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Can you summarize 3 NYCRR Part 12?
General Regulations of the Superintendent > Acquisition of Residences and Similar Facilities by Banks and Trust Companies
Short Summary
This legal document, part of the New York Codes, Rules and Regulations, pertains to the acquisition of residences and similar facilities by banks and trust companies. It requires banks and trust companies to provide the superintendent with a list of properties purchased or leased under the limited authorization, including details such as address, type of acquisition, reason for acquisition, date of purchase or lease, cost, and additional information as required by the superintendent. The document also includes provisions for reporting properties purchased or leased with specific superintendent approval or prior to October 15, 1981. No specific penalties are mentioned in this document. The document grants permission for banks and trust companies to acquire or lease single residences or similar facilities, subject to certain limitations. The maximum amount for acquisition or lease is set at $700,000 or two and one half percent of capital stock, surplus and undivided profits, whichever is greater. Any individual acquisitions or leases exceeding these limits require prior approval from the superintendent. The document also specifies that the total investments in real property, including leasehold improvements and capitalized leases, should not exceed the limitations set forth in section 98(1)(a) of the Banking Law. Additionally, the bank or trust company is required to agree in writing to dispose of the real property within one year after it ceases to be used as a residence or similar facility for any director, officer, or employee of the bank or trust company. The superintendent may extend this disposal timeframe upon a showing of good cause. Overall, this document sets out the regulations and requirements for banks and trust companies regarding the acquisition and leasing of residences and similar facilities.
Whom does it apply to?
Banks and trust companies
What does it govern?
Acquisition of residences and similar facilities by banks and trust companies
What are exemptions?
No specific exemptions are mentioned in this document.
What are the Penalties?
No specific penalties are mentioned in this document.
Jurisdiction
New York