Ask Reggi Your Question Now
Can you summarize NYCL BNK Article 4-A?
Banking > Public Accommodation Offices of Banks, Trust Companies, Savings Banks, Savings and Loan Associations and Foreign Banking Corporations
Short Summary
The provided legal document governs the limitation on the types of business that can be transacted at public accommodation offices of banks, trust companies, savings banks, savings and loan associations, and foreign banking corporations. It applies to banks, trust companies, savings banks, savings and loan associations, and foreign banking corporations licensed to maintain a branch in the state. The document specifies that only specific functions are allowed to be performed at these offices, including the receipt of deposits, payment of withdrawals, cashing of checks, receipt of moneys due to the banking institution, issuance of cashier’s checks, treasurer’s checks, money orders, and disbursement of funds pursuant to existing loan agreements or extensions of credit. No other functions or services beyond those enumerated are permitted at public accommodation offices. The document also clarifies that a public accommodation office is not considered a branch office and is not subject to any other provisions of the chapter specifically relating to the establishment of branch offices. Each public accommodation office is deemed to be an integral part of the banking institution or branch office of which it is an adjunct, and all business transacted at such public accommodation office is deemed to be transacted at the office of which it is an adjunct. The superintendent is granted the power to adopt, amend, and enforce rules, regulations, and orders to administer and carry out the provisions of this article and prevent evasions thereof. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Banks, trust companies, savings banks, savings and loan associations, and foreign banking corporations licensed to maintain a branch in the state
What does it govern?
Limitation on the types of business that can be transacted at public accommodation offices of banks, trust companies, savings banks, savings and loan associations, and foreign banking corporations
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
New York