New York Laws
Article 2 - Department of Financial Services; Superintendent of Financial Services; Supervisory and Regulatory Powers
14-C - Power of the Superintendent of Financial Services to Prescribe Criteria for Disclosure of Information on Savings and Time Accounts.

(a) disclosure of the annual rate of simple interest; the effective
annual yield; the formula used in calculating interest; the frequency of
compounding and crediting of interest; date on which a deposit begins to
earn interest; any delay in crediting a deposited instrument; grace
periods for deposits and withdrawals; the minimum balance required to
earn interest; the method of determining the balance on which interest
is paid; the minimum length of time funds must remain on deposit to earn
interest; any fees levied on inactive accounts; any charges, penalties
or other conditions imposed upon withdrawals; any penalties for the
closing of an account before a specific date; and any other fees,
charges or penalties.
(b) form, content and distribution of information.
2. The superintendent of financial services may alter or amend rules
and regulations or promulgate additional rules and regulations as he or
she deems necessary and proper to effectuate the provisions of
subdivision one.

Structure New York Laws