New York issues executive order addressing certain Banking Law requirements

State Issues Covid-19 New York Banking

On March 29, New York Governor Cuomo issued an executive order granting the superintendent of Financial Services (superintendent) the authority to promulgate emergency regulations to apply the provisions of the executive order relevant to policy cancellations to premium finance agencies, subject to safety and soundness considerations. The executive order also provides that all instruments that are signed and delivered to the superintendent under the New York Banking Law, and that are required to be verified or acknowledged thereunder, may be verified or acknowledged by including standard verification or acknowledgment language in the instrument and transmitting a legible copy of the signed instrument by fax or electronic means.