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Quarterly New York Trust Account Reports

Pursuant to Superintendent’s Regulations Part 402.13(b) and industry letter of March 24, 2005, each licensed budget planner is required to submit on a quarterly basis the highest (average if previously approved) daily amount of debtor funds held in its New York Trust account(s). The quarterly New York trust account report is due no later than 10 business days after the end of the preceding quarter. You may submit the report either by email (with scanned PDF) or by mail. Please make sure the following items are included:

  1. A statement and certification as per Superintendent’s Regulations Part 402.13(b):

    The highest (average if previously approved) daily amount of debtor funds held by ________________ (insert name of budget planner) on behalf of New York clients for disbursement to creditors, during the quarter ended ________________ (insert quarter end date): $________________ .

    In accordance with Superintendent's Regulations Part 402.13(b), I hereby certify that the above reported information is accurate.

  2. _____________________________________________________________________________       
    Signature of a Control Party              Name                      Date
  3. A copy of all the pages (including the page that displays the title of the account) of the bank statements of all trust
    accounts involving New York budget planner clients for the reporting quarter.


Note: In accordance with Banking Law Section 580.4 and Superintendent’s Regulations Part 402.5, it is incumbent upon the licensee to ensure that the surety bond/asset pledge covers 100% of the highest (average if previously approved) balance of all New York trust accounts at all times.


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