N.Y. Comp. Codes R. & Regs. tit. 3 § 404.5

Current through Register Vol. 46, No. 50, December 11, 2024

Section 404.5 - Termination of agreements or contracts

(a) Every agreement or contract between a licensee and a licensee service provider, or a non- licensee service provider, to hold, or have access to, or to effectuate possession of, by any means, the monies of the licensee's debtors in contract with the licensee for budget planning services, or to distribute, or be in the chain of distribution of such monies, to creditors of such debtors, shall provide that the agreement or contract shall not be terminated without at least 30 days written notice to the party against whom termination is being sought.

(b) A licensee shall immediately notify the superintendent, in writing, of such termination, upon the sending of by the licensee, or upon the receipt by the licensee, of the notice of termination.

N.Y. Comp. Codes R. & Regs. Tit. 3 § 404.5