New York Codes, Rules and Regulations
Title 23 - FINANCIAL SERVICES
Chapter I - Regulations of the Superintendent of Financial Services
Part 201 - Registration Requirements and Prohibited Practices for Credit Reporting Agencies
Section 201.5 - Revocation and Suspension of a Registration

Universal Citation: 23 NY Comp Codes Rules and Regs ยง 201.5

Current through Register Vol. 46, No. 12, March 20, 2024

(a) The superintendent may refuse to renew, revoke, or may suspend for a period the superintendent determines the registration of any consumer credit reporting agency if, after notice and hearing, the superintendent determines that the registrant or any member, principal, officer, director, or controlling person of the registrant, has:

(1) violated any insurance, financial service, or banking laws or violated any regulation, subpoena or order of the superintendent or of another state's insurance or banking commissioner or of any other state or federal agency with authority to regulate consumer credit reporting agencies, or has violated any law in the course of his or her dealings in such capacity;

(2) provided materially incorrect, materially misleading, materially incomplete or materially untrue information in the registration application;

(3) failed to comply with the requirements of this Part, including but not limited to, section 201.07 of this Part concerning cybersecurity;

(4) used fraudulent, coercive or dishonest practices;

(5) improperly withheld, misappropriated or converted any monies or properties received in the course of business in this state or elsewhere;

(6) admitted or been found to have committed any unfair trade practice or fraud; or

(7) had a consumer credit reporting agency registration, or its equivalent, denied, suspended or revoked in any other state, province, district or territory.

(b) Before revoking or suspending the registration of any consumer credit reporting agency pursuant to the provisions of this Part, the superintendent shall give notice to the registrant and shall hold, or cause to be held, a hearing not less than fifteen days after the giving of such notice.

(c) If a registration pursuant to the provisions of this Part is revoked or suspended by the superintendent, then the superintendent shall forthwith give notice to the registrant.

(d) The revocation or suspension of any registration pursuant to the provisions of this Part shall terminate forthwith such registration.

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