Financial Services Law Law
Financial Services Law
CHAPTER 18-A OF THE CONSOLIDATED LAWS FINANCIAL SERVICES LAW
New York Financial Services Law Law
New York · statute · N.Y. Financial Services Law Law · 88 active provisions
Financial Services Law Law
General Provisions
ARTICLE 1 GENERAL PROVISIONS Section 101. Short title. 101-a. Legislative findings and determinations. 102. Department of financial services. 103. Explanation of order of provisions. 104. Definitions.
N.Y. Financial Services Law Law § 101
Short title
§ 101. Short title. This chapter shall be known and may be cited as the "financial services law".
N.Y. Financial Services Law Law § 101-A
Legislative findings and determinations
§ 101-a. Legislative findings and determinations. The legislature finds and determines that the banking, insurance and financial services industries constitute a critical sector of New York state's economy. The legislature also finds and determines that responsive, effective, innovative, state banking and insurance reg…
N.Y. Financial Services Law Law § 102
Department of financial services
§ 102. Department of financial services. The legislature hereby declares that the purpose of this chapter is to consolidate the departments of insurance and banking, and provide for the enforcement of the insurance, banking and financial services laws, under the auspices of a single state agency to be known as the "dep…
N.Y. Financial Services Law Law § 103
Explanation of order of provisions
§ 103. Explanation of order of provisions. In this financial services law, the provisions have been divided in descending order of application, with illustrations, as follows: Article 1 Section 101 Subsection (a) Paragraph (1) Subparagraph (A) Item (i) Clause (I) Subitem (aa) Subclause (aaa)
N.Y. Financial Services Law Law § 104
Definitions
§ 104. Definitions. (a) In this chapter, unless the context otherwise requires: (1) "Department" shall mean the department of financial services. (2) "Financial product or service" shall mean: (A) any financial product or financial service offered or provided by any person regulated or required to be regulated by the s…
Financial Services Law Law
Organization of the Department of Financial Services
ARTICLE 2 ORGANIZATION OF THE DEPARTMENT OF FINANCIAL SERVICES Section 201. Declaration of policy. 202. Superintendent. 203. Deputies; employees. 204. Offices of the department. 205. Bureaus. 205-a. Report. 205-b. State charter advisory board. 206. Assessments to defray operating expenses of the department. 207. Annual…
N.Y. Financial Services Law Law § 201
Declaration of policy
§ 201. Declaration of policy. (a) It is the intent of the legislature that the superintendent shall supervise the business of, and the persons providing, financial products and services, including any persons subject to the provisions of the insurance law and the banking law. (b) The superintendent shall take such acti…
N.Y. Financial Services Law Law § 202
Superintendent
§ 202. Superintendent. (a) The head of the department shall be the superintendent of financial services, who shall be appointed by the governor, by and with the advice and consent of the senate, and who shall hold office at the pleasure of the governor. The superintendent shall possess the rights, powers, and duties in…
N.Y. Financial Services Law Law § 203
Deputies; employees
§ 203. Deputies; employees. (a) The superintendent shall appoint a deputy for insurance who shall be the head of the insurance division and a deputy for banking who shall be the head of the banking division. The superintendent may appoint such other deputies as the superintendent deems necessary to fulfill the responsi…
N.Y. Financial Services Law Law § 204
Offices of the department
§ 204. Offices of the department. Suitable offices for conducting the business of the department shall be located in the cities of Albany and New York, and such other cities as the superintendent deems necessary. Necessary additional office, filing and storage space that cannot be supplied by the state commissioner of…
N.Y. Financial Services Law Law § 205
Bureaus
§ 205. Bureaus. The superintendent shall establish an insurance division and a banking division. The superintendent may establish such other bureaus, divisions, and other units within the department as may be necessary for the administration and operation of the department and the proper exercise of its powers and the…
N.Y. Financial Services Law Law § 205-A
Report
§ 205-a. Report. The governor shall by June thirtieth, two thousand eleven, create a working group to examine ways to improve the efficiency and effectiveness of banking regulation and insurance regulation, including opportunities to integrate certain regulatory activities prescribed by the banking law and the insuranc…
N.Y. Financial Services Law Law § 205-B
State charter advisory board
* § 205-b. State charter advisory board. There shall be within the department a state charter advisory board to work with the superintendent in retaining state chartered banking institutions, encouraging federally chartered institutions to convert to a state charter and promoting the state banking system. There shall b…
N.Y. Financial Services Law Law § 206
Assessments to defray operating expenses of the department
§ 206. Assessments to defray operating expenses of the department. (a) For each fiscal year commencing on or after April first, two thousand twelve, assessments to defray operating expenses, including all direct and indirect costs, of the department, except expenses incurred in the liquidation of banking organizations,…
N.Y. Financial Services Law Law § 207
Annual report of the superintendent
§ 207. Annual report of the superintendent. (a) The superintendent shall submit a report annually to the governor and to the legislature on or before the fifteenth day of June. The report shall contain the following items, with respect to the preceding calendar year: (1) a general review of the insurance business, bank…
Financial Services Law Law
Administrative and Procedural Provisions
ARTICLE 3 ADMINISTRATIVE AND PROCEDURAL PROVISIONS Section 301. Powers of the superintendent. 302. Regulations by superintendent. 303. Orders of superintendent; when writing required. 304. Notice; how given. 304-a. Actions of the department subject to the state administrative procedure act. 305. Hearings; conduct; find…
N.Y. Financial Services Law Law § 301
Powers of the superintendent
§ 301. Powers of the superintendent. (a) The superintendent shall have such powers as are conferred upon the superintendent by this chapter, the banking law, the insurance law or any other law of this state. (b) The superintendent shall have the power to conduct investigations, research, studies and analyses of matters…
N.Y. Financial Services Law Law § 302
Regulations by superintendent
§ 302. Regulations by superintendent. (a) The superintendent shall have the power to prescribe and from time to time withdraw or amend, in writing, rules and regulations and issue orders and guidance involving financial products and services, not inconsistent with the provisions of this chapter, the banking law, the in…
N.Y. Financial Services Law Law § 303
Orders of superintendent; when writing required
§ 303. Orders of superintendent; when writing required. Whenever by any provision of this chapter, the insurance law, the banking law or any other applicable law the superintendent is authorized to grant any approval, authorization or permission or to make any other order or determination affecting any person subject t…
N.Y. Financial Services Law Law § 304
Notice; how given
§ 304. Notice; how given. (a) (1) Except when other notice is required by law, whenever the provisions of this chapter, the insurance law, the banking law or any other applicable law require the superintendent to give notice to any person of any authorized action or proposed action, it shall be sufficient to give such…
N.Y. Financial Services Law Law § 304-A
Actions of the department subject to the state administrative procedure act
§ 304-a. Actions of the department subject to the state administrative procedure act. Unless otherwise specifically exempted in this chapter, all rule making and adjudicatory proceedings shall be made in accordance and consistent with the provisions of the state administrative procedure act.
N.Y. Financial Services Law Law § 305
Hearings; conduct; findings and report
§ 305. Hearings; conduct; findings and report. (a) Unless otherwise provided in this chapter, the banking law, the insurance law or any other law, any hearing pursuant to any such law may be held before the superintendent, any deputy superintendent, or any designated salaried employee of the department authorized by th…
N.Y. Financial Services Law Law § 306
Attendance of witnesses; production of documents and records
§ 306. Attendance of witnesses; production of documents and records. (a) The superintendent or the person authorized by the superintendent to conduct a hearing or investigation shall have power to subpoena witnesses, compel the attendance of witnesses, administer oaths, examine any person under oath, and to compel any…
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