2013 New York Consolidated Laws
GBS - General Business
Article 26 - (390 - 399-ZZZ) MISCELLANEOUS
396-A - Representation by savings and loan association of insurance on accounts.

 
    §  396-a.  Representation by savings and loan association of insurance
  on accounts. 1. No savings  and  loan  association,  building  and  loan
  association, cooperative bank or homestead association organized in this
  or  any  other  state,  other  than one whose accounts are insured by an
  agency of the United States and  which  is  specifically  named  in  the
  representation,  shall  in  or from this state, or to any person in this
  state, make any representation, oral or written, that any of its shares,
  certificates  or  accounts  are  insured  or  guaranteed   unless   such
  representation also includes: (a) the name and address of the insurer or
  guarantor,  (b)  the  name  of the state or country where the insurer or
  guarantor is incorporated or organized, (c) the  phrase  "an  agency  of
  (name  of  state)",  if  such  be  the case, or the phrase "a commercial
  company", if such be the  case,  and  (d)  the  maximum  amount  of  the
  insurance  or  guaranty  applicable  to  each  of  its  accounts. If the
  representation of insurance is made in writing, the statements specified
  in (a), (b), (c) and (d) above shall be  set  forth  in  not  less  than
  ten-point type.
    2.  Whenever  the  superintendent of financial services shall report a
  violation   of   this   section   to   the   attorney-general   or   the
  attorney-general  shall believe from evidence satisfactory to him that a
  violation of this section has occurred, the attorney-general  may  bring
  an  action  in the name of the superintendent or in behalf of the people
  of the state, as the case may be, to enjoin further  violation.  In  the
  action preliminary relief may be granted as under article sixty-three of
  the civil practice law and rules.
    3.  Before  seeking  to  enjoin  a  violation  of  this  section,  the
  attorney-general shall give to the person, association,  corporation  or
  other organization against whom a proceeding is contemplated appropriate
  notice  and an opportunity to show orally and in writing why proceedings
  should not be instituted against him or it.
    4. Nothing herein contained shall be construed to  limit  or  restrict
  the application of article twenty-three-A of the general business law to
  savings   and   loan   associations,  building  and  loan  associations,
  cooperative banks or homestead associations.
    5. A violation of subdivision one shall constitute a misdemeanor.