New York Codes, Rules and Regulations
Title 3 - BANKING
Chapter III - SUPERINTENDENT'S REGULATIONS
Subchapter B - NON-BANKING ORGANIZATIONS
Part 401 - Licensed Lenders
Section 401.7 - Purchase and collection of loans made in other jurisdictions

Universal Citation: 3 NY Comp Codes Rules and Regs ยง 401.7

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

Each licensee is authorized to purchase and collect, within any office, room or place of business wherein said licensee conducts its business, direct loans made by any of its branches or other lenders if:

(a) such loans were legally made in a foreign country at a rate of interest not in excess of that permitted by article 9 of the Banking Law; or

(b) such loans were legally made in a state which then had in effect a regulatory small loan law similar in principle to article 9 of the Banking Law; and

(c) a record of such purchases and collections is kept separate and apart from the books and files relating to the activities of the licensed lender in making loans under its license, and the ledger cards relating to such purchases and collections are appropriately identified; and

(d) the records, documents and correspondence relating to such purchases and collections are filed so as to be readily available for inspection at any time by the Banking Department.

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