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Change in New York Trust Account - Requirements

  1. A letter on company letterhead, signed by a control party of the licensee, confirming the change of its New York trust account.
  2. A formal letter from the bank signed by an authorized official containing the following information:

    • Address of the bank branch where the account is held
    • Title of the trust account
    • Trust account number
    • Names of the authorized signers for the account

      The letter should be mailed by the bank directly to:

      NYS Department of Financial Services
      One State Street
      New York, NY 10004-1511
      Attn: Licensed Financial Services - Supervision

    Note: Pursuant to Superintendent's Regulations Section 402.15, each licensed budget planner is required to maintain debtor(s) funds in a separate New York trust account. The funds must be held in the title of "Budget Planner as Agent for the Benefit of Principal(s) (i.e., Debtor[s]).” The account must be maintained in a branch of a bank, savings bank, savings and loan association, trust company, private banker, national bank, federal savings bank, or federal savings and loan association located in this State, regardless of whether the principal office of the foregoing institution is located within or without this State.


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