§ 2-a. Limited liability investment company; definitions. When the provisions of this chapter are applied to the formation and operation of a limited liability investment company references to: 1. “Board of directors” shall include the managers charged with the management of a limited liability investment company as set forth in its articles of organization. 2. […]
§ 4. Information to be given to social services officials, state department of social services, state department of mental hygiene, the mental hygiene legal service, representatives of boards of child welfare and children’s court by banking organizations. 1. If requested by an authorized representative of the state department of mental hygiene, the mental hygiene legal […]
§ 4-a. Banks to display signs. Every banking organization having as its purpose or among its purposes the receipt of deposits, shall continuously display a sign, or signs, as prescribed by the superintendent of financial services, at each station or window within the state where deposits are usually and normally received in its principal place […]
§ 4-b. Advertising. Every such non-insured banking organization shall include in all its advertising within the state with reference to deposit accounts the statement substantially as follows: “DEPOSITS NOT INSURED”. Where such advertising is printed the statement shall be of such size and print to be clearly legible, all letters in such statement being of […]
§ 4-c. Exemptions from certain provisions of chapter. Any uninsured banking organization whose assets are in excess of two hundred million dollars shall be exempt from compliance with the provisions of sections four-a, four-b and four-c of this chapter unless otherwise directed by the superintendent.
§ 5. Loans pursuant to the “Servicemen’s Readjustment Act of 1944.” 1. Subject to such regulations and restrictions as the superintendent of financial services finds to be necessary and proper, (i) any loan at least twenty per centum of which is guaranteed under title three of an act of congress entitled the “Servicemen’s Readjustment Act […]
§ 6. Investment in obligations of housing corporations indirectly guaranteed pursuant to the “Servicemen’s Readjustment Act of 1944”. Subject to such regulations and restrictions as the superintendent of financial services finds to be necessary and proper, any bank, trust company or savings bank may invest in obligations of any corporation organized under any law of […]
§ 6-a. Investment in obligations of certain persons sixty-five years of age or over incurred to satisfy real property tax indebtedness. 1. Subject to such regulations and restrictions as the superintendent of financial services finds to be necessary and proper and notwithstanding any inconsistent provision of this chapter to the contrary, any bank, trust company, […]
§ 6-c. Application forms to be made available; certain cases. 1. Every banking organization which originates loans secured by real property located in this state shall provide at its principal place of business and at all its branches except automated teller machines, point-of-sale terminals or other similar facilities, application forms for such loans which forms […]
§ 6-d. Requirement to state in writing reason for denial of mortgage loan. Every banking organization and licensed mortgage banker which originates mortgage loans secured by real property located within New York state which denies an application for such a loan or makes its approval of such a loan conditional upon the applicant’s agreement to […]
§ 6-e. Graduated payment mortgages authorized. Notwithstanding any inconsistent provision of this chapter or other law and in addition to any other power exercisable by it, every banking organization, licensed mortgage banker, national banking association, federal savings bank, federal savings and loan association and federal credit union shall have the power to offer graduated payment […]
§ 6-f. Alternative mortgage instruments made by banks, trust companies, savings banks, savings and loan associations and credit unions. 1. Notwithstanding any inconsistent provision of this chapter or any other law of this state, the superintendent of financial services is authorized to adopt such rules or regulations as shall permit banks, trust companies, foreign banking […]
§ 6-g. Override of certain provisions of United States Public Law 97-320. 1. The provisions of Title VIII of an act of congress entitled “Garn-St Germain Depository Institutions Act of 1982”, United States Public Law 97-320, and the preemption of state law provided in section 804 thereof, shall not apply with respect to residential real […]
§ 6-h. Reverse mortgage loans authorized. Notwithstanding any inconsistent provision of law, in addition to any other power exercised by it, every authorized lender, as defined by section two hundred eighty or two hundred eighty-a of the real property law, shall have the power to offer reverse mortgage loans (1) which conform to the provisions […]
§ 6-i. Mortgage loans. No person, partnership, corporation, banking organization, exempt organization as defined in section five hundred ninety of this chapter or other entity shall make a mortgage loan as defined in section five hundred ninety of this chapter except in conformity with the requirements of article twelve-D and in compliance with such rules […]
§ 6-j. Proof of insurance. 1. No exempt organization, as defined in section five hundred ninety of this chapter, or licensed mortgage banker which originates mortgage loans shall, at the time of title closing for a loan secured by a one to four family residential real property, refuse to accept a binder, issued by an […]
§ 6-k. Real property insurance escrow accounts. 1. Definitions. When used in this section: (a) “Mortgage investing institution” means any bank, trust company, national bank, savings bank, savings and loan association, federal savings bank, federal savings and loan association, private banker, credit union, federal credit union, investment company, pension fund, licensed mortgage banker or any […]
§ 6-l. High-cost home loans. 1. Definitions. The following definitions apply for the purposes of this section: (a) “Affiliate” means any company that controls, is controlled by, or is under common control with another company, as set forth in the Bank Holding Company Act of 1956 (12 U.S.C. § 1841 et seq.), as amended from […]
§ 6-m. Subprime home loans. 1. Definitions. The following definitions apply for the purposes of this section: (a) “Annual percentage rate” means the annual percentage rate for the loan calculated according to the provisions of the Federal Truth-in-Lending Act (15 U.S.C. § 1601, et seq.), and the regulations promulgated thereunder by the federal reserve board […]
§ 6-n. Responsibility of banks for mortgages being processed for modification. 1. If a mortgage that is the subject of an application for a modification of the mortgage terms is sold or transferred during the modification process, the bank or financial institution selling or transferring such mortgage shall provide the borrower with a written list […]
