N.Y. Comp. Codes R. & Regs. tit. 3 § 407.3

Current through Register Vol. 46, No. 43, October 23, 2024

Section 407.3 - Offices within new york state

(a) No licensee may operate any place of business within New York State, except for the sole purpose of handling inquiries and complaints of existing borrowers of the licensee. At such an office, no loans may be made, no loan applications distributed to or received from the public and no monetary disbursements may be made to or received from the public.

(b) Every licensee must either:

(1) operate at least one office in New York State for the sole purpose of handling inquiries or complaints from existing borrowers, or

(2) establish either (i) a toll-free phone number or (ii) a phone number which may be called "collect" for the purpose of enabling borrowers to make inquiries of or complaints to the licensee. Every person granted a loan must be informed, in writing, of this phone number at the time the loan is granted.

N.Y. Comp. Codes R. & Regs. Tit. 3 § 407.3