or\ns…

§ 673. Abstraction or misappropriation of money, funds or property, or\nmisapplication of credit of private bankers or corporations to which the\nbanking law is applicable, by an officer, director, trustee, employee or\nagent thereof. Any officer, director, trustee, employee or …

§ 674. Presumption of knowledge of corporate condition and business\nand of assent thereto by directors; definitions. It is no defense to a\nprosecution for a violation of the provisions of this article, that the\ncorporation is a foreign corporation, if it carries on business o…

§ 674-a. Unlawful undertakings. 1. Every undertaking, whether written\nor oral, express or implied, constituting or contained in a contract\nheretofore or hereafter entered into, directly or indirectly, between a\nbanking organization, bank holding company, national banking\nass…

§ 675. Joint deposits and shares; ownership and payment. (a) When a\ndeposit of cash, securities, or other property has been made or shall\nhereafter be made in or with any banking organization or foreign banking\ncorporation transacting business in this state, or shares shall h…

§ 676. Unauthorized withdrawals from savings or time deposit accounts.\nAny withdrawal of moneys from any savings account or time deposit\naccount maintained in any banking organization, branch of a foreign\nbanking corporation, national bank, federal savings and loan associatio…

§ 677. Decedents' accounts, withdrawals by authorized persons. 1. The\nmaximum withdrawal permissible by law for purposes of this section shall\nbe the amount permitted to be paid, without the consent of the\ncommissioner of taxation and finance, under rules or regulations\nprom…

§ 678. Accounts for convenience only. 1. When a deposit of cash,\nsecurities or other property has been made, or shares shall be issued in\nor with any banking organization or foreign banking corporation\ntransacting business in this state, in an account established after the\ne…

§ 679. Public awareness; banking services. The superintendent shall\nconduct a public awareness campaign to educate consumers on different\nbanking services available in the state, particularly those that can\nassist vulnerable adults in financial planning, including, but not\nl…

§ 680. Short title. This article shall be known and may be cited as\nthe "uniform special deposits act".\n

§ 680-a. Definitions. As used in this article, the following terms\nshall have the following meanings:\n 1. "Account agreement" means an agreement that:\n (a) is in a record between a bank and one or more depositors;\n (b) may have one or more beneficiaries as additional parties…

§ 680-b. Scope; choice of law; forum. 1. This article applies to a\nspecial deposit under an account agreement that states the intention of\nthe parties to establish a special deposit governed by this article,\nregardless of whether a party to the account agreement or a transact…

§ 680-c. Variation by agreement or amendment. 1. The effect of this\nsection and sections six hundred eighty-a, six hundred eighty-b, six\nhundred eighty-d, six hundred eighty-e, six hundred eighty-g, six\nhundred eighty-h, six hundred eighty-i, six hundred eighty-j and six\nhun…

§ 680-d. Requirements for special deposit. A deposit is a special\ndeposit if it is:\n 1. a deposit of funds in a bank under an account agreement;\n 2. for the benefit of at least two beneficiaries, one or more of which\nmay be a depositor;\n 3. denominated in a medium of exchan…

§ 680-e. Permissible purpose. 1. A special deposit must serve at least\none permissible purpose stated in the account agreement from the time\nthe special deposit is created in the account agreement until\ntermination of the special deposit.\n 2. If, before termination of the sp…

§ 680-f. Payment to beneficiary by bank. 1. Unless the account\nagreement provides otherwise, the bank is obligated to pay a beneficiary\nif there are sufficient actually and finally collected funds in the\nbalance of the special deposit.\n 2. Except as provided in subdivision t…

§ 680-g. Property interest of depositor or beneficiary. 1. Neither a\ndepositor nor a beneficiary has a property interest in a special\ndeposit.\n 2. Any property interest with respect to a special deposit is only in\nthe right to receive payment if the bank is obligated to pay …