2023 New York Laws
BNK - Banking
Article 9 - Licensed Lenders
350 - Restrictions Concerning Advertising, Liens on Real Estate, and Places Where Loans Made.

Universal Citation: NY Banking L § 350 (2023)
§ 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.

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