N.Y. Banking Law § 14-c: Power of the superintendent of financial services to prescribe criteria for disclosure of information on savings and time accounts

§ 14-c. Power of the superintendent of financial services to prescribe

criteria for disclosure of information on savings and time accounts. 1.

The superintendent of financial services shall promulgate rules and

regulations with respect to the disclosure of information on savings and

time accounts by all banking organizations and out-of-state state banks

authorized to operate and maintain branches pursuant to article five-C

of this chapter. Such rules and regulations shall set forth guidelines

for, but not be limited to the following:

(a) disclosure of the annual rate of simple interest; the effective

annual yield; the formula used in calculating interest; the frequency of

compounding and crediting of interest; date on which a deposit begins to

earn interest; any delay in crediting a deposited instrument; grace

periods for deposits and withdrawals; the minimum balance required to

earn interest; the method of determining the balance on which interest

is paid; the minimum length of time funds must remain on deposit to earn

interest; any fees levied on inactive accounts; any charges, penalties

or other conditions imposed upon withdrawals; any penalties for the

closing of an account before a specific date; and any other fees,

charges or penalties.

(b) form, content and distribution of information.

2. The superintendent of financial services may alter or amend rules

and regulations or promulgate additional rules and regulations as he or

she deems necessary and proper to effectuate the provisions of

subdivision one.