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Change in New York Trust Account - Requirements

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.

Department of Financial Services


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