S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  7738

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                             April 23, 2009
                               ___________

Introduced  by  M. of A. TOWNS -- (at request of the Banking Department)
  -- read once and referred to the Committee on Banks

AN ACT to amend the banking law, in relation to powers  of  the  banking
  board, restrictions on employees of the banking department, collecting
  assessments  and  fees,  suspending  mortgage  bankers and brokers for
  cause and eliminating outdated language and provisions; to  amend  the
  real  property law, in relation to interest rate increases on mortgage
  loans after default and to repeal certain provisions  of  the  banking
  law relating thereto

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Section 9-q of the banking law, as added by  chapter  1  of
the laws of 1994, is amended to read as follows:
  S 9-q.  Small business and small farm loans. By September thirtieth of
[each year] TWO THOUSAND NINE AND TWO THOUSAND ELEVEN,  the  superinten-
dent shall make a report to the governor, the temporary president of the
senate,  the  speaker of the assembly, the chairman AND RANKING MINORITY
MEMBER of the senate standing committee on banks, and the  chairman  AND
RANKING  MINORITY MEMBER of the assembly standing committee on banks, of
the aggregate outstanding loans made to small businesses and small farms
[as reported in the periodic reports of  financial  condition  filed  by
banking  institutions located in this state with the appropriate federal
bank regulatory agency] BY BANKING ORGANIZATIONS.  The  superintendent's
report  shall  be available to the public. For purposes of this section,
"banking [institution] ORGANIZATION"  means  any  bank,  trust  company,
savings  bank, savings and loan association, CREDIT UNION or branch of a
foreign banking corporation the deposits of which  are  insured  by  the
Federal Deposit Insurance Corporation, which is incorporated, chartered,
organized or licensed under the laws of this state or any other state or
the United States.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09608-02-9

              

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  S  2. Paragraph (ii) of subdivision 1 of section 14 of the banking law
is REPEALED.
  S  3.  Subdivision  2  of section 14 of the banking law, as amended by
chapter 684 of the laws of 1938, is amended to read as follows:
  2. The board shall consider and make recommendations upon  any  matter
which  the superintendent may submit to it for recommendations, and pass
upon and determine any matter which he shall submit to it  for  determi-
nation.  NOTWITHSTANDING ANY OTHER PROVISION OF LAW, THE SUPERINTENDENT,
WITHOUT PUBLIC NOTICE, MAY MAKE INFORMATIONAL PRESENTATIONS OR BRIEFINGS
TO  THE  BOARD OR ANY MEMBERS THEREOF, IN PERSON OR BY ELECTRONIC MEANS,
PROVIDED THAT THE INFORMATION PRESENTED IS SUBJECT TO THE CONFIDENTIALI-
TY PROVISIONS OF SUBDIVISION TEN OF SECTION THIRTY-SIX OF  THIS  ARTICLE
AND  PROVIDED  THAT THE BOARD CONDUCTS NO BUSINESS AT ANY SUCH PRESENTA-
TION OR BRIEFING.
  S 4. Subdivision 7 of section 14-d of the banking  law,  as  added  by
chapter 234 of the laws of 1983, is amended to read as follows:
  7. In this section "banking institution" has the same meaning ascribed
to it by section [nine-f] NINE-K of this chapter and "item" has the same
meaning ascribed to it by the uniform commercial code.
  S  5.    Subdivision 3 of section 16 of the banking law, as amended by
chapter 318 of the laws of 1995, is amended to read as follows:
  3. Nothing in this section shall be construed to prohibit an  employee
from: (a) obtaining a loan secured by an assignment of his or her depos-
it  in  a banking organization, or an assignment or pledge of his or her
shares in a savings and loan association or credit union; (b) [obtaining
from a savings bank which has established a  life  insurance  department
pursuant  to article VI-A of this chapter one or more policies of insur-
ance and one or more annuity policies, receiving dividends on such poli-
cies and pledging such policies as security for a loan from said banking
organization to the extent of the cash  surrender  value  thereof;  (c)]
accepting  dealer  financing  of  an automobile, truck or other personal
property for the sole reason that the  financing  company  is  chartered
under  article  [XII] TWELVE of this chapter; or [(d)] (C) owning shares
of an investment company (mutual fund) that may incidentally  invest  in
the  stock  of  banking  institutions,  provided that the purpose of the
investment portfolio of such investment company may  not  be  to  invest
primarily  or exclusively in the shares of banking [institutions] ORGAN-
IZATIONS.  For purposes of this section,  investment  companies  include
open-end  and closed-end investment companies and unit investment trusts
as those terms are defined in an Act of Congress entitled  "The  Invest-
ment Company Act of 1940," as amended.
  S 6.  Subdivision 5 of section 17 of the banking law is REPEALED.
  S  7.  Subdivision  2  of section 17 of the banking law, as amended by
section 2 of part O of chapter 59 of the laws of  2006,  is  amended  to
read as follows:
  2.  All general expenses, including in addition to the direct costs of
personal service, the cost of maintenance and  operation,  the  cost  of
retirement contributions made and workers' compensation premiums paid by
the  state for or on account of personnel, rentals for space occupied in
state owned or state leased buildings and all other direct  or  indirect
costs,  incurred  in  connection  with  the supervision of any person or
entity licensed, registered, or incorporated or otherwise formed  pursu-
ant  to  this  chapter  shall  be  charged  to  and paid by them in such
proportions as the superintendent shall deem just  and  reasonable.  The
provisions of this subdivision shall not be applicable to a bank holding
company, as that term is defined in article three-A of this chapter.

A. 7738                             3

  The  superintendent shall require that partial payments of the charges
for expenses of each fiscal year [commencing on or  after  April  first,
nineteen  hundred  eighty-three]  shall  be  paid  on March tenth of the
preceding fiscal year and on June tenth, September  tenth  and  December
tenth  of  the fiscal year, or on such other dates as the superintendent
may prescribe. Each such payment shall  be  equal  to  twenty-five  [per
centum] PERCENT of the charges, or such other [per centum] PERCENTAGE or
[per  centums]  PERCENTAGES as the superintendent may prescribe, for the
fiscal year as estimated by  the  superintendent.  The  balance  of  the
expenses  shall be charged and paid upon the determination of the actual
amount due. An overpayment of charges resulting from the requirements of
this subdivision shall be [refunded or at the option of] APPLIED AGAINST
THE NEXT ESTIMATED QUARTERLY ASSESSMENT, IF LESS THAN OR EQUAL  TO  SUCH
AMOUNT,  WITH ANY EXCESS REFUNDED TO the assessed [shall be applied as a
credit against the charges for the succeeding fiscal year]. As an alter-
native, if the estimated annual charge for the fiscal year is  equal  to
or  less  than  the annual minimum assessment set by the superintendent,
the superintendent may require full payment to  be  made  on  or  before
September  thirtieth or such other date of the fiscal year as the super-
intendent may determine.
  S 8. Section 22 of the banking law, as amended by chapter 553  of  the
laws of 2007, is amended to read as follows:
  S 22.  Fingerprints.  [(a)]  1. Notwithstanding any other provision of
law, every applicant for a license, authorization or registration  under
articles  nine, nine-A, eleven-B, twelve-B, twelve-C, twelve-D, twelve-E
and thirteen-B of this chapter and every applicant filing an application
to acquire control of any licensee or registrant, as the  case  may  be,
under such articles shall submit simultaneously with an application, his
or  her fingerprints in such form and in such manner as specified by the
division of criminal justice services, but in any event,  no  less  than
two digit imprints. The superintendent shall submit such fingerprints to
the  division of criminal justice services for the purpose of conducting
a criminal history search and returning a report thereon  in  accordance
with  the procedures and requirements established by the division pursu-
ant to the provisions of article thirty-five of the executive law, which
shall include the payment of the prescribed processing fees. The  super-
intendent  shall  request  that the division submit such fingerprints to
the federal bureau of investigation, together with the  processing  fees
prescribed  by  such  bureau,  for  the purpose of conducting a criminal
history search and returning a report thereon. An applicant shall not be
required to submit his or her fingerprints as required by this  subdivi-
sion  if  (A) such applicant (i) is already subject to regulation by the
department and the applicant has  submitted  such  fingerprints  to  the
department,  such  fingerprints  have  been submitted to the division of
criminal justice services for  the  purpose  of  conducting  a  criminal
history  search,  and  a  report of such search has been received by the
department from such division; or (ii) is subject  to  regulation  by  a
federal  bank  regulatory  agency and has submitted such fingerprints to
such agency which has had a criminal history search  conducted  of  such
individual  and has shared such information or its determination result-
ing from such search with the department; or  (iii)  is  an  officer  or
stockholder  of  a corporation whose common or preferred stock is regis-
tered on a national securities  exchange,  as  provided  in  an  act  of
congress  of  the United States entitled the "Securities Exchange Act of
1934", approved June sixth, nineteen hundred thirty-four, as amended, or
such other exchange or market system as the superintendent shall approve

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by regulation, and has submitted such fingerprints to such  exchange  or
market  system which has had a criminal history search conducted of such
individual and has shared such information or its determination  result-
ing  from  such  search with the department; provided, however, that the
superintendent may subsequently require such applicant to submit his  or
her fingerprints if the superintendent has a reasonable basis for updat-
ing  the  information  or determination resulting from the report of the
criminal history search conducted at the request of such federal banking
agency, exchange or market system; OR (B) THE SUPERINTENDENT, IN HIS  OR
HER SOLE DISCRETION, DETERMINES THAT THE CIRCUMSTANCES OTHERWISE WARRANT
A WAIVER OF THE REQUIREMENTS OF THIS SECTION.
  [(b)]  2.  The  superintendent shall also, concurrent with an investi-
gation of  a  licensee  or  registrant,  or  an  authorized  individual,
pertaining  to  a violation of this chapter, submit such fingerprints to
the division of criminal justice services for the purpose of  conducting
a criminal history search and returning a report thereon and through the
division  to  the  federal  bureau of investigation for the purpose of a
fingerprint check of such licensee, registrant or authorized individual.
  [(c)] 3. For purposes of this section,  "applicant"  shall  include  a
natural  person  or such principal, officer, director, trustee or stock-
holder of any other entity as may be designated by  the  superintendent.
Notwithstanding  any other provision of this article, the superintendent
shall not access criminal history data or information, unless any agency
from which the superintendent receives directly criminal history data or
information has entered into a use and dissemination agreement with  the
superintendent consistent with the provisions of this section.
  S  9.  The  second undesignated paragraph of section 23 of the banking
law, as amended by section 5 of part O of chapter  59  of  the  laws  of
2006, is amended to read as follows:
  At  the  time  of submission of the certificate and accompanying docu-
ments an investigation fee as prescribed pursuant to section  eighteen-a
of  this article shall be paid to the superintendent[, to be retained by
him or her if the certificate and accompanying documents are  filed.  If
the  certificate  and  accompanying  documents  are not filed because of
defects therein, the investigation fee  is  to  be  returned  with  such
papers to the persons from whom they were received].
  S  10. Section 24 of the banking law, as amended by chapter 684 of the
laws of 1938, subdivision 1 as amended by chapter 453  of  the  laws  of
1960,  subdivision  2  as  amended  by  chapter 419 of the laws of 1996,
subdivision 3 as amended by chapter 52 of the laws of 1944 and  subdivi-
sion 4 as amended by chapter 608 of the laws of 1996, is amended to read
as follows:
  S  24.  Investigation  by superintendent; refusal or approval;  filing
certificate. 1. Within ninety days after the date when any  organization
certificate  or  private  banker's certificate shall have been filed for
examination, the superintendent, if he OR SHE shall find after  investi-
gation and examination of what he deems to be the best sources of infor-
mation [at his command] AVAILABLE that the character, responsibility and
general  fitness  of the person or persons named in such certificate are
such as to command confidence and warrant belief that  the  business  of
the  proposed  corporation  or private banker will be honestly and effi-
ciently conducted in accordance with the  intent  and  purpose  of  this
chapter,  and that the public convenience and advantage will be promoted
by allowing such proposed corporation or private  banker  to  engage  in
business,  shall  submit  such certificate to the banking board together
with all papers, correspondence and other  information  in  his  OR  HER

A. 7738                             5

possession relating thereto, including the results of [his] THE investi-
gation  and his OR HER recommendation in the matter. [Such] AN EXTENSION
OF SUCH NINETY DAY period [of ninety days] may be [extended]  REQUESTED,
by  a  written  [consent]  REQUEST executed by a majority of the persons
from whom the superintendent received such organization  certificate  or
private  banker's  certificate, for such additional reasonable period of
time as may be required for applicants to comply with conditions  prece-
dent  stipulated by the superintendent as being a prerequisite to his OR
HER recommendation to the banking board. THE SUPERINTENDENT, IN  HIS  OR
HER SOLE DISCRETION, SHALL DETERMINE WHETHER TO GRANT SUCH AN EXTENSION.
  2.  If  [three-fifths  of  the  members  of]  the BANKING board, after
consideration of all relevant information available to them, shall  vote
for  approval, the superintendent, if he OR SHE is still satisfied, upon
the considerations set forth in subdivision one of  this  section,  that
such  proposed  corporation  or  private  banker  should be permitted to
engage in business, shall approve such certificate and endorse upon each
of the duplicates the date of such  approval.  [He]  THE  SUPERINTENDENT
shall  forthwith  cause  notice  of  such  approval  to  be given to the
proposed incorporators or  private  banker  and  one  of  the  duplicate
certificates [to] SHALL be filed in the office of the department and the
other  in  the  office of the clerk of the county in which the principal
office of such proposed corporation or private banker is to be  located.
In  a  case  in  which  a private banker certificate is submitted to the
superintendent for the purpose of continuing the business in  connection
with  a  change in its partnership, the superintendent shall approve the
private banker certificate without any action by the banking board  upon
making  a  determination  that the private banker should be permitted to
continue its business based upon the considerations set forth in  subdi-
vision one of this section.
  3.  If  [three-fifths  of  the members of] the banking board shall not
vote for approval, or if the superintendent, either prior or  subsequent
to  the  submission  of such certificate to the board, is not satisfied,
upon the considerations set forth in subdivision one  of  this  section,
that  such proposed corporation or private banker should be permitted to
engage in business, the superintendent shall refuse such certificate and
shall endorse thereon the date of such refusal and  return  one  of  the
duplicates  to  the  proposed  incorporators or private banker from whom
such certificate was received.
  4. The provisions of this section shall not apply to any  organization
certificate  required to be filed in the office of the superintendent by
SECTION ONE HUNDRED THIRTY-SIX,  BY  section  two  hundred  sixty-b,  by
section  four  hundred ten, by section four hundred eleven or by section
four hundred eighty-six of this chapter.
  S 11. Subdivisions 1 and 3 of section 25 of the banking law,  subdivi-
sion  1  as amended by chapter 512 of the laws of 1977 and subdivision 3
as amended by chapter 561 of the laws of 1946, are amended  to  read  as
follows:
  1.  If  the  superintendent  shall  find that a corporation or private
banker, the certificate of which has been approved and filed as provided
in section twenty-four of this article, has in good faith complied  with
all  the  requirements of law and fulfilled all the conditions precedent
to commencing business imposed by this chapter, [he] THE  SUPERINTENDENT
shall,  within  ninety  days after the date of such approval, [or within
such longer period thereafter as he may permit pursuant  to  the  second
sentence  of this subdivision,] but UNLESS THE SUPERINTENDENT DETERMINES
THAT EXTRAORDINARY CIRCUMSTANCES EXIST, in no case after the  expiration

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of  that  period,  issue [under his hand] and EXECUTE UNDER the official
seal of the department, in triplicate, an authorization  certificate  to
the  person or persons named in such organization certificate or private
banker's certificate.  [The]  NOTWITHSTANDING THE PRECEDING SENTENCE, IF
THE  SUPERINTENDENT  DETERMINES IT IS CONSISTENT WITH THE DECLARATION OF
POLICY CONTAINED IN SECTION TEN OF THIS ARTICLE, THE superintendent  may
extend  the  period  within  which he OR SHE may issue the authorization
certificate by (I) an additional [sixty] NINETY days, provided, however,
that he OR SHE shall have determined that  such  extension  of  time  is
needed for raising capital, for fulfilling any other condition precedent
to  the commencement of business or for satisfying any other requirement
of organization, whether imposed by statute  or  regulation[,  and  that
such extension is consistent with the declaration of policy contained in
section ten of this chapter] OR OTHERWISE, OR (II) SUCH LONGER PERIOD OF
TIME HE OR SHE SHALL DEEM APPROPRIATE, PROVIDED, HOWEVER, THAT HE OR SHE
SHALL  HAVE  DETERMINED  THAT  EXTRAORDINARY  CIRCUMSTANCES  EXIST. Such
authorization certificate shall state that the  corporation  or  private
banker  named  therein  has complied with the provisions of this chapter
and that it is authorized to transact the  business  specified  therein.
Such  authorization  certificate  shall  be conclusive evidence that all
conditions precedent have been fulfilled and that  the  corporation  has
been  formed under this chapter, except in an action or special proceed-
ing brought by the superintendent or the attorney  general.  The  super-
intendent  shall  cause one of the triplicate authorization certificates
to be transmitted to the corporation or private banker  thereby  author-
ized  to  commence  business,  another  to be filed in the office of the
department, and the third to be filed in the county  clerk's  office  in
which  the  organization certificate or the private banker's certificate
has been filed. The copies of the authorization certificate filed in the
offices of the superintendent and the county clerk shall be attached  to
the  copies  of the organization certificate or private banker's certif-
icate previously filed and such certificates shall be  recorded  in  the
records of incorporation therein.
  3. Any corporation which shall not commence business within six months
after  the  date on which its authorization certificate is issued by the
superintendent shall forfeit its rights and privileges as a  corporation
and its corporate powers shall cease and determine unless the time with-
in  which such business may be commenced has been extended by the super-
intendent.  Upon satisfactory cause being shown, the superintendent  may
grant  [an extension for a period of not more than one year] ONE OR MORE
EXTENSIONS. Such extension shall be granted by order executed, transmit-
ted and filed in the manner provided for an authorization certificate in
subdivision one of this section.
  S 12. Section 28 of the banking law, as amended by chapter 315 of  the
laws of 2008, is amended to read as follows:
  S 28.  Change  of location; change of designation of principal office;
approval or refusal; certificate. Upon receipt by the superintendent  of
a  written  application  in proper form from any banking organization or
foreign corporation for leave to change its place or one of  its  places
of  business to another place or from any banking organization for leave
to change the designation of its principal office to a branch office and
to change the designation of one of its branch offices to its  principal
office,  the  superintendent shall, if he or she shall be satisfied that
such change may be permitted under the terms of this  chapter  and  that
there  is  no  reasonable  objection to such change, execute and issue a
certificate under the official seal of the department  authorizing  such

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change  and  specifying  the  date  on or after which such change may be
made, and shall cause the original of such certificate to be transmitted
to the applicant, a copy to be filed in the office of the department and
a copy to be filed in the office of the clerk of the county in which the
principal  office  of  the  applicant  is  located, provided that if the
proposed principal office is in a different county than  the  county  in
which  the  principal office is located at the time of the filing of the
application, the superintendent shall cause copies to be  filed  in  the
offices  of the clerks of both counties. If the superintendent shall [be
satisfied in any case that such change is undesirable or inexpedient, he
or she shall] refuse such application [and], HE OR SHE SHALL notify  the
applicant of such determination.
  S 13. Section 28-a of the banking law, as amended by section 6 of part
O of chapter 59 of the laws of 2006, is amended to read as follows:
  S  28-a.  Temporary  change  of location; approval or refusal; certif-
icate.  Notwithstanding any provisions of law  limiting  the  number  of
offices  which  may  be  maintained thereby, any banking organization or
foreign banking corporation may make a written application to the super-
intendent for a temporary change of location of its authorized place  or
one of its authorized places of business or a portion thereof to another
place  within  the  state  which shall be as near as practicable to such
authorized place of business. At the time of making the  application  an
investigation  fee  as prescribed pursuant to section eighteen-a of this
article shall be paid to the superintendent for each temporary  location
for  which leave to open is sought, except where (1) the applicant would
not be required to pay an investigation fee upon the filing of an appli-
cation for a change of location under provisions of this  chapter  other
than  this section, or (2) said application is necessitated by damage or
destruction caused by  flood,  tidal  wave,  earthquake,  conflagration,
tornado,  hurricane,  cyclone,  windstorm  or  other storm or such other
event as shall have been declared a catastrophe by  the  superintendent.
If  there  is  no reasonable objection to such change, and if the super-
intendent finds that such change is  necessary  or  desirable  during  a
period  of  construction,  repair,  alteration,  improvement,  or recon-
struction of the previously authorized place  of  business,  he  or  she
shall  issue  AND  EXECUTE a certificate under [his or her hand and] the
official seal of the department authorizing each such change and  speci-
fying  (a)  the period during which such temporary location may be main-
tained, (b) the date on or after which such change may be made, and  (c)
the  powers  which  may  be  exercised thereat. The superintendent shall
cause the original of such certificate to be transmitted to  the  appli-
cant,  a  copy to be filed in the office of the department and a copy to
be filed in the office of the clerk of the county in which the principal
office of the applicant is located.  If  the  superintendent  shall  [be
satisfied in any case that a change is undesirable or inexpedient, he or
she  shall]  refuse  such  application [and], HE OR SHE SHALL notify the
applicant of [his or her] SUCH determination. A temporary place of busi-
ness occupied pursuant to the provisions of this section shall be closed
as soon as practicable, and in no event later than the date specified in
its authorization certificate,  unless  the  superintendent  shall  have
extended such time. The banking organization or corporation shall notify
the  superintendent  in  writing prior to such closing as to the date it
intends to close the temporary place of business.
  S 14. Subdivision 2 of section 28-b of the banking law is REPEALED.
  S 15. Subdivision 5 of section 28-b of the banking law,  as  added  by
chapter 361 of the laws of 1984, is amended to read as follows:

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  5.  The banking board is hereby authorized and empowered[, by a three-
fifths vote of all its members,] to  promulgate  rules  and  regulations
effectuating  the  provisions  of  this section, including any rules and
regulations  providing  that  the  assessment  of  banking  institutions
referred  to  in  subdivision  three  of this section shall be made on a
graduated numerical basis.
  S 16. Section 39 of the banking law is amended by adding a new  subdi-
vision 7 to read as follows:
  7.  WHEN ANY PROVISION OF THIS CHAPTER REQUIRES THAT BOOKS AND RECORDS
BE MAINTAINED, SUCH REQUIREMENT  MAY  BE  SATISFIED  BY  MAINTENANCE  OF
ORIGINAL PAPERS OR OTHER RECORDS, PHOTOGRAPHIC REPRODUCTIONS, OR RECORDS
STORED IN ELECTRONIC STORAGE MEDIA. AS USED IN THIS CHAPTER, "ELECTRONIC
STORAGE MEDIA" MEANS ANY DIGITAL STORAGE MEDIUM OR SYSTEM THAT MEETS THE
FOLLOWING CONDITIONS:
  (A)  IT  MUST  PRESERVE  THE  RECORDS  EXCLUSIVELY  IN NON-REWRITABLE,
NON-ERASABLE FORMAT;
  (B) IT MUST VERIFY AUTOMATICALLY THE QUALITY AND ACCURACY OF THE STOR-
AGE MEDIA RECORDING PROCESS;
  (C) IT MUST HAVE THE CAPACITY TO READILY DOWNLOAD INDEXES AND  RECORDS
PRESERVED  ON  THE  ELECTRONIC STORAGE MEDIA TO ANY MEDIUM ACCEPTABLE TO
THE SUPERINTENDENT; AND
  (D) IT MUST BE IMMEDIATELY READABLE ON EQUIPMENT AT ALL  TIMES  AVAIL-
ABLE TO THE SUPERINTENDENT FOR EXAMINATION OF SUCH RECORDS.
  S  17.  The  closing  paragraph  of  section 42 of the banking law, as
amended by chapter 684 of the laws  of  1938,  is  amended  to  read  as
follows:
  NOTWITHSTANDING  ANYTHING  TO THE CONTRARY IN THIS SECTION, THE SUPER-
INTENDENT MAY VARY OR WAIVE ANY SUCH PUBLICATION REQUIREMENTS, IF HE  OR
SHE  SHALL  DETERMINE  THAT CONSIDERATION OF THE MATTER IS IN THE PUBLIC
INTEREST. Every such statement after having been so posted for one  week
shall  be  placed  on file and kept in the office of the department. All
such statements shall be public documents and at  all  reasonable  times
shall be open to public inspection.
  S  18.  Subdivision 1 of section 229 of the banking law, as amended by
chapter 1 of the laws of 1984, is amended to read as follows:
  1. This article applies to every savings bank and shall not  apply  to
any  other banking organization except to such extent, if any, as may be
specified in any article of this chapter governing such  banking  organ-
ization;  provided,  however,  that  in  the  case of stock-form savings
banks, this article applies to every such organization except  that  the
banking  board,  consistent  with the declaration of policy described in
section fourteen-e of this chapter, shall be empowered to deem  inappli-
cable  to  stock-form  savings  banks, sections two hundred thirty, [two
hundred thirty-one,] two hundred thirty-two, two  hundred  thirty-three,
subdivisions one and two of section two hundred thirty-four, two hundred
forty-three, two hundred forty-four, two hundred forty-five, two hundred
forty-six, two hundred forty-six-a, two hundred forty-seven, two hundred
forty-eight,  two  hundred  forty-nine,  two  hundred fifty, two hundred
fifty-one and two hundred fifty-two of this chapter.
  S 19. Subdivision 1 of section 413 of the banking law, as  amended  by
chapter 300 of the laws of 1994, is amended to read as follows:
  1.  With  the prior approval of the superintendent, a New York savings
and loan holding company or a subsidiary thereof or a New  York  savings
association  may  acquire  control  of  an out-of-state savings and loan
holding company or an out-of-state savings association, and  an  out-of-
state  savings  and  loan  holding company or a subsidiary thereof or an

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out-of-state savings association may  acquire  control  of  a  New  York
savings  and  loan  holding  company  or  a New York savings association
subject to regulations to be adopted by the [banking  board.  The  terms
and  conditions  prescribed  by  such regulations shall be substantially
similar to those contained in section one hundred  forty-two-b  of  this
chapter  governing  reciprocal  interstate  acquisitions by bank holding
companies] SUPERINTENDENT.
  S 20. Subdivision 2 of section 460 of the banking  law,  as  added  by
chapter 608 of the laws of 1996, is amended to read as follows:
  2. Earnings from all sources for the period for which a dividend is to
be paid[, except as provided in section four hundred fifty-eight of this
article,]  may  be credited to the profit and loss account of the credit
union and the following items shall be charged against such  account  in
the determination of the amount available for dividends to shareholders:
  (a)  All  expenses paid or incurred by the credit union in the manage-
ment of its affairs, the collection of its debts or the  transaction  of
its business.
  (b) The interest paid or accrued on debts owed by the credit union.
  (c)  All  losses incurred on loans in excess of the allowance for loan
loss account.
  (d) Any interest collected in advance shall be considered unearned  at
the  end  of  the  fiscal  period,  and shall be set aside in an account
called "unearned interest".
The credit balance of the profit and loss  account  as  thus  determined
shall  constitute the undivided profits of the credit union at the close
of such period, and shall be applicable  to  the  payment  of  dividends
except as provided in subdivision three of this section.
  S  21.  Paragraph  (l)  of subdivision 8 of section 609 of the banking
law, as amended by chapter 684 of the laws of 1938, is amended  to  read
as follows:
  (l)  Within  sixty  days after a plan pursuant to this subdivision has
become effective with respect to any bank[,] OR trust company [or indus-
trial bank], there shall be called in  accordance  with  its  by-laws  a
meeting  of its stockholders who shall elect directors who shall succeed
the former directors. The directors so elected shall elect officers  who
shall  succeed  the  former officers. Directors in office at the date of
such meeting may be elected at such meeting to  succeed  themselves  and
the directors elected at such meeting may elect officers then serving to
succeed themselves. [Notwithstanding the requirements as to ownership of
capital  stock contained in section one hundred sixteen or section three
hundred three of this chapter, the] THE directors  of  such  bank[,]  OR
trust  company [or industrial bank] holding office at the time that such
plan becomes effective may continue to hold office as  directors,  until
their successors are elected and shall have qualified.
  S  22. Section 4002 of the banking law, as added by chapter 321 of the
laws of 1992, subdivisions (a) and (b) as amended and subdivision (d) as
added by chapter 302 of the laws of 2003, is amended to read as follows:
  S 4002. Fingerprints. [(a)] 1. Notwithstanding any other provisions of
law, every incorporator of a corporation shall, in addition to any other
requirements which may be imposed by the superintendent,  submit  simul-
taneously  with an application, his or her fingerprints in such form and
in such  manner  as  specified  by  the  division  of  criminal  justice
services,  but  in  any  event,  no  less than two digit imprints. Every
applicant filing an application to acquire control of any  bank  holding
company  under  section  one hundred forty-two of this chapter or of any
banking institution under sections one  hundred  forty-three-a  and  one

A. 7738                            10

hundred  forty-three-b  of  this chapter shall, in addition to any other
requirements which may be imposed by the superintendent,  submit  simul-
taneously  with an application, his or her fingerprints in such form and
in  such  manner  as  specified  by  the  division  of  criminal justice
services, but in any event, no less than two digit imprints. The  super-
intendent  shall  submit  the  fingerprints  to the division of criminal
justice services for the purpose of conducting a criminal history search
and returning a report thereon in accordance  with  the  procedures  and
requirements  established  by the division pursuant to the provisions of
article thirty-five of  the  executive  law,  which  shall  include  the
payment  of  the  prescribed  processing  fees. The superintendent shall
request that the division submit such fingerprints to the federal bureau
of investigation, together with the processing fees prescribed  by  such
bureau,  for  the  purpose  of  conducting a criminal history search and
returning a report thereon.
  [(b)] 2. The superintendent shall also, concurrent  with  an  investi-
gation  of an incorporator of a corporation pertaining to a violation of
this chapter, submit such  fingerprints  to  the  division  of  criminal
justice services for the purpose of conducting a criminal history search
and  returning  a report thereon and through the division to the federal
bureau of investigation for the purpose of a fingerprint check  of  such
incorporator.
  [(c)]  3. For purposes of this section, "incorporator" shall include a
natural person or such principal, officer, director, trustee  or  stock-
holder  of  any other entity as may be designated by the superintendent.
Notwithstanding any other provision of this article, the  superintendent
shall not access criminal history data or information, unless any agency
from which the superintendent receives directly criminal history data or
information  has entered into a use and dissemination agreement with the
superintendent consistent with the provisions of this section.
  [(d)] 4. An applicant shall not be required to submit his or her fing-
erprints as required by subdivision [(a)] ONE of  this  section  if  (A)
such  applicant  (i)  is already subject to regulation by the department
and the applicant has submitted such  fingerprints  to  the  department,
such  fingerprints  have  been  submitted  to  the  division of criminal
justice services for  the  purpose  of  conducting  a  criminal  history
search,  and a report of such search has been received by the department
from such division WITHIN THE PAST FIVE YEARS; or  (ii)  is  subject  to
regulation  by  a  federal bank regulatory agency and has submitted such
fingerprints to such agency which has  had  a  criminal  history  search
conducted  of  such  individual  and  has shared such information or its
determination resulting from such search with the department;  or  (iii)
is  an officer or stockholder of a corporation whose common or preferred
stock is registered on a national securities exchange, as provided in an
act of congress of the United States entitled the  "Securities  Exchange
Act  of  1934",  [approved  June sixth, nineteen hundred thirty-four, as
amended,] or such other exchange or market system as the  superintendent
shall approve by regulation, and has submitted such fingerprints to such
exchange  or  market  system  which  has  had  a criminal history search
conducted of such individual and has  shared  such  information  or  its
determination  resulting from such search with the department; provided,
however, that the superintendent may subsequently require such applicant
to submit sets of fingerprints if the superintendent  has  a  reasonable
basis  for  updating the information or determination resulting from the
report of the criminal history search conducted at the request  of  such
federal  banking  agency,  exchange  or market system; OR (B) THE SUPER-

A. 7738                            11

INTENDENT, IN HIS OR HER SOLE DISCRETION, DETERMINES  THAT  THE  CIRCUM-
STANCES OTHERWISE WARRANT A WAIVER OF THE REQUIREMENTS OF THIS SECTION.
  S  23.  Subdivision  8 of section 5004 of the banking law, as added by
chapter 849 of the laws of 1964, is amended to read as follows:
  8. When the consideration for  shares  has  been  paid  in  full,  the
subscriber shall be entitled to all the rights and privileges of a hold-
er of such shares and to a certificate representing his shares, and such
shares  shall  be fully paid and, subject to sections [one hundred thir-
teen-a, one hundred thirteen-b,] one hundred  fourteen[,  three  hundred
five, three hundred five-a, three hundred six, three hundred twenty-two,
three hundred twenty-two-a] and three hundred twenty-three of this chap-
ter, shall be nonassessable.
  S 24. Subdivision 1 of section 592-a of the banking law, as amended by
section 18 of part D-1 of chapter 109 of the laws of 2006, is amended to
read as follows:
  1.  Upon  the filing of an application for registration, if the super-
intendent shall find  that  the  financial  responsibility,  experience,
character,  and  general  fitness  of  the applicant, and of the members
thereof if the applicant is a co-partnership or association, and of  the
officers  and  directors  thereof if the applicant is a corporation, are
such as to command the confidence of the community and to warrant belief
that the business will be operated  honestly,  fairly,  and  efficiently
within  the  purpose of this article, the superintendent shall thereupon
register the applicant as a mortgage broker on  a  roll  maintained  for
that  purpose at the banking department, and issue a certificate attest-
ing to such registration in duplicate. If the superintendent  shall  not
so find, the superintendent shall not register such applicant, and shall
notify  the  applicant  of the denial. The superintendent shall transmit
one copy of such certificate to the applicant and file  another  in  the
office  of  the  banking  department. Upon receipt of such certificate a
mortgage broker shall be authorized to engage in the business of  [plac-
ing]  SOLICITING,  processing,  PLACING,  [and]  OR negotiating mortgage
loans. Such registration shall remain in full force and effect until  it
is  surrendered  by the [licensee] REGISTRANT or revoked or suspended as
hereinafter provided, [except that  such  registration,  notwithstanding
any  provisions of subdivision five of section seventeen of this chapter
to the contrary, shall expire upon the registrant's failure to  pay  the
required  assessment  charged  pursuant to such section seventeen thirty
days after the date or dates such payment or payments are  due.  If  the
registrant  fails  to  pay  such charged assessment by the date or dates
such payment or payments are due, then the registrant shall be  required
to  pay,  in  addition, a late fee in the amount of one hundred dollars.
Such registration shall  be  reinstated  if  the  registrant  pays  such
assessment  charged  and any applicable late fees and/or interest within
sixty days of such expiration] OR TERMINATED IN ACCORDANCE WITH SUBDIVI-
SION TWO OF SECTION FIVE HUNDRED NINETY-FIVE OF THIS ARTICLE. The super-
intendent shall approve or deny every application for registration here-
under within ninety days from  the  filing  of  a  complete  application
provided,  however,  that  failure  to  act within the prescribed period
shall not be deemed approval of any such application.
  S 25.  Section 595 of the banking law, as amended by  chapter  571  of
the  laws  of  1986, paragraph (c) of subdivision 1 as amended and para-
graph (d) of subdivision 1 as added by chapter 164 of the laws of  2003,
subdivision 2 as amended by chapter 121 of the laws of 1993, subdivision
3 as amended by chapter 516 of the laws of 1996, subdivisions 4, 5 and 6

A. 7738                            12

as  amended  and subdivisions 4-a and 7-a as added by chapter 400 of the
laws of 1993, is amended to read as follows:
  S  595. Grounds for suspension or revocation of license, or suspension
or deletion of name from mortgage broker roll. 1. The superintendent may
revoke any license to engage in the business of a mortgage banker issued
pursuant to this article or delete the name of a  mortgage  broker  from
the  roll  of mortgage brokers registered pursuant to this article if he
shall find that:
  (a) Through a course  of  conduct,  the  licensee  or  registrant  has
violated  any  provisions  of  this  article,  or any rule or regulation
promulgated by the banking board, or any rule or  regulation  prescribed
by  the superintendent under and within the authority of this article or
of any other law, rule or  regulation  of  this  state  or  the  federal
government;
  (b)  Any fact or condition exists which, if it had existed at the time
of the original application for such license or registration, would have
warranted the  superintendent  in  refusing  originally  to  issue  such
license;
  (c)  The commission by a licensee or registrant of a crime against the
laws of this state or any other state or of the United States  involving
moral  turpitude  or  fraudulent or dishonest dealing, or the entry of a
final judgment against a licensee or registrant in a civil  action  upon
grounds of fraud, misrepresentation or deceit;
  (d)  As  a  part of such determination regarding suspension or revoca-
tion, the superintendent is authorized to require the fingerprinting  of
any  licensee or registrant. Such fingerprints shall be submitted to the
division of criminal justice  services  for  a  state  criminal  history
record  check,  as  defined in subdivision one of section three thousand
thirty-five of the education law, and may be submitted  to  the  federal
bureau of investigation for a national criminal history record check.
  2.  (A)  The  superintendent may, [on] FOR good cause [shown], WITHOUT
NOTICE OR HEARING, or where there is a substantial risk of public  harm,
suspend  any  license  or delete the name of any registrant for a period
not exceeding [thirty] NINETY days, pending investigation. "Good cause",
as used in this subdivision, shall  exist  only  when  the  licensee  or
registrant  has  defaulted  or  is  likely  to default in performing its
financial engagements or engages in dishonest or  inequitable  practices
which  may cause substantial harm to the persons afforded the protection
of this article OR IN THE CIRCUMSTANCES COVERED BY PARAGRAPH (B) OR  (C)
OF THIS SUBDIVISION.
  (B)  ANY  MORTGAGE BROKER REGISTRATION NOTICE SHALL TERMINATE UPON THE
REGISTRANT'S FAILURE TO PAY THE REQUIRED ASSESSMENT CHARGED PURSUANT  TO
SECTION  SEVENTEEN  OF THIS CHAPTER WITHIN THIRTY DAYS AFTER THE DATE OR
DATES SUCH PAYMENT OR PAYMENTS ARE DUE. IF THE REGISTRANT FAILS  TO  PAY
SUCH  CHARGED  ASSESSMENT  BY THE DATE OR DATES SUCH PAYMENT OR PAYMENTS
ARE DUE, THEN THE REGISTRANT SHALL BE REQUIRED TO PAY,  IN  ADDITION,  A
LATE  FEE  IN THE AMOUNT OF TWENTY-FIVE DOLLARS. SUCH REGISTRATION SHALL
BE REINSTATED IF THE REGISTRANT PAYS SUCH  ASSESSMENT  CHARGED  AND  ANY
APPLICABLE  LATE  FEES WITHIN SIXTY DAYS OF SUCH TERMINATION. THE SUPER-
INTENDENT MAY, IN HIS OR HER SOLE DISCRETION, UPON NOTICE BUT WITHOUT  A
HEARING,  SUSPEND THE LICENSE OF ANY MORTGAGE BANKER UPON THE FAILURE OF
SUCH LICENSEE TO MAKE ANY PAYMENTS REQUIRED BY THIS CHAPTER.
  (C) THE SUPERINTENDENT, IN HIS OR HER SOLE DISCRETION, UPON NOTICE BUT
WITHOUT A HEARING, MAY SUSPEND ANY LICENSE OR REGISTRATION ISSUED PURSU-
ANT TO THIS ARTICLE: (I) THIRTY DAYS AFTER  THE  DATE  THE  LICENSEE  OR
REGISTRANT  FAILS TO FILE ANY REPORT REQUIRED TO BE FILED BY IT WITH THE

A. 7738                            13

SUPERINTENDENT PURSUANT  TO  THE  AUTHORITY  PROVIDED  BY  SECTION  FIVE
HUNDRED  NINETY-SEVEN  OF  THIS ARTICLE; (II) IMMEDIATELY UPON NOTICE TO
THE SUPERINTENDENT THAT ANY REQUIRED SURETY BOND OR LINE  OF  CREDIT  IS
BEING  CANCELED  OR  IS  EXPIRING, IF THE LICENSEE OR REGISTRANT HAS NOT
PROVIDED THE SUPERINTENDENT WITH PROOF OF A REPLACEMENT BOND OR LINE  OF
CREDIT SATISFACTORY TO THE SUPERINTENDENT; (III) IMMEDIATELY UPON NOTICE
TO THE SUPERINTENDENT THAT A LICENSEE OR REGISTRANT HAS FILED A PETITION
IN BANKRUPTCY; OR (IV) UPON NOTICE AT LEAST THIRTY DAYS AFTER THE LICEN-
SEE OR REGISTRANT HAS HAD FILED AGAINST IT A PETITION IN BANKRUPTCY.
  3.  IF  THE SUPERINTENDENT HAS ISSUED AN ORDER SUSPENDING A LICENSE OR
REGISTRATION FOR GOOD CAUSE PURSUANT TO SUBDIVISION TWO OF THIS SECTION,
SUCH LICENSE OR REGISTRATION MAY BE REINSTATED,  IF  THE  SUPERINTENDENT
DETERMINES,  IN  HIS OR HER SOLE DISCRETION, THAT THE LICENSEE OR REGIS-
TRANT HAS CURED ALL DEFICIENCIES SET FORTH IN SUCH ORDER BY THE CLOSE OF
BUSINESS NINETY DAYS AFTER THE DATE OF SUCH SUSPENSION ORDER, INCLUDING,
WITHOUT LIMITATION, MAKING ANY OVERDUE PAYMENT, HAVING  ANY  SUCH  BANK-
RUPTCY  PETITION  DISMISSED  OR  HAVING SUCH BOND REINSTATED. OTHERWISE,
UNLESS THE SUPERINTENDENT HAS, IN HIS OR HER SOLE  DISCRETION,  EXTENDED
SUCH  SUSPENSION,  THE  LICENSE OF SUCH LICENSEE OR REGISTRATION OF SUCH
REGISTRANT SHALL BE DEEMED TO BE AUTOMATICALLY TERMINATED  BY  OPERATION
OF LAW AT THE CLOSE OF BUSINESS ON SUCH DATE.
  4.  Except  as provided in subdivision two of this section, no license
or registration shall be revoked or suspended except after notice and  a
hearing thereon. Any order of suspension issued after notice and a hear-
ing  may  include  as  a condition of reinstatement that the licensee or
registrant make restitution to consumers of fees or other charges  which
have  been  improperly  charged or collected as determined by the super-
intendent.
  [4. Any] 5. WITH THE PRIOR APPROVAL OF THE SUPERINTENDENT, ANY  licen-
see or registrant may surrender any license or certificate by delivering
to  the  superintendent  written  notice that it thereby surrenders such
license or  certificate,  but  such  surrender  shall  not  affect  such
licensee's  or registrant's civil or criminal liability for acts commit-
ted prior to such surrender. [If such surrender is made after the  issu-
ance by the superintendent of a statement of charges and notice of hear-
ing,  the  superintendent may proceed against the licensee or registrant
as if such surrender had not taken place.]
  [4-a] 6.  An expiration of registration  in  accordance  with  section
five  hundred  ninety-two-a of this article shall not affect such regis-
trant's civil or criminal liability for acts  committed  prior  to  such
expirations.  If such expiration occurs after the issuance by the super-
intendent of a statement of charges and notice of  hearing,  the  super-
intendent  may  proceed against the registrant as if such expiration had
not taken place.
  [5] 7.  No revocation, suspension, surrender  or  [expiration]  TERMI-
NATION  of  any  license or certificate shall impair or affect the obli-
gation of any preexisting lawful contract between the licensee or regis-
trant and any person.
  [6] 8.  Every license or registration issued pursuant to this  article
shall  remain  in  force  and effect until the same shall have [expired]
TERMINATED in accordance with [section five hundred ninety-two-a of this
article] SUBDIVISION TWO OF THIS SECTION or shall have been surrendered,
revoked or suspended in accordance with any  other  provisions  of  this
article,  but  the  superintendent  shall  have authority to reinstate a
suspended license or certificate or to issue a new  license  or  certif-
icate  to  a  licensee or registrant whose license or registration shall

A. 7738                            14

have been TERMINATED OR revoked if no  fact  or  condition  then  exists
which  would have warranted the superintendent in refusing originally to
issue such license or registration under this article.
  [7]  9.  Whenever the superintendent shall revoke or suspend a license
or registration issued pursuant to  this  article,  he  shall  forthwith
execute  in duplicate a written order to that effect. The superintendent
shall file one copy of such order in the office  of  the  department  of
banking  and  shall  forthwith serve the other copy upon the licensee or
registrant. [Any] EXCEPT FOR ORDERS ISSUED PURSUANT TO  SUBDIVISION  TWO
OF  THIS  SECTION, ANY such order may be reviewed in the manner provided
by article seventy-eight of the  civil  practice  law  and  rules.  Such
application for review as authorized by this section must be made within
thirty days from the date of such order of suspension or revocation.
  [7-a]  10.  Whenever a registration shall have [expired] TERMINATED in
accordance with [section five hundred ninety-two-a of] this article, the
superintendent shall notify the registrant  that  the  registration  has
[expired] TERMINATED and that the registrant may not engage in the busi-
ness  of  soliciting, processing, placing or negotiating a mortgage loan
or offering to solicit, process, place or negotiate a mortgage  loan  in
this state.
  [8]  11.   Any hearing held pursuant to the provisions of this section
shall be noticed, conducted and  administered  in  compliance  with  the
state administrative procedure act.
  S  26. Section 254-b of the real property law, as added by chapter 119
of the laws of 1974, is amended to read as follows:
  S 254-b. Limitation on late charges AND INCREASED INTEREST RATE.    1.
If a bond or note, or the mortgage on real property, heretofore or here-
after  made,  improved  by a one to six family residence occupied by the
owner, securing the payment of [same] SUCH  BOND  OR  NOTE,  or  a  note
representing  a  loan  for  the  purpose of financing the purchase of an
ownership interest in, and proprietary  lease  from,  a  corporation  or
partnership formed for the purpose of the cooperative ownership of resi-
dential real estate, contains a provision whereby the mortgagee or lend-
er  retains  the  right to collect a late charge on any instalment which
has become due and remains unpaid, such charge on  any  such  delinquent
instalment,  regardless  of  the period it remains in default, shall not
exceed and shall only be enforced to the extent of two percent  of  such
delinquent  instalment;  provided,  however,  that  no  charge  shall be
imposed on any instalment paid within fifteen days after the  due  date.
No  such  late  charge  shall  be  deducted  from any regular instalment
payment by the mortgagor or borrower, but shall  be  separately  charged
and  collected  by the mortgagee or lender. In the absence of a specific
provision in a bond, note or mortgage no late charge on  any  delinquent
instalment  shall  be assessed or collected. The term "instalment" shall
include amounts representing interest,  amortization  of  principal  and
payments  in respect of insurance premiums, taxes and utility charges if
the bond, note or mortgage provides for collection thereof by the  mort-
gagee.
  2.    NO BOND OR NOTE, OR THE MORTGAGE ON REAL PROPERTY, HERETOFORE OR
HEREAFTER MADE, IMPROVED BY A ONE TO SIX FAMILY  RESIDENCE  OCCUPIED  BY
THE  OWNER, SECURING THE PAYMENT OF SUCH BOND OR NOTE, OR A NOTE REPRES-
ENTING A LOAN FOR THE PURPOSE OF FINANCING THE PURCHASE OF AN  OWNERSHIP
INTEREST  IN,  AND  PROPRIETARY LEASE FROM, A CORPORATION OR PARTNERSHIP
FORMED FOR THE PURPOSE OF THE COOPERATIVE OWNERSHIP OF RESIDENTIAL  REAL
ESTATE  MAY  CONTAIN A PROVISION WHICH INCREASES THE INTEREST RATE AFTER
DEFAULT. THIS PROVISION DOES NOT APPLY TO INTEREST  RATE  CHANGES  IN  A

A. 7738                            15

VARIABLE  RATE LOAN OTHERWISE CONSISTENT WITH THE PROVISIONS OF THE LOAN
DOCUMENTS; PROVIDED THAT THE CHANGE IN THE INTEREST RATE  IS  NOT  TRIG-
GERED BY THE EVENT OF DEFAULT OR THE ACCELERATION OF THE INDEBTEDNESS.
  3.  The  provisions  in  this  section  shall not apply to any loan or
forbearance insured by the federal housing commissioner or for  which  a
commitment  to  insure has been made by the federal housing commissioner
or to any loan or forbearance insured  or  guaranteed  pursuant  to  the
provisions of an act of congress entitled "Servicemen's Readjustment Act
of 1944", or to the extent the provisions of this section are inconsist-
ent with any other federal law or regulation.
  [3]  4.  If  any provision of this section, or the application of such
provision to any  individual,  company,  corporation,  or  circumstance,
shall  be  held invalid, the remainder of this section, and the applica-
tion of such section to individuals, companies, corporations, or circum-
stances other than those to which it  is  held  invalid,  shall  not  be
affected thereby.
  S 27. This act shall take effect immediately.