N.Y. Comp. Codes R. & Regs. tit. 3, § 77.3 – Loans to one borrower.

(a) The aggregate unpaid principal amount of all commercial, corporate and business loans (including lease financing) to any borrower made by a savings bank or savings and loan association shall, if unsecured, not exceed 15 per centum of the net worth of such savings bank or savings and loan association or, if secured, shall not exceed such percentage amounts in relation to net worth as are applicable to banks and trust companies under the provisions of section 103(1) of the Banking Law.
(b) In computing the total commercial, corporate and business loans by any savings bank or savings and loan association:
1. (1) to any natural person, there shall be included all commercial, corporate and business loans by the institution to any partnership or unincorporated association of which he is a member, and all commercial, corporate and business loans made for his benefit or for the benefit of such partnership or association;
2. (2) to any partnership or unincorporated association, there shall be included all commercial, corporate and business loans by the institution to its individual members and all commercial, corporate and business loans made by the institution for the benefit of such partnership or unincorporated association or any member thereof;
3. (3) to any corporation, there shall be included all commercial, corporate and business loans made by the institution for the benefit of the corporation. A loan shall be deemed to be made for the benefit of a corporation only to the extent that the proceeds of such loan:
  1. (i) are to be loaned to the corporation;
  2. (ii) are to be used for acquisition (otherwise than in connection with a public offering) from the corporation by a person in control of, or under common control with, the corporation of any stock or other securities issued by the corporation; or
  3. (iii) are to be transferred to the corporation without fair and adequate consideration, and the discharge of an equivalent amount of debt previously incurred in good faith and for value shall be considered fair and adequate consideration. A loan shall not be deemed to be made for the benefit of a corporation if such loan is made to a person other than the corporation and is secured as provided in section 235(5-a), 235(6) or 380(1) of the Banking Law and regulations promulgated thereunder or is secured by collateral having an ascertained market value, or otherwise having a value as collateral as found in good faith by an officer of such institution, at least equal to the amount of the loan; provided that stock or other securities issued by, or a lien on property of, such corporation shall not be considered collateral for the purposes of this provision.
(c) Notwithstanding compliance by the institution with the provisions of subdivision (a) of this section, if the aggregate unpaid principal amount of commercial, corporate or business loans made by the institution to a borrower together with the aggregate unpaid principal amount of other loans or leases to and letters of credit opened for and the amount of other investments in, such borrower under other provisions of the Banking Law exceeds prudent lending standards, the department may criticize such undue concentration of credit and take such other supervisory action with respect thereto as may be deemed necessary or appropriate.