2015 New York Laws
BNK - Banking
Article 10 - (Banking) SAVINGS AND LOAN ASSOCIATIONS
388 - Fines and penalties for failure to make payments on instalment shares.

 388.  Fines and penalties for failure to make payments on instalment
  shares. 1. Where dividends on instalment shares are credited by  series,
  a  savings  and  loan  association  may impose fines upon the holders of
  instalment shares of a series, their legal representatives or successors
  in interest, if they neglect to pay dues, interest or premium when  due,
  but  such  fines shall not exceed one per centum per month of the amount
  in default for the period during which such dues, interest  and  premium
  shall  have  remained  in default, except that a fine at the rate of two
  per centum per month of the amount in default may be imposed during  the
  first three months of any default.
2.  Where  dividends on instalment shares are credited individually to
  shares, a savings and loan association  may  declare  a  lower  rate  of
  dividend  on  instalment  shares upon which there has been a default for
  more than sixty days since the last declaration of  dividends,  provided
  that  such  dividend  shall  be  not  less  than sixty per centum of the
  dividend declared on like instalment shares not in default.
3. Where dues on instalment shares are applied directly  in  reduction
  of  a  mortgage loan, a savings and loan association may provide, as one
  of the terms of the obligation, that interest may be added to the unpaid
  balance of the obligation on the first day of each  month  and  computed
  upon  the unpaid balance of the obligation due as of the last day of the
  preceding month.
4. No fine shall be charged against or deducted from the dues actually
  paid by a member and no fines or penalties other than those provided  in
  this section shall be imposed for failure to meet payments on instalment
  shares.