New York Codes, Rules and Regulations
Title 3 - BANKING
Chapter III - SUPERINTENDENT'S REGULATIONS
Subchapter B - NON-BANKING ORGANIZATIONS
Part 402 - Budget Planners
Section 402.1 - Definitions

Universal Citation: 3 NY Comp Codes Rules and Regs ยง 402.1

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

For purposes of this Part:

(a) The term control party shall mean any individual or entity that possesses, directly or indirectly, the power to direct or cause the direction of the management and policies of a licensee.

(b) The term director shall mean any member of the governing board of the licensee whether designated as a director, officer, trustee, manager, governor or by any other title.

(c) The term capital certificate shall have the same meaning as is set forth in article 5 of the New York Not-for-Profit Corporation Law.

(d) The term debtor shall mean an individual who enters into a contract with a licensee while the individual is a New York resident.

(e) The term licensee shall mean any entity licensed pursuant to article 12- C of the New York Banking Law.

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