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Banking Interpretations


July 3, 2006

[ ]

Re: Article XII-B of the New York Banking Law

Dear [ ]:

As we briefly discussed today, in correspondence sent to the State of New York Banking Department ("Department"), a copy of which is attached hereto, it was indicated that [ ] is not required to be licensed under Article XII-B of New York's Banking Law in order to provide premium financing. It was concluded that a license is not required because [ ] is a wholly subsidiary of [ ] Bank National Association, of [ ] and therefore, [ ] authority to provide premium financing follows the national license of [ ] Bank.

The Department is of the opinion that unless it is notified, in writing, from the Office of the Comptroller of the Currency, that subsidiaries such as [ ] are preempted from state licensing, such entities are required to be licensed under Article XII-B of New York's Banking Law.

Please forward a copy of this letter to the appropriate person or persons at [ ] Bank for review and consideration. If you have any questions, I can be reached at the Legal Division.


Christine R. Cardi
Assistant Counsel




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