New York § 420-F Use of fund name prohibited; penalties for violation

New York Statutes

§ 420-F — Use of fund name prohibited; penalties for violation

New York § 420-F

Law BNKBanking

Art. 10-AState Savings and Loan Insurance Fund

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Bluebook

N.Y. Banking § 420-F (2026).

Text

  § 420-f. Use of fund name prohibited; penalties for violation.  No\nindividual, association, partnership, or corporation shall use the words\n"state savings and loan insurance fund", or any combination of any of\nthese words which would have the effect of leading the public in general\nto believe there was any connection, actually not existing, between such\nindividual, association, partnership, or corporation and the fund, as\nthe name under which he or it shall hereafter do business.  No\nindividual, association, partnership, or corporation shall advertise or\notherwise represent falsely by any device whatsoever that his or its\naccounts are insured or in anywise guaranteed by the fund, or by the\nstate, or by any instrumentality thereof; and no insured member shall\nadvertise or other

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§ 420-f. Use of fund name prohibited; penalties for violation. No\nindividual, association, partnership, or corporation shall use the words\n"state savings and loan insurance fund", or any combination of any of\nthese words which would have the effect of leading the public in general\nto believe there was any connection, actually not existing, between such\nindividual, association, partnership, or corporation and the fund, as\nthe name under which he or it shall hereafter do business. No\nindividual, association, partnership, or corporation shall advertise or\notherwise represent falsely by any device whatsoever that his or its\naccounts are insured or in anywise guaranteed by the fund, or by the\nstate, or by any instrumentality thereof; and no insured member shall\nadvertise or otherwise represent falsely by any device whatsoever the\nextent to which or the manner in which its accounts are insured by the\nfund. Every individual, partnership, association, or corporation\nviolating this section shall be guilty of a misdemeanor punishable by a\nfine of not exceeding one thousand dollars, or by imprisonment not\nexceeding one year, or both.\n