§ 14-C — Power of the superintendent of financial services to prescribe criteria for disclosure of information on savings and time accounts

New York § 14-C

• Jurisdiction: New York
• Law BNK: Banking
• Art. 2: Department of Financial Services; Superintendent of Financial Services; Supervisory and Regulatory Powers

Text

§ 14-c. Power of the superintendent of financial services to prescribe\ncriteria for disclosure of information on savings and time accounts. 1.\nThe superintendent of financial services shall promulgate rules and\nregulations with respect to the disclosure of information on savings and\ntime accounts by all banking organizations and out-of-state state banks\nauthorized to operate and maintain branches pursuant to article five-C\nof this chapter. Such rules and regulations shall set forth guidelines\nfor, but not be limited to the following:\n (a) disclosure of the annual rate of simple interest; the effective\nannual yield; the formula used in calculating interest; the frequency of\ncompounding and crediting of interest; date on which a deposit begins to\nearn interest; any delay in crediting a deposited instrument; grace\nperiods for deposits and withdrawals; the minimum balance required to\nearn interest; the method of determining the balance on which interest\nis paid; the minimum length of time funds must remain on deposit to earn\ninterest; any fees levied on inactive accounts; any charges, penalties\nor other conditions imposed upon withdrawals; any penalties for the\nclosing of an account before a specific date; and any other fees,\ncharges or penalties.\n (b) form, content and distribution of information.\n 2. The superintendent of financial services may alter or amend rules\nand regulations or promulgate additional rules and regulations as he or\nshe deems necessary and proper to effectuate the provisions of\nsubdivision one.\n