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This entry was published on 2014-09-22
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SECTION 597
Books and records; reports and electronic filing
Banking (BNK) CHAPTER 2, ARTICLE 12-D
§ 597. Books and records; reports and electronic filing. Each
licensee, servicer, registrant and exempt organization shall keep and
use in its business such books, accounts and records as will enable the
superintendent to determine whether such licensee, servicer, registrant
or exempt organization is complying with the provisions of this article
and with the rules and regulations lawfully made by the superintendent
and the superintendent of financial services. Every licensee, servicer,
registrant and exempt organization shall preserve such books, accounts,
and records, for at least three years; provided, however, that
preservation by photographic reproduction thereof or records in
photographic form, including an optical disk storage system and the use
of electronic data processing equipment that provides comparable records
to those otherwise required and which are available for examination upon
request shall constitute compliance with the requirements of this
section.

Each licensee and registrant shall annually, on or before a date to be
determined by the superintendent, file a report with the superintendent
giving such information as the superintendent may require concerning the
business and operations during the preceding calendar year of such
licensee or registrant under authority of this article. Such report
shall be subscribed and affirmed as true by the licensee or registrant
under the penalties of perjury and shall be in the form prescribed by
the superintendent. In addition to annual reports, the superintendent
may require such additional regular or special reports as he or she may
deem necessary to the proper supervision of licensees and registrants
under this article. Such additional reports shall be in the form
prescribed by the superintendent and shall be subscribed and affirmed as
true under the penalties of perjury.

Notwithstanding article three of the state technology law or any other
law to the contrary, the superintendent may require that any application
for, or renewal of, any license or registration or any other submission
or approval as may be required by the superintendent be made or executed
by electronic means if he or she deems it necessary to ensure the
efficient administration of this article.

The superintendent may require servicers to file annual reports or
other regular or special reports, including reports with respect to
mortgage delinquencies and foreclosures. Such reports shall be in the
form prescribed by the superintendent and shall be subscribed and
affirmed as true under the penalties of perjury.