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This entry was published on 2014-09-22
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Personal loan departments
§ 380-i. Personal loan departments. Subject to such regulations as the
superintendent of financial services may prescribe, a savings and loan
association may operate a personal loan department under the same terms
and conditions as are provided under subdivisions four and five of
section one hundred eight of this chapter.

The superintendent of financial services shall be empowered (a) to
prescribe the terms and conditions governing the conduct and operation
of personal loan departments including the maximum amount, expressed as
a percentage of assets or otherwise, which a savings and loan
association may invest pursuant to the provisions of this subdivision or
in the aggregate, taking into account such other provisions of law
authorizing investments by savings and loan associations and (b) to
prescribe such terms and conditions as may be appropriate to effect or
facilitate the tranfer of accounts operated pursuant to the provisions
of any other section of this chapter to the personal loan departments
authorized to be operated hereunder.

In pursuance of the authority granted hereunder savings and loan
associations shall be empowered to issue credit cards, extend credit in
connection therewith, and otherwise engage in or participate in credit
card operations, and to act as financing agencies as defined in
subdivision nine of section three hundred one and subdivision eighteen
of section four hundred one of the personal property law.