New York Codes, Rules and Regulations
Title 3 - BANKING
Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT
Part 77 - Investments In Commercial, Corporate And Business Loans By Savings Banks And Savings And Loan Associations; Leasing Transactions; Letters Of Credit
Section 77.3 - Loans to one borrower
Current through Register Vol. 46, No. 12, March 20, 2024
(a) The aggregate unpaid principal amount of all commercial, corporate and business loans (including lease financing) to any borrower made by a savings bank or savings and loan association shall, if unsecured, not exceed 15 per centum of the net worth of such savings bank or savings and loan association or, if secured, shall not exceed such percentage amounts in relation to net worth as are applicable to banks and trust companies under the provisions of section 103(1) of the Banking Law.
(b) In computing the total commercial, corporate and business loans by any savings bank or savings and loan association:
(c) Notwithstanding compliance by the institution with the provisions of subdivision (a) of this section, if the aggregate unpaid principal amount of commercial, corporate or business loans made by the institution to a borrower together with the aggregate unpaid principal amount of other loans or leases to and letters of credit opened for and the amount of other investments in, such borrower under other provisions of the Banking Law exceeds prudent lending standards, the Banking Department may criticize such undue concentration of credit and take such other supervisory action with respect thereto as may be deemed necessary or appropriate.