New York Codes, Rules and Regulations
Title 23 - FINANCIAL SERVICES
Chapter I - Regulations of the Superintendent of Financial Services
Part 600
Section 600.22 - Reporting

Universal Citation: 600.22 NY Comp Codes Rules and Regs ยง 600.22

Current through Register Vol. 46, No. 52, December 24, 2024

(a) On or before the thirtieth day of April each year, beginning in 2025, each provider subject to the CFDL that, during the preceding calendar year, has utilized the opt-in method of calculating estimated APR, as described in section 600.9 of this Part, shall report to the superintendent, in a statement subscribed and affirmed as true under penalties of perjury, the information requested by the superintendent covering the period of the preceding calendar year.

(b) The report shall include:

(1) for each commercial financing transaction undertaken as defined by the CFDL, the estimated annual percentage rates disclosed to the recipient and actual retrospective annual percentage rates of completed transactions;

(2) the annual mean of all differences between the estimated annual percentage rates disclosed to the recipient and actual retrospective annual percentage rates of completed transactions, which mean shall be reported both weighted by financing amount, and unweighted;

(3) a statement of any unusual and extraordinary circumstances impacting the provider's deviation between estimated and actual annual percentage rate; and

(4) such other information prescribed by the superintendent as necessary or appropriate for the purpose of making a determination of whether the deviation between the estimated annual percentage rate and actual retrospective annual percentage rates of completed transactions was reasonable.

(c) Upon request of the superintendent, each provider described in section 600.22(a) of this Part shall provide any other documents and/or information prescribed by the superintendent as necessary or appropriate for the superintendent's review and consideration of the report(s) submitted pursuant to section 600.22(b) of this Part.

(d) In addition to any reports expressly required by the CFDL and section 600.22(a)-(c) of this Part, the superintendent may require any provider to make special reports to the department at such times as the superintendent prescribes, as may be necessary for the enforcement of the CFDL.

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