N.Y. Comp. Codes R. & Regs. tit. 3 § 8.4

Current through Register Vol. 46, No. 53, December 31, 2024

Section 8.4 - Permissible activities

(a) The activities that may be conducted by a representative office of a banking institution in this State on behalf of such banking institution shall be limited to the following:

(1) approval of loans;

(2) execution of loan documents;

(3) solicitation of loans and, in connection therewith, assembly of credit information, making of property inspections and appraisals, securing of title information, preparation of applications for loans (including making recommendations with respect to action thereon);

(4) solicitation of purchasers of loans from the banking institution;

(5) solicitation of parties to contract with the banking institution for the servicing of its loans;

(6) solicitation of other banking business on behalf of the banking institution;

(7) conduct of research;

(8) acting as liaison with customers of the banking institution; and

(9) other similar activities.

(b) A representative office of a banking institution may not disburse funds, transmit funds, accept loan repayments, or accept or contract for deposits or deposit-type liabilities on behalf of the banking institution.

N.Y. Comp. Codes R. & Regs. Tit. 3 § 8.4