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Can you summarize NYCL BNK Article 2?
Banking > Department of Financial Services; Superintendent of Financial Services; Supervisory and Regulatory Powers
Short Summary
This legal document pertains to the Department of Financial Services and the Superintendent of Financial Services in New York. It covers various entities, including banking organizations, bank holding companies, licensed lenders, licensed cashers of checks, licensed sales finance companies, licensed insurance premium finance agencies, licensed transmitters of money, licensed mortgage bankers, licensed student loan servicers, registered mortgage brokers, licensed mortgage loan originators, registered mortgage loan servicers, licensed budget planners, safe deposit companies, out-of-state state banks maintaining branches or representative offices in New York, and foreign banking corporations licensed to maintain branches, agencies, or representative offices in New York. The document outlines penalties for violations, with the amount of the penalty depending on the severity of the violation and its impact on the licensee, registrant, or safe deposit company. For banking organizations, bank holding companies, and foreign bank licensees, the penalty can also be based on a percentage of their total assets. The penalties range from $2,500 to $75,000 per day for licensees, registrants, and safe deposit companies, and from $5,000 to $250,000 or 1% of the total assets per day for banking organizations, bank holding companies, and foreign bank licensees.
Whom does it apply to?
Banking organizations, bank holding companies, licensed lenders, licensed cashers of checks, licensed sales finance companies, licensed insurance premium finance agencies, licensed transmitters of money, licensed mortgage bankers, licensed student loan servicers, registered mortgage brokers, licensed mortgage loan originators, registered mortgage loan servicers, licensed budget planners, safe deposit companies, out-of-state state banks maintaining branches or representative offices in New York, and foreign banking corporations licensed to maintain branches, agencies, or representative offices in New York
What does it govern?
Department of Financial Services; Superintendent of Financial Services; Supervisory and Regulatory Powers
What are exemptions?
Certain exemptions exist for branch offices located outside of New York, transfers that do not reduce services, branch offices acquired from failing institutions, and unexpected circumstances
What are the Penalties?
Penalties range from $2,500 to $75,000 per day for licensees, registrants, and safe deposit companies, and from $5,000 to $250,000 or 1% of the total assets per day for banking organizations, bank holding companies, and foreign bank licensees
Jurisdiction
New York