Title BNK, Banking

§ 640. Definitions. In this article, unless the context or subject matter otherwise requires: 1. "Person" means an individual, partnership, corporation, association, joint stock association, trust or other group, however organized. 2. "Licensee" means any person duly licensed by…

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

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

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

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

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

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

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

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

§ 650. Violations and penalties. 1. Any person who violates or participates in the violation of any provisions of this article, or who knowingly makes any incorrect statement of a material fact in any application, report or statement made pursuant to this article, or who knowing…

§ 651. Investments. Every licensee shall at all times maintain permissible investments having (i) a market value, computed in accordance with generally accepted accounting principles, at least equal to the aggregate of the amount of all its outstanding payment instruments and al…

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

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

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

§ 652-a. Changes in control. 1. It shall be unlawful except with the prior approval of the superintendent for any action to be taken which results in a change of control of the business of a licensee. Prior to any change of control, the person desirous of acquiring control of th…

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

§ 653. Definitions. 1. "Claimant", when used in this article, means a purchaser or holder of a New York instrument. 2. "Federal insuring agency", when used in this article, means the Federal Deposit Insurance Corporation or the National Credit Union Administration. 3. "Fund", wh…

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

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

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

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

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

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

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

§ 661. Officer or agent of banking corporation or a private banker making guaranty or endorsement beyond the legal limit. An officer or agent of any banking corporation, or a private banker or his agent, who makes or delivers any guaranty or indorsement on behalf of such corpora…

§ 662. Bank officer or employee overdrawing his account or asking for or receiving commissions or gratuities from persons procuring loans or making overdrafts of their accounts. Any officer, director, agent, teller, clerk or employee of any bank, banking association, savings ban…

§ 663. Receiving deposits in insolvent bank. An officer, agent, teller or clerk of any bank, banking association or savings bank, and every private banker or his agent and any teller or clerk of a private banker or any officer, agent or clerk of any corporation transacting any p…

§ 664. Unlawful investments by officers of mutual savings banks. Any officer or trustee of a mutual savings bank authorizing or making any investment of the funds of the bank in securities not authorized by law, is guilty of a misdemeanor.

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

§ 666-a. Loans to be guaranteed by New York state higher education assistance corporation. It shall be unlawful for any banking corporation or private banker authorized to carry on the business of banking under the laws of this state to require that a person making application f…

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

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

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

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

§ 673. Abstraction or misappropriation of money, funds or property, or misapplication of credit of private bankers or corporations to which the banking law is applicable, by an officer, director, trustee, employee or agent thereof. Any officer, director, trustee, employee or age…

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

§ 674-a. Unlawful undertakings. 1. Every undertaking, whether written or oral, express or implied, constituting or contained in a contract heretofore or hereafter entered into, directly or indirectly, between a banking organization, bank holding company, national banking associa…

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

§ 676. Unauthorized withdrawals from savings or time deposit accounts. Any withdrawal of moneys from any savings account or time deposit account maintained in any banking organization, branch of a foreign banking corporation, national bank, federal savings and loan association o…

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

§ 678. Accounts for convenience only. 1. When a deposit of cash, securities or other property has been made, or shares shall be issued in or with any banking organization or foreign banking corporation transacting business in this state, in an account established after the effec…

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

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

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

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

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

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

§ 680-e. Permissible purpose. 1. A special deposit must serve at least one permissible purpose stated in the account agreement from the time the special deposit is created in the account agreement until termination of the special deposit. 2. If, before termination of the special…

§ 680-f. Payment to beneficiary by bank. 1. Unless the account agreement provides otherwise, the bank is obligated to pay a beneficiary if there are sufficient actually and finally collected funds in the balance of the special deposit. 2. Except as provided in subdivision three …

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