New York Codes, Rules and Regulations
Title 3 - BANKING
Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT
Part 78 - Personal Loan Departments Of Savings Banks And Savings And Loan Associations
Section 78.1 - Explanatory note
Universal Citation: 3 NY Comp Codes Rules and Regs ยง 78.1
Current through Register Vol. 46, No. 12, March 20, 2024
Sections 235(8-b) and 380-i of the Banking Law permit savings banks and savings and loan associations, respectively, to operate personal loan departments. Other long-standing provisions of the Banking Law empower savings banks and savings and loan associations to invest in certain secured and unsecured personal loans. The authority to operate a personal loan department pursuant to sections 235(8-b) and 380-i is an additional authority and, except as specifically provided herein, shall not be deemed to limit the investment authority of a savings bank or savings and loan association which is provided under any other provision of the law.
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