Sec. 100.3. Limitations

Latest version.

(a) All personal property leasing performed by banks or trust companies shall be on a net-lease basis.
(b) The aggregate investment by a bank or trust company in personal property subject to leases other than full-payout leases shall not exceed 10 percent of the assets of the bank or trust company.
(c) All amounts owned by lessees under leases shall be deemed a loan to the lessee and the personal property subject to a lease shall be considered to be collateral securing such loan for the purposes of Banking Law, section 103(1).

                    
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