N.Y. Comp. Codes R. & Regs. tit. 3 § 406.12

Current through Register Vol. 46, No. 45, November 2, 2024

Section 406.12 - Additional reporting

As required under Banking Law, section 643.2 the licensee shall give notice to the superintendent by registered or certified mail of any action which shall be brought against the licensee and of any judgment which shall be entered against the licensee by such purchaser or holder of a New York instrument or a New York traveler's check, with details sufficient to identify the action or judgment, within 10 days after the commencement of any such action or notice to the licensee of entry of any such judgment. In addition every licensee shall, immediately after the occurrence of the event becomes known to the licensee, advise the superintendent in writing of:

(a) any criminal or civil action (excluding any civil action in which the amount in controversy is less than $25,000 and excluding any domestic relations action) brought against the licensee or any proceeding to declare the licensee bankrupt, and of any judgment or settlement entered in such an action or proceeding; and

(b) any criminal or civil action (excluding any civil action in which the amount in controversy is less than $25,000 and excluding any domestic relations action) brought against, or any proceeding brought to declare bankrupt, any person who is a partner, principal stockholder, director or principal officer of the licensee, or any partnership, corporation or association other than the licensee of which such person is a partner, principal stockholder, or principal officer, and of any judgment or settlement entered in such an action or proceeding.

N.Y. Comp. Codes R. & Regs. Tit. 3 § 406.12