N.Y. Banking Law § 597: Books and records; reports and electronic filing

§ 597. Books and records; reports and electronic filing. Each

licensee, servicer, registrant and exempt organization shall keep and

use in its business such books, accounts and records as will enable the

superintendent to determine whether such licensee, servicer, registrant

or exempt organization is complying with the provisions of this article

and with the rules and regulations lawfully made by the superintendent

and the superintendent of financial services. Every licensee, servicer,

registrant and exempt organization shall preserve such books, accounts,

and records, for at least three years; provided, however, that

preservation by photographic reproduction thereof or records in

photographic form, including an optical disk storage system and the use

of electronic data processing equipment that provides comparable records

to those otherwise required and which are available for examination upon

request shall constitute compliance with the requirements of this

section.

Each licensee and registrant shall annually, on or before a date to be

determined by the superintendent, file a report with the superintendent

giving such information as the superintendent may require concerning the

business and operations during the preceding calendar year of such

licensee or registrant under authority of this article. Such report

shall be subscribed and affirmed as true by the licensee or registrant

under the penalties of perjury and shall be in the form prescribed by

the superintendent. In addition to annual reports, the superintendent

may require such additional regular or special reports as he or she may

deem necessary to the proper supervision of licensees and registrants

under this article. Such additional reports shall be in the form

prescribed by the superintendent and shall be subscribed and affirmed as

true under the penalties of perjury.

Notwithstanding article three of the state technology law or any other

law to the contrary, the superintendent may require that any application

for, or renewal of, any license or registration or any other submission

or approval as may be required by the superintendent be made or executed

by electronic means if he or she deems it necessary to ensure the

efficient administration of this article.

The superintendent may require servicers to file annual reports or

other regular or special reports, including reports with respect to

mortgage delinquencies and foreclosures. Such reports shall be in the

form prescribed by the superintendent and shall be subscribed and

affirmed as true under the penalties of perjury.