N.Y. Education Law 623 – Prohibition of receipt of gifts by covered institution employees
§ 623. Prohibition of receipt of gifts by covered institution employees. 1. A covered institution shall require that no covered institution employee on his or her own behalf or on behalf of another, directly or indirectly, solicits, accepts or receives any gift from or on behalf of a lending institution. Nothing in this section shall be construed as prohibiting a covered institution employee from conducting business with a lending institution, provided that such business is unrelated in any manner whatsoever to a covered institution.
Terms Used In N.Y. Education Law 623
- Covered institution: shall mean any college, vocational institution, or approved program as defined in section six hundred one of this title. See N.Y. Education Law 620
- Covered institution employee: shall mean any employee, agent, contractor, director, officer or trustee of a covered institution. See N.Y. Education Law 620
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Gift: shall mean any discount, favor, gratuity, inducement, loan, stock, thing of value, or other item having more than nominal value. See N.Y. Education Law 620
- Lending institution: shall mean :
a. See N.Y. Education Law 620
2. A covered institution employee, on his or her own behalf or on behalf of another, shall not directly or indirectly solicit, accept or receive any gift from or on behalf of a lending institution. Nothing in this section shall be construed as prohibiting a covered institution employee from conducting business with any lending institution, provided that such business is unrelated in any manner whatsoever with the covered institution.
3. Covered institution employees shall report to the department any instance of a lending institution attempting to give a gift to such covered institution employees.