New York Codes, Rules and Regulations
Title 3 - BANKING
Chapter III - SUPERINTENDENT'S REGULATIONS
Subchapter B - NON-BANKING ORGANIZATIONS
Part 402 - Budget Planners
Section 402.13 - Reports to be filed with the superintendent

Universal Citation: 3 NY Comp Codes Rules and Regs ยง 402.13

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

(a) Each licensee shall annually, on or before the first day of February, furnish a report containing the following information and documentation, which shall be certified as accurate by a control party:

(1) number of clients nationwide and number of debtors in the preceding calendar year;

(2) number of new clients nationwide and number of new debtors in the preceding calendar year;

(3) for debtors, a schedule of fees charged, including initial fee, monthly fee and specific details as to how these fees are computed; and

(4) the agreement utilized for debtors if it has been modified since the date of application or subsequently and has not been previously submitted.

(b) Each licensee shall, on a quarterly basis, report to the superintendent the highest daily amount of debtor funds held by the licensee for disbursement to creditors. This information shall be certified as accurate by a control party and shall be provided by no later than 10 business days after the end of the preceding quarter.

(c) Each licensee shall, within 90 days of the close of the licensee's fiscal year, submit an independently audited financial statement to the superintendent.

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