Legislation
SECTION 742
Superintendent authorized to examine
Banking (BNK) CHAPTER 2, ARTICLE 14-B
* § 742. Superintendent authorized to examine. 1. The superintendent
shall have the power to make such investigations as the superintendent
shall deem necessary to determine whether any buy-now-pay-later lender
or any other person has violated any of the provisions of this article
or any other applicable law, or whether any licensee has conducted
itself in such manner as would justify the revocation of its license,
and to the extent necessary therefor, the superintendent may require the
attendance of and examine any person under oath, and shall have the
power to compel the production of all relevant books, records, accounts,
and documents.
2. The superintendent shall have the power to make such examinations
of the books, records, accounts and documents used in the business of
any licensee as the superintendent shall deem necessary to determine
whether any such licensee has violated any of the provisions of this
chapter or any other applicable law or to secure information lawfully
required by the superintendent.
* NB Effective upon the one hundred eightieth day after the
promulgation of rules and/or regulations by the department of financial
services to effectuate certain provisions (see Ch. 58 of 2025, Part Y, §
13)
shall have the power to make such investigations as the superintendent
shall deem necessary to determine whether any buy-now-pay-later lender
or any other person has violated any of the provisions of this article
or any other applicable law, or whether any licensee has conducted
itself in such manner as would justify the revocation of its license,
and to the extent necessary therefor, the superintendent may require the
attendance of and examine any person under oath, and shall have the
power to compel the production of all relevant books, records, accounts,
and documents.
2. The superintendent shall have the power to make such examinations
of the books, records, accounts and documents used in the business of
any licensee as the superintendent shall deem necessary to determine
whether any such licensee has violated any of the provisions of this
chapter or any other applicable law or to secure information lawfully
required by the superintendent.
* NB Effective upon the one hundred eightieth day after the
promulgation of rules and/or regulations by the department of financial
services to effectuate certain provisions (see Ch. 58 of 2025, Part Y, §
13)