N.Y. Banking Law § 380-i: Personal loan departments

§ 380-i. Personal loan departments. Subject to such regulations as the

superintendent of financial services may prescribe, a savings and loan

association may operate a personal loan department under the same terms

and conditions as are provided under subdivisions four and five of

section one hundred eight of this chapter.

The superintendent of financial services shall be empowered (a) to

prescribe the terms and conditions governing the conduct and operation

of personal loan departments including the maximum amount, expressed as

a percentage of assets or otherwise, which a savings and loan

association may invest pursuant to the provisions of this subdivision or

in the aggregate, taking into account such other provisions of law

authorizing investments by savings and loan associations and (b) to

prescribe such terms and conditions as may be appropriate to effect or

facilitate the tranfer of accounts operated pursuant to the provisions

of any other section of this chapter to the personal loan departments

authorized to be operated hereunder.

In pursuance of the authority granted hereunder savings and loan

associations shall be empowered to issue credit cards, extend credit in

connection therewith, and otherwise engage in or participate in credit

card operations, and to act as financing agencies as defined in

subdivision nine of section three hundred one and subdivision eighteen

of section four hundred one of the personal property law.