N.Y. Comp. Codes R. & Regs. tit. 3 § 13.3

Current through Register Vol. 46, No. 51, December 18, 2024

Section 13.3 - Form of disclosure

(a) The disclosure required by this Part shall be made clearly, conspicuously, in meaningful sequence, subdivided under descriptive headings and printed in at least eight-point typeface. (Appendix 13 suggests how the required information may be disclosed in a clear, concise and simple form.)

(b) A banking organization may provide the required information in a single, consolidated disclosure document or may provide separate disclosure documents for each type of account.

(c) Banking organizations are encouraged to supplement the narrative statements with illustrations (i.e., give particular examples), tables, charts, drawings or other means which may aid the depositor in comprehending the disclosure information.

(d) The disclosure statement shall provide the name of a person or department or branch that can be contacted in order to answer any questions relating to the disclosure required by this Part.

(e)

(1) Each branch of the banking organization (excluding electronic branches and branches located outside of the State of New York) shall have a copy of its interest factor tables which will be available to any depositor in order to verify the interest in his (her) account. (Each branch need only have a copy available for depositor review on the branch premises.)

(2) Paragraph (1) of this subdivision shall not apply to any savings or time account which is offered at a rate which varies in accordance with market interest rates (e.g., the so-called "money market certificate"). Nevertheless, interest factor tables applicable to a savings or time account which is offered at a rate which varies in accordance with market interest rates must be available at one of the banking organization's offices located in the State of New York.

N.Y. Comp. Codes R. & Regs. Tit. 3 § 13.3