§ 585 — Superintendent authorized to examine

New York § 585

• Jurisdiction: New York
• Law BNK: Banking
• Art. 12-C: Budget Planners

Text

§ 585. Superintendent authorized to examine. For the purpose of\ndiscovering violations of this article or securing information lawfully\nrequired by him or her hereunder, the superintendent may at any time,\nand as often as he or she may determine, either personally or by a\nperson duly designated by him or her, investigate the business and\nexamine the books, accounts, records, and files used therein of every\nlicensee hereunder. For that purpose the superintendent and his or her\nduly designated representative shall have free access to the offices and\nplace of business, books, accounts, papers, records, files, safes and\nvaults of all such licensees. The superintendent and any person duly\ndesignated by him or her shall have authority to require the attendance\nof and to examine under oath all persons whose testimony he or she may\nrequire relative to such business. The expenses incurred in making any\nexamination pursuant to this section shall be assessed against and paid\nby the licensee so examined, except that traveling and subsistence\nexpenses so incurred shall be charged against and paid by licensees in\nsuch proportions as the superintendent shall deem just and reasonable,\nand such proportionate charges shall be added to the assessment of the\nother expenses incurred upon each examination. Upon written notice by\nthe superintendent of the total amount of such assessment, the licensee\nshall become liable for and shall pay such assessment to the\nsuperintendent. If, upon review, the superintendent shall determine that\nthe fees or service charges set by the licensee are unreasonable, he or\nshe shall direct the licensee to make adjustments in said fees and\nservice charges in accordance with his or her findings, which shall set\nforth a detailed factual basis and reasoning supporting such finding.\n