N.Y. Banking Law § 44-A Violations and Penalties; Failure to Make Reports

• Library: New York Statutes
• Edition: 2023
• Currency: Current through 2023 NY Law Chapter 777
• Year: 2023
• Citation: N.Y. Banking Law § 44-A

1. Notwithstanding any other provision of this chapter to the contrary:

a. any person or entity licensed, registered, or incorporated or otherwise formed pursuant to this chapter, or an out-of-state state bank, that inadvertently or unintentionally: (i) fails to make any report required by the superintendent pursuant to this chapter, on or before the day designated for the making thereof; (ii) fails to include within such report any prescribed matter; or (iii) submits false or misleading information therein, shall, after notice and hearing, forfeit to the people of the state not more than two thousand dollars for each day during which such report or omitted matter is delayed or withheld or such false or misleading information is not corrected, unless the time therefor shall have been extended by the superintendent, for good cause shown, in his or her sole discretion;

b. notwithstanding the provisions of paragraph a of this subdivision any person or entity licensed, registered, or incorporated or otherwise formed pursuant to this chapter, or an out-of-state state bank, that demonstrates by any pattern of behavior or other action that any of its failures as described in paragraph a of this subdivision were not inadvertent or unintentional shall, after notice and hearing, forfeit to the people of the state not more than twenty thousand dollars for each day during which such failures continue;

c. notwithstanding the provisions of paragraph a or b of this subdivision, any person or entity licensed, registered, or incorporated or otherwise formed pursuant to this chapter that demonstrates that any of its failures as described in paragraph a of this subdivision constitutes a pattern of behavior or other action performed knowingly and with reckless disregard shall, after notice and hearing, forfeit to the people of the state not more than two hundred fifty thousand dollars or in the case of a banking organization, foreign bank licensee or an out-of-state state bank, the lesser of two hundred fifty thousand dollars or one percent of the total assets of such banking organization or one percent of the total assets in this state of such foreign bank licensee, as applicable for each day that its failures continue.