Collateral Loan Brokers
Article 5 of the General Business Law and Title 2 of the Codes, Rules and Regulations of the State of New York govern the operation of the business of a collateral loan broker. Under Article 5 of the General Business Law, collateral loan brokers are required to register with the State Comptroller prior to engaging in this business. Registration may be made by filing with the State Comptroller the “Collateral Loan Broker’s Registration Statement”. The filing fee is five dollars ($5.00). Whenever there is a change in the personnel of the partners, principals or officers or in the location of the principal place of business, a “Collateral Loan Broker’s Supplemental Registration Statement” must be filed with the State Comptroller. The filing fee is two dollars and fifty cents ($2.50). The forms and instructions for completing the registration process are found below.
Additionally, Sections 1300 and 1301 of the New York State Abandoned Property Law include the rules and regulations of the State Comptroller on any surplus money resulting from a sale by a collateral loan broker, which has remained unclaimed by the entitled person. The State Comptroller has specific guidelines for reporting the dormant accounts so that all of the information can be consolidated into a single database. To assist organizations in the reporting process, the State Comptroller’s Office of Unclaimed Funds provides an instructional Handbook, forms and instructions for reporting abandoned property. Visit “Reporting Unclaimed Funds to the State” for more information.
Official Compilation Codes, Rules and Regulations of the State of New York
Office of the State Comptroller Rules and Regulations
Collateral Loan Broker's Registration Statement (new filing)
Collateral Loan Broker's Registration Statement (personnel change)
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