§ 380-I — Personal loan departments

New York § 380-I

• Jurisdiction: New York
• Law BNK: Banking
• Art. 10: Savings and Loan Associations

Text

§ 380-i. Personal loan departments. Subject to such regulations as the\nsuperintendent of financial services may prescribe, a savings and loan\nassociation may operate a personal loan department under the same terms\nand conditions as are provided under subdivisions four and five of\nsection one hundred eight of this chapter.\n The superintendent of financial services shall be empowered (a) to\nprescribe the terms and conditions governing the conduct and operation\nof personal loan departments including the maximum amount, expressed as\na percentage of assets or otherwise, which a savings and loan\nassociation may invest pursuant to the provisions of this subdivision or\nin the aggregate, taking into account such other provisions of law\nauthorizing investments by savings and loan associations and (b) to\nprescribe such terms and conditions as may be appropriate to effect or\nfacilitate the tranfer of accounts operated pursuant to the provisions\nof any other section of this chapter to the personal loan departments\nauthorized to be operated hereunder.\n In pursuance of the authority granted hereunder savings and loan\nassociations shall be empowered to issue credit cards, extend credit in\nconnection therewith, and otherwise engage in or participate in credit\ncard operations, and to act as financing agencies as defined in\nsubdivision nine of section three hundred one and subdivision eighteen\nof section four hundred one of the personal property law.\n