N.Y. Banking Law § 554 Definitions

• Library: New York Statutes
• Edition: 2023
• Currency: Current through 2023 NY Law Chapter 777
• Year: 2023
• Citation: N.Y. Banking Law § 554

In this article, unless the context otherwise requires:

1. "Authorized insurer" and "insurance contract" have the respective meanings assigned to them by the insurance law.

2. "Bank" means a bank, trust company, private banker, savings bank, savings and loan association, credit union, investment company organized under article twelve of this chapter and authorized to accept deposits, national bank, federal savings association, federal credit union, or out-of-state state bank, as such term is defined in subdivision two of section two hundred twenty-two of this chapter, having a principal, branch or trust office in this state.

3. "Insurance agent" and "insurance broker" means, respectively, an insurance agent or insurance broker duly licensed as such under the insurance law.

4. "Insured" means a person who enters into a premium finance agreement with a premium finance agency or makes and delivers a premium finance agreement to, or to the order of, an insurance agent or broker, whether or not he is insured under an insurance contract, premiums for which are advanced or to be advanced under the premium finance agreement.

5. "Lending institution" means a bank or a lender licensed pursuant to article nine of this chapter.

6. "Person" means an individual, corporation, business trust, estate, trust, partnership or association, two or more persons having a joint or common interest, or any other legal or commercial entity.

7. "Premium finance agency" means:

(a) a person engaged, in whole or in part, in the business of entering into premium finance agreements with insureds, including a bank if so engaged; or