§ 350. Restrictions concerning advertising, liens on real estate, and places where loans made.
332 words·~2 min read·
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§ 350. Restrictions concerning advertising, liens on real estate, and
places where loans made. 1.
(a)No licensee or other entity shall
advertise, print, display, publish, distribute, or broadcast or cause or
permit to be advertised, printed, displayed, published, distributed, or
broadcasted, in any manner whatsoever any statement or representation
with regard to the rates, terms, or conditions for the loaning of money,
credit, goods, or things in action which is false, misleading or
deceptive, or in violation of chapter three of the act of congress
entitled "Truth in Lending Act" and the regulations thereunder, as such
act and regulations may from time to time be amended.
(b)No licensee shall make, directly or indirectly, orally or in
writing, by any method, practice or device, any representation that it
is licensed under this chapter, except a representation that such
licensee is licensed as a licensed lender by the New York state
department of financial services.
2. No licensee shall take a lien upon real estate as security for any
loan under the provisions of this article, except such lien as is
created by law upon the recording of a judgment.
3. No licensee shall conduct the business of making loans under the
provisions of this article within any office, room, or place of business
in which any other business is solicited or engaged in, or in
association or conjunction therewith, except
(a)a licensee may, after
obtaining any required license, conduct on its premises businesses
authorized under articles eleven-B, twelve-B, twelve-D and thirteen-B of
this chapter, or
(b)as may be authorized in writing by the
superintendent upon a finding that such other business would not result
in evasions of this article or of the rules and regulations lawfully
made hereunder.
4. No licensee shall transact such business or make any loan provided
for by this article under any other name or at any other place of
business than that named in the license, except as may be authorized by
the superintendent.