Information and Resources for Budget Planners
As stated in Section 455 of the General Business Law, "Budget planning means the making of the contract between a person or entity engaged in the business of budget planning with particular debtor whereby (i) the debtor agrees to pay a sum or sums of money in any manner of form and the person or entity engaged in the business of budget planning distributes, or supervises, coordinates or controls the distribution of, or has a contractual relationship with a another person or entity that distributes, or supervises, coordinates or controls such distribution of, the same among certain specified creditors in accordance with a plan agreed upon and (ii) the debtor agrees to pay such person or entity, or such other person or entity that distributes, or supervises, coordinates or controls such distribution of, a sum or sums of money, any valuable consideration for such services or for any other services rendered in connection therewith. For the purposes of this article, a person or entity shall be considered as engaged in the business of budget planning in New York, and subject to this article and the licensing and other requirements of article twelve-C of the banking law, if such person or entity solicits budget planning business within this state and, in connection with such solicitation, enters into a contract for budget planning with an individual then resident in the state".
For licensing requirements see Article 12-C of the Banking Law, sections 579 to 587, Superintendent's Regulations Parts 402, 404 and 300.
Application and License Management
The New York State Department of Financial Services (DFS) allows Budget Planners to manage license applications and ongoing regulation via the Nationwide Multistate Licensing System and Registry (NMLS).
Annual Reports
Common Forms
The following forms are in PDF format.
- Authority to Release Information
- Budget Planner Bond
- Budget Planner Deposit Agreement
- Financial Statement
- Licensee Contact Update
- Lost License Affidavit
- Litigation Affidavit
- Personal Questionnaire
- Quarterly New York Trust Account Report