N.Y. Comp. Codes R. & Regs. tit. 12, § 8-1.38 – Speed governors.

(a) All elevators, the travel of which is more than 25 feet and on which safeties are required by section 8-1.37 shall be equipped with a speed governor located at the top of the hoistway, whose action will trip and apply the safeties whenever the car attains a downward speed of 40 per cent in excess of the normal car speed, except that in no case shall the governor be set to trip the safety at a speed in excess of 850 feet per minute, nor shall it be required to trip the safety at less than 150 feet per minute.
Exceptions:
(1) Existing installations where the distance from the pit bottom to the upper terminal of travel does not exceed 50 feet. (2) All installations where hoistways are protected by automatic trap doors conforming to section 8-1.15.
(b) All such governors shall have plainly stamped thereon the car speed at which it is set to trip.
(c) All elevators on which safeties are required by section 8-1.37 and on which governors are not required (subdivision [a] of this section) shall be equipped with a device that will immediately stop the car with a full load if the ropes break.