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Quarterly New York Trust Account Reports

Pursuant to Part 402.13(b) of the Superintendent’s Regulations and Department of Financial Services (DFS) Industry Letter dated March 24, 2005, each licensed budget planner is required to report to the Superintendent, on a quarterly basis, the highest (or average if previously approved) daily amount of debtor funds held by the licensee 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.  All items listed in this report template must be included.

Preferably please submit the quarterly reports (scanned PDFs) via the DFS Secure Portal’s File Transfer application at, directed to the budget planner portfolio manager.  Alternatively, you may submit by mail to: 

NYS Department of Financial Services
Licensed Financial Services – BP
One State Street
New York, NY 10004-1511

Please note, pursuant to Section 402.15 of the Superintendent's Regulations, each licensed budget planner is required to maintain debtor 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 Principals (i.e. Debtors).” 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.

If there is a change in the New York trust account, consult for documentary requirements.

Furthermore, in accordance with Section 580.4 of the Banking Law and Part 402.5 of the Superintendent’s Regulations, it is incumbent upon the licensee to ensure that the corporate surety bond/asset pledge at all times covers 100% of the highest (or average if previously approved) total daily balance of ALL debtor funds held on behalf of New York clients for disbursement to creditors.

Updated 01/11/2018

Department of Financial Services


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