N.Y. Banking Law Section 350
Restrictions concerning advertising, liens on real estate, and places where loans made

1.

(a) No licensee or other entity shall advertise, print, display, publish, distribute, or broadcast or cause or permit to be advertised, printed, displayed, published, distributed, or broadcasted, in any manner whatsoever any statement or representation with regard to the rates, terms, or conditions for the loaning of money, credit, goods, or things in action which is false, misleading or deceptive, or in violation of chapter three of the act of congress entitled “Truth in Lending Act” and the regulations thereunder, as such act and regulations may from time to time be amended.

(b)

No licensee shall make, directly or indirectly, orally or in writing, by any method, practice or device, any representation that it is licensed under this chapter, except a representation that such licensee is licensed as a licensed lender by the New York state department of financial services.

2.

No licensee shall take a lien upon real estate as security for any loan under the provisions of this article, except such lien as is created by law upon the recording of a judgment.

3.

No licensee shall conduct the business of making loans under the provisions of this article within any office, room, or place of business in which any other business is solicited or engaged in, or in association or conjunction therewith, except (a) a licensee may, after obtaining any required license, conduct on its premises businesses authorized under articles eleven-B, twelve-B, twelve-D and thirteen-B of this chapter, or

(b)

as may be authorized in writing by the superintendent upon a finding that such other business would not result in evasions of this article or of the rules and regulations lawfully made hereunder.

4.

No licensee shall transact such business or make any loan provided for by this article under any other name or at any other place of business than that named in the license, except as may be authorized by the superintendent.

Source: Section 350 — Restrictions concerning advertising, liens on real estate, and places where loans made, https://www.­nysenate.­gov/legislation/laws/BNK/350 (updated Sep. 22, 2014; accessed Oct. 26, 2024).

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Accessed:
Oct. 26, 2024

Last modified:
Sep. 22, 2014

§ 350’s source at nysenate​.gov

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