New York Codes, Rules and Regulations
Title 3 - BANKING
Chapter III - SUPERINTENDENT'S REGULATIONS
Subchapter B - NON-BANKING ORGANIZATIONS
Part 403 - Sales Finance Companies
Section 403.1 - Books and records
Current through Register Vol. 46, No. 12, March 20, 2024
(a) Until payment in full, every licensee shall file each finance agreement or duplicate originals thereof, and all insurance documents relating thereto, except those papers returned to the buyer, so as to be readily available for inspection at any time. All such papers and instruments shall bear a common identifying number. (For the purpose of this Part, the term finance agreements shall include retail instalment contracts, obligations and credit agreements as defined in Personal Property Law, sections 301 and 401, and Banking Law, section 491.)
(b) Every licensee shall maintain a record which will readily disclose, at any time, the aggregate number and outstanding time balances of all finance agreements held by it.
(c) Every licensee shall maintain an individual ledger card or appropriate combination of records with respect to each finance agreement showing:
(d) With respect to any finance agreement whether charged off or not, upon which legal proceedings have been taken, every licensee shall clearly indicate in permanent form on the buyer's ledger card or on a separate sheet or card or file bearing the identifying number, the following:
(e) If any goods are repossessed, the licensee shall clearly indicate in permanent form on the buyer's ledger card or on a separate sheet or card or file bearing the identifying number, the following:
(f) Every licensee shall preserve such books, accounts and records, including cards used in a card system, if any, for at least six years after making the final entry in respect to any finance agreement recorded therein; provided, however, the preservation of photographic reproductions thereof or records in photographic form shall constitute compliance with this section.