Last week, the American Securitization Forum filed a comment letter with the staff of the State of New York Banking Department regarding New York sales finance licenses, requesting that the department clarify the status under New York Banking Law Article 11-B of parties that acquire retail installment contracts in the secondary market.

The Association's request occurs after the New York department reversed its longstanding position in its letter last Nov. 23 and advised that a corporation with no physical presence in the State of New York needs to be licensed under the article in order to purchase retail installment contracts entered into the State of New York. The ASF is planning on requesting a follow-up meeting with New York department officials to air its concerns regarding this matter.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.