reglab/statecodes huggingface dataset:
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 34 - Availability Of Funds For Items Deposited For Collection › Section 34.3 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
For purposes of the provisions of this Part, the following
				  definitions apply:
(a) Account means a
				savings account or a time deposit account which has been opened by any person
				or entity with a bank or savings institution.
(b) Bank means a commercial bank, trust
				company or branch of a foreign banking corporation.
(c) Business day means any day excluding
				Saturdays, Sundays and legal holidays. For purposes of calculating the number
				of business days by which the depositary bank is obliged to make funds
				available for withdrawal by the customer, the term business day will exclude
				the day of deposit and the first business day after the day of deposit if the
				deposit is made on a Saturday, Sunday, legal holiday or after the close of
				business as determined by the office of the depositary bank. For electronic
				branches, opening and closing times shall be the hours of the closest manned
				office of the depositary bank.
(d)
				Depositary bank, depending on the context, means either the bank or the savings
				institution which maintains the account into which the item is first
				deposited.
(e) Item means a check,
				negotiable order of withdrawal or money order deposited into an
				account.
(f) Local bank or savings
				institution means an office of a bank or savings institution which is located
				in the same city, town or village, and which uses the same clearing facility,
				as the office of the depositary bank.
(g) Savings institution means a savings bank,
				a savings and loan association or a credit union.
(h) Transaction account means an account as
				defined in
				12 CFR
				229.3(a).
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 34 - Availability Of Funds For Items Deposited For Collection › Section 34.4 - Availability of funds for items deposited

Current through Register Vol. 46, No. 28, July 10, 2024
With respect to items deposited in an account, all depositary
				  banks shall make the funds for such items available for withdrawal from such
				  account, in accordance with the periods of time as set forth in this section
				  (except as otherwise provided under section
				  34.5  of this Part),
				  the provisions of individual account agreements notwithstanding. Nothing
				  contained in this section shall prevent a depositary bank from making funds
				  available for withdrawal within a shorter period of time than that required by
				  this section, pursuant to a depositary bank's policy. Nothing contained in this
				  section or elsewhere in this Part shall affect a depositary bank's existing
				  right to accept or reject an item for deposit or, if the item is accepted for
				  deposit and the depositary bank has made provisional settlement with its
				  customer, to revoke the settlement given by it, charge back the customer's
				  account or claim a refund therefor in accordance with New York Uniform
				  Commercial Code.
(a) Banks shall make
				funds available at the start of the business day subsequent to the periods
				detailed below:
(1) for items drawn on a
				local bank or savings institution (other than the depositary bank), and except
				as provided under paragraphs (4), (5), (6) and (7) of this subdivision, two
				business days;
(2) for items drawn
				on a nonlocal bank or savings institution (other than the depositary bank)
				which is located in this State, and except as provided under paragraphs (4),
				(5), (6) and (7) of this subdivision, three business days;
(3) for items drawn on any other bank or
				savings institution located in the United States, and except as provided under
				paragraphs (4), (5), (6) and (7) of this subdivision, six business
				days;
(4) for any item drawn in a
				face amount of $100 or less, one business day;
(5) for any item drawn on a New York branch
				of the depositary bank, one business day;
(6) for first-endorsed items drawn on the
				U.S. Treasury, one business day;
(7) for any first-endorsed items drawn by the
				State of New York or any counties, cities, towns or villages thereof, one
				business day, if such items are deposited at a manned teller station together
				with a separate deposit slip which indicates that the item being deposited is a
				government check; and
(8) with
				respect to any item which is deposited at a shared or nonproprietary electronic
				facility of the depositary institution, it may, at its option, add an
				additional business day to the relevant availability time stipulated
				herein.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 34 - Availability Of Funds For Items Deposited For Collection › Section 34.6 - Notifications and disclosures

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				Each depositary bank shall notify its account holders, in writing and in plain
				language, of the time periods for the availability of funds as required by this
				Part and of the exceptions thereto, together with a statement of the depositary
				bank's policy with respect to the exceptions. Such notifications shall include
				a disclosure of the hour, or hours if the close of business differs at certain
				offices, at which the depositary bank closes business with respect to items
				received for deposit, which disclosure shall be set out in a conspicuous
				manner.
(b) Each depositary bank
				shall post in a conspicuous place in each manned branch a notice which
				substantially sets forth the time periods applicable to the availability of
				funds for items received for deposit.
(c) In light of the imminent adoption of
				comprehensive Federal regulations governing expedited funds availability which
				will largely preempt this Part, subdivision (a) of this section
				notwithstanding, no depositary bank shall be required to provide the notice
				required by that subdivision to any persons or entities whose accounts are made
				subject to this part by this amendment; nor shall any depositary bank be
				required to provide notice pursuant to that subdivision to any other person of
				the change to subdivision (a) of section
				34.4 
				of this Part adopted by this amendment.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 36 - Investments By Banks Or Trust Companies In Investment Companies › Section 36.1 - Authorization

Current through Register Vol. 46, No. 28, July 10, 2024
Subject to the requirements of section
				  36.2  of this Part, a
				  bank or trust company may invest in the shares of investment companies
				  (henceforth referred to as a "fund" or "funds"), provided that the portfolio of
				  the fund consists solely of investments in stocks and obligations in which
				  banks or trust companies are permitted to invest directly. Investment companies
				  include open-end and closed-end investment companies and unit investment trusts
				  as those terms are used in the Investment Company Act of 1940 (title 15 United
				  States Code,[FN*] section 80a-1 et seq.).
[FN*] For information regarding the United States Code (USC
				  or U.S.C.), the Code of Federal Regulations (CFR) and the Federal Register, see
				  Supervisory Policy G 1.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 36 - Investments By Banks Or Trust Companies In Investment Companies › Section 36.2 - Requirements

Current through Register Vol. 46, No. 28, July 10, 2024
(a) A bank or trust
				company may invest in the shares of any single fund without express limit,
				subject to the limitations contained in subdivision(b) of this
				section.
(b) Banks or trust
				companies which invest in funds which contain assets subject to investment
				limits must review the fund portfolios on a periodic basis in order to
				ascertain whether the combined investment of the bank or trust company in the
				obligations of a single issuer (taking into account the bank or trust company's
				proportionate holding of fund shares together with any other investment) would
				comply with the limitations contained in sections 97(4- b), 103 and 106 of the
				Banking Law, if said sections were to be applied to such investments, and must
				reduce excessive holdings within a reasonable period of time to conform to such
				limitations.
(c) It is also
				expected that a bank or trust company investing in funds shall periodically
				monitor the portfolios of such funds to determine the appropriateness of the
				funds' investments for the portfolio of the bank or trust company.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 37 - Real Estate Equity Investments In Community Development Projects › Section 37.1 - Authorization

Current through Register Vol. 46, No. 28, July 10, 2024
Subject to the limitations contained in section
				  37.2  of this Part,
				  and the prior review by the Department, a bank or trust company may make real
				  estate equity investments in community development projects provided that any
				  such project primarily serves a public purpose. A project will be deemed to
				  serve a public purpose if it promotes housing and economic revitalization or
				  development in low and moderate income areas and directly benefits low and
				  moderate income residents or small businesses. In determining whether the
				  project primarily serves a public purpose, consideration shall also be given as
				  to whether the project primarily benefits the particular bank's local service
				  area, and whether there is significant community involvement, including the
				  extent to which community groups are involved in project implementation, and
				  the extent of community and public support for the project.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 37 - Real Estate Equity Investments In Community Development Projects › Section 37.2 - Limitations

Current through Register Vol. 46, No. 28, July 10, 2024
A bank or trust company's investment in any one community
				  development project pursuant to this Part may not exceed two percent of its
				  capital stock, surplus and undivided profits and its aggregate investment in
				  all such projects may not exceed ten percent of its capital stock, surplus and
				  undivided profits.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 38 - Definitions Of Terms; Advertising; Application And Commitment Disclosures And Procedures; Improper Conduct Under Article 12-d › Section 38.5 - Prevailing rate

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				Disclosures. A licensee or exempt organization may issue a "prevailing rate"
				commitment only in compliance with this section. Prior to acceptance of a
				commitment fee, points or other discounts, the licensee or exempt organization
				must issue a commitment which discloses the following:
(1) All disclosures required by section
				38.4(a) 
				of this Part excluding information concerning the initial interest rate, and
				the initial monthly payment of principal and interest.
(2)
(i)
				Index and margin. The index and margin, if any, upon which the rate for that
				mortgage loan will be based. The index must be independently verifiable by the
				borrower and identification of a source for such verification shall be
				provided. The commitment must also disclose any points or other discounts;
				or
(ii) Base rate and deviation. A
				base rate and the maximum interest rate at which the loan may close. The
				interest rate at closing may never exceed one percentage point above the base
				rate. The interest rate may be adjusted downward at any time. For example, if
				the commitment sets a base rate of 9.5 percent, the rate may float no higher
				than 10.5 percent. A mortgage banker or exempt organization which offers
				prevailing rate commitments in accordance with this paragraph shall make
				available for inspection a list which identifies specific products and the rate
				at which such products are available on any day ("rate sheet"). Such rate sheet
				shall be maintained for two years.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 38 - Definitions Of Terms; Advertising; Application And Commitment Disclosures And Procedures; Improper Conduct Under Article 12-d › Section 38.6 - Lock-in agreements (guaranteed rate)

Current through Register Vol. 46, No. 28, July 10, 2024
A mortgage banker or exempt organization may take points or
				  lock-in fee prior to the issuance of a commitment only in compliance with this
				  section.
(a) Required disclosures and
				notices. Prior to taking of any points or a lock-in fee, a mortgage banker or
				exempt organization must provide the applicant with a lock-in agreement signed
				and dated by the entity and the applicant which incorporates the following
				information:
(1) Each of the following:
(i) identification of property, principal
				amount and term of loan, initial interest rate and points, commitment fees and
				lock-in fees;
(ii) the lock-in
				agreement shall become binding on both the applicant and the mortgage banker or
				exempt organization when signed by both;
(iii) the time by which the lock-in fee must
				be paid to the mortgage banker or exempt organization, provided that such fee
				may not be taken prior to the time that the lock-in agreement becomes binding
				on both the applicant and the mortgage banker or exempt organization;
(iv) whether fixed or variable, and if a
				variable rate, the index and margin, or the method, by which an interest rate
				change for the mortgage loan will be calculated;
(v) balloon payment (if
				applicable);
(vi) initial monthly
				payment of principal and interest;
(vii) whether funds are to be escrowed (if
				applicable); and
(viii) whether
				private mortgage insurance is required (if applicable) and the conditions under
				which such insurance would no longer be required.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 38 - Definitions Of Terms; Advertising; Application And Commitment Disclosures And Procedures; Improper Conduct Under Article 12-d › Section 38.8 - Administrative actions and penalties

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Disciplinary action. Banking Law,
				sections
				595 and
				595-a provide that a mortgage broker,
				mortgage banker or exempt organization may be subject to disciplinary action by
				the Banking Department for violations of article 12-D, the regulations
				promulgated thereunder, or violations of State or Federal law indicating that
				the entity is unfit to engage in the business of brokering or making mortgage
				loans in this State. Disciplinary action may include:
(1) temporary or permanent deletion from the
				mortgage broker roll;
(2)
				suspension or revocation of a license to engage in the business of mortgage
				banking; and
(3) fines assessed by
				the Banking Department, which shall be limited to $5,000 per violation,
				$100,000 per proceeding.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 38 - Definitions Of Terms; Advertising; Application And Commitment Disclosures And Procedures; Improper Conduct Under Article 12-d › Section 38.9 - Limitation on excess insurance and required disclosures

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Limitation on excess insurance. No
				mortgage banker or exempt organization shall require any mortgagor, in
				connection with the granting of a mortgage loan, to obtain a hazard insurance
				policy in excess of the replacement cost of the improvements on the property as
				a condition for the granting of such mortgage loan.
(b) Required disclosures. Each mortgage
				banker and exempt organization that requires mortgagors to obtain and/or
				maintain hazard insurance as a condition to granting any mortgage loan shall at
				the time of commitment, or if no written commitment will be issued, then at the
				time of application, furnish in writing or by electronic transmission to each
				mortgagor:
(1) a statement that hazard
				insurance will be required; and
(2)
				a statement that the mortgage banker or exempt organization cannot require the
				mortgagor to obtain or maintain a policy in excess of the replacement cost of
				the improvements on the property securing the loan.
The disclosures required by this section may be incorporated
				  into the application or commitment or into one or more forms required by State
				  or Federal law or in a separate form. Furthermore, the disclosures required by
				  this section are in addition to any other disclosures required by this Part.
				  Within three business days of any electronic transmission of this disclosure, a
				  hard copy of such disclosure shall be mailed to each mortgagor who indicates
				  that he or she does not have the computer capacity to down-load and print such
				  disclosure. Furthermore, in those instances in which a hard copy of the
				  disclosure is not mailed to the mortgagor, the mortgage banker or exempt
				  organization must be able to demonstrate that information was obtained as to
				  the mortgagor's computer capacity to down-load and print such
				  disclosure.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 38 - Definitions Of Terms; Advertising; Application And Commitment Disclosures And Procedures; Improper Conduct Under Article 12-d › Section 38.10 - Notification requirement

Current through Register Vol. 46, No. 28, July 10, 2024
Every mortgage banker, mortgage broker and exempt
				  organization shall notify the Mortgage Banking Division of the Banking
				  Department in writing of any administrative, civil or criminal proceeding
				  initiated by any domestic governmental department or agency, the Federal Home
				  Loan Mortgage Corporation, or the Federal National Mortgage Agency, within 20
				  days of its commencement, provided such proceeding pertains to residential
				  mortgage lending.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 38 - Definitions Of Terms; Advertising; Application And Commitment Disclosures And Procedures; Improper Conduct Under Article 12-d › Section 38.11 - Requirements for branches

Current through Register Vol. 46, No. 28, July 10, 2024
(a) In
				addition to such applications and investigation fees as may be required under
				Banking Law article 12-D to establish any branches, with respect to any branch,
				as defined in section
				38.1  of this Part, a
				particular person shall be designated as being responsible for the operation
				thereof. In addition, such branch stationery, if any, shall include the address
				and telephone number of the branch or the main office at the licensee's or
				registrant's option and must use the name of the licensee or registrant. The
				foregoing requirements shall not apply to mortgage brokers or mortgage bankers
				having more than 10 branches in New York State.
(b) A licensee or registrant shall not permit
				the establishment of or the maintenance of a net branch.
(c) Any employee, independent contractor or
				consultant who works from a place other than a branch as defined in section
				38.1  of this Part
				shall be assigned to a specific branch location for purposes of managerial and
				regulatory oversight. All applicants and borrowers who interact with such
				employee, independent contractor or consultant must be provided with complete
				contact information for the branch location to which the employee, independent
				contractor or consultant is assigned. All documents pertaining to an
				application and the correspondent loan, if any, which involve such employee,
				independent contractor or consultant must go through the branch location to
				which the employee, independent contractor or consultant is assigned.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 38 - Definitions Of Terms; Advertising; Application And Commitment Disclosures And Procedures; Improper Conduct Under Article 12-d › Section 38.13 - Fha mortgage loan correspondents

Current through Register Vol. 46, No. 28, July 10, 2024
(a) For purposes of implementing section
				590(5-a) of the New York Banking Law, all of the applicable requirements of
				this Part which pertain to mortgage bankers and exempt organizations shall also
				apply to any registered mortgage broker when acting as an FHA mortgage loan
				correspondent as approved by the superintendent. In all other instances, the
				mortgage broker shall remain subject to the requirements of this Part
				applicable to mortgage brokers.
(b)
				Notwithstanding any provision of this Part to the contrary, any registered
				mortgage broker, approved by the superintendent to act as an FHA mortgage loan
				correspondent, shall be permitted to advertise that it is an approved FHA
				mortgage loan correspondent authorized to make FHA insured mortgage loans. Such
				registered mortgage broker may display a notice that it is approved to make FHA
				insured mortgage loans.
(c) To the
				extent not prohibited by Federal law, where the requirement promulgated by the
				Secretary of Housing and Urban Development with regard to acting as an FHA
				mortgage loan correspondent differ from those of this Part, the FHA mortgage
				loan correspondent must comply with the requirement which provides greater
				consumer protection.
(d) No FHA
				mortgage loan correspondent may accept an application, application fee, credit
				report fee or property appraisal fee prior to making the following disclosure
				or one to like effect:
I am an approved FHA Mortgage Loan Correspondent. Your loan
				  will be underwritten by my FHA approved sponsor. You will be notified of the
				  name of the sponsor simultaneously with the issuance of an interest rate
				  lock-in agreement or commitment to fund, whichever comes first. If the sponsor
				  approves the FHA insured mortgage loan, I will make the mortgage loan to
				  you.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 39 - Exempt Organizations; Subsidiaries Of Exempt Organizations; Exempt Mortgage Products › Section 39.1 - Purpose

Current through Register Vol. 46, No. 28, July 10, 2024
The purpose of this Part is to define the entities engaged in
				  the business of soliciting, negotiating, placing, processing or making mortgage
				  loans secured by a first or junior lien that will be exempt from the
				  registration or licensing requirements of article 12-D of the Banking Law, and
				  to define mortgage loan products, the brokering or funding of which do not
				  require registration or licensing as a mortgage banker or mortgage broker under
				  article 12-D.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 39 - Exempt Organizations; Subsidiaries Of Exempt Organizations; Exempt Mortgage Products › Section 39.2 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
As used in this Part:
(a) The term exempt organization shall mean
				any insurance company, banking organization, foreign banking corporation
				licensed by the superintendent or the Comptroller of the Currency to transact
				business in this State, national bank, Federal savings bank, Federal savings
				and loan association, Federal credit union, any bank, trust company, savings
				bank, savings and loan association, and credit union organized under the laws
				of any other state; any instrumentality created by the United States or any
				state with the power to make mortgage loans and any entities exempt pursuant to
				section
				39.4 
				of this Part.
(b) The term exempt
				products shall mean any mortgage loan products meeting the requirements of
				section
				39.5  of this
				Part. The brokering or funding of such products shall not be a business
				activity requiring registration or licensing pursuant to article 12-D, nor
				shall such products be subject to the advertising, solicitation, application
				and commitment procedures, disclosure requirements or penalty provisions set
				forth in article 12-D of the Banking Law and Part 38 of this Title.
(c) As used in this Part, terms defined in
				General Regulation section
				38.1  of this Title
				shall have the same meaning as prescribed therein.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 39 - Exempt Organizations; Subsidiaries Of Exempt Organizations; Exempt Mortgage Products › Section 39.3 - General provisions

Current through Register Vol. 46, No. 28, July 10, 2024
(a) An
				entity not exempt by New York law which shall otherwise not establish its
				exempt status in accordance with this Part shall become licensed or registered
				in accordance with the procedures described in Part 410 of this Title prior to
				April 1, 1988. Entities exempt under a prior version of this Part that are no
				longer exempt shall file an application to become licensed or registered prior
				to April 3, 2012 and shall become licensed or registered by July 2, 2012, or
				such later date as the superintendent may approve for good cause.
(b) An exempt organization shall not be
				relieved of the advertising, solicitation, application and commitment
				procedures and disclosure requirements set forth in article 12-D of the Banking
				Law and Part 38 of this Title or the penalties for violations of such
				requirements set forth in the Banking Law. An entity exempt from licensing or
				registration as a mortgage banker or mortgage broker shall not be subject to
				periodic examination by the department but may at any time become subject to
				special investigation. Accordingly, consistent with section 597  of the Banking Law, each such entity
				shall keep its books and records in a manner which will allow the
				superintendent to determine whether such entity is complying with the
				advertising, solicitation, application and commitment procedures and disclosure
				requirements prescribed in Part 38 of this Title, except for books and records
				relating to exempt products. Information and forms regarding recordkeeping can
				be obtained at: Department of Financial Services, Mortgage Banking Unit at the
				address set forth in section
				1.1  of
				Supervisory Policy G 1 of this Title. Books and records shall be available for
				inspection by the superintendent in accordance with superintendent's regulation
				Part 410 of this Title.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 39 - Exempt Organizations; Subsidiaries Of Exempt Organizations; Exempt Mortgage Products › Section 39.4 - Organizations exempt from licensing or registration; conditions precedent to exemptions from registration or licensing requirements of article 12-d

Current through Register Vol. 46, No. 28, July 10, 2024
In addition to the entities defined as exempt organizations
				  in section
				  39.2  of this Part,
				  the following are exempt from licensing or registration as a mortgage banker or
				  mortgage broker under article 12-D of the Banking Law or the rules and
				  regulations promulgated thereunder:
(a) Loan investors. Persons who acquire
				mortgage loans from lenders for investment but who do not make mortgage
				loans.
(b) Licensed real estate
				brokers. Licensed real estate brokers who or which do not accept a separate fee
				(in addition to any earned real estate brokerage fee), directly or indirectly,
				for services performed in connection with the brokering of a mortgage
				loan.
(c) Mortgage bankers engaged
				in mortgage brokerage activities. Section 590  of the
				Banking Law provides that a license to engage in the business of making
				mortgage loans shall be deemed to include the authority to engage in the
				business of soliciting, processing, placing and negotiating mortgage loans. No
				additional registration with the department shall be required to engage in the
				mortgage brokerage business, nor shall additional registration fees be required
				of any mortgage banker.
(d)
				Entities offering mortgage loan products exempt under section
				39.5  of this
				Part. Entities offering only mortgage loan products that are exempt products
				pursuant to section
				39.5  of this
				Part.
(e) Not-for-profit
				organizations. Not-for-profit organizations may be eligible for exemption. Such
				organizations which seek exemption may submit a letter application to the
				Mortgage Banking Unit of the department at the address set forth in section
				1.1  of
				Supervisory Policy G 1 of this Title, together with such information as may be
				prescribed by the superintendent.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 39 - Exempt Organizations; Subsidiaries Of Exempt Organizations; Exempt Mortgage Products › Section 39.5 - Exempt products

Current through Register Vol. 46, No. 28, July 10, 2024
The following loan products are exempt products:
(a) purchase money mortgages extended by a
				seller to buyers thereof, where the seller is an individual, estate or trust
				that sells not more than three properties in any 12-month period, provided that
				the seller has not constructed or acted as a contractor for the construction of
				a residence being sold;
(b)
				construction loan mortgages;
(c)
				relocation mortgage loans. A mortgage loan made by an applicant's employer if
				the purpose of the loan is to assist the employee to relocate;
(d) any product offered as a mortgage loan by
				an instrumentality created by the United States or any state; and
(e) such other loan products as may be
				specifically exempted upon application to the superintendent.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 41 - Restrictions And Limitations On High Cost Home Loans › Section 41.6 - Multiple borrowers

Current through Register Vol. 46, No. 28, July 10, 2024
Where there is more than one borrower on a high cost home
				  loan, and this Part requires a notice to be given or a signature obtained, such
				  requirement shall be deemed satisfied by the delivery or placing in the mail
				  to, or obtaining the signature of, any borrower who is primarily liable on the
				  high cost home loan.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 41 - Restrictions And Limitations On High Cost Home Loans › Section 41.7 - Legend

Current through Register Vol. 46, No. 28, July 10, 2024
High cost home loan mortgages shall include a legend on top
				  of the mortgage in 12-point type stating that the mortgage is a high cost home
				  loan subject to this Part and section 6-l  of the Banking Law. If the mortgage
				  document form is prescribed by a government-sponsored entity, such legend shall
				  be placed on a separate document and attached to the front of the mortgage
				  document.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 41 - Restrictions And Limitations On High Cost Home Loans › Section 41.8 - Exempt products

Current through Register Vol. 46, No. 28, July 10, 2024
Certain products offered as a mortgage loan by an
				  instrumentality of the United States or of any state shall be exempt from this
				  Part such as loan products offered by the SONYMA.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 41 - Restrictions And Limitations On High Cost Home Loans › Section 41.9 - Correction of errors

Current through Register Vol. 46, No. 28, July 10, 2024
A lender of a high cost home loan that, when acting in good
				  faith, fails to comply with the provisions of this section, will not be deemed
				  to have violated this Part and section 6-l  of the Banking Law if the lender
				  establishes that either:
(a) within 30
				days of the loan closing and prior to the institution of any action under
				section 6-l  of the Banking Law, the borrower is
				notified of the compliance failure, appropriate restitution is made, and
				whatever adjustments are necessary are made to the loan to either, at the
				choice of the borrower:
(1) make the high
				cost home loan satisfy the requirements of this Part; or
(2) change the terms of the loan in a manner
				beneficial to the borrower so that the loan is no longer a high cost home loan
				subject to the provisions of this Part; or
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 41 - Restrictions And Limitations On High Cost Home Loans › Section 41.10 - Good faith reliance

Current through Register Vol. 46, No. 28, July 10, 2024
A lender or assignee may not be held liable under this Part
				  for any act done or omitted in good faith in conformity with any rule,
				  regulation, release, bulletin, or interpretation thereof by:
(a) the Banking Department; or
(b) with respect to provision of this Part
				that follow provision of the Federal Truth-in- Lending Act, the Federal Reserve
				Board or any interpretation or approval by an official or employee of the
				Federal Reserve System duly authorized by the board to issue such
				interpretations or approvals under such procedures as the board may prescribe
				therefor, notwithstanding that after such act or omission has occurred, such
				rule, regulation, interpretation, or approval is amended, rescinded, or
				determined by judicial or other authority to be invalid for any
				reason.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 41 - Restrictions And Limitations On High Cost Home Loans › Section 41.11 - Single premium insurance; debt cancellation and suspension agreement payments

Current through Register Vol. 46, No. 28, July 10, 2024
No lender or affiliate shall finance single premium credit
				  life, accident, health, disability, or loss of income insurance, or any other
				  life or health insurance premiums, in connection with a high cost home loan
				  subject to this Part, or any payments directly or indirectly for any debt
				  cancellation or suspension agreement or contract, except that such insurance
				  premiums or payments calculated and paid on a monthly basis shall not be
				  considered so financed.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 42 - Subprime Home Loans-thresholds › Section 42.1 - Background

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Section 6-m 
				of the Banking Law provides for the regulation of subprime home loans as
				defined in the statute. In doing so, the statute incorporates the Federal
				concept of Annual Percentage Rate ("APR"), as defined in the Federal
				Truth-in-Lending Act, for determining whether a home loan is deemed subprime.
				Loans with a fully-indexed rate (a calculation correlated with APR) above a
				specified threshold are defined as subprime loans.
(b) The term fully-indexed rate is defined in
				section 6-m(1)(b) to mean:
"(1) for an
				adjustable rate loan based on an index, the annual percentage rate calculated
				using the index rate on the loan on the date the lender provides the 'good
				faith estimate' required under  12 USC section 2601  et seq. plus the margin to
				be added to it after the expiration of any introductory period or periods;
				or
(2) for a fixed rate loan, the
				annual percentage rate on the loan disregarding any introductory rate or rates
				and any interest rate caps that limit how quickly the contractual interest rate
				may be reached calculated at the time the lender issues its
				commitment."
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 42 - Subprime Home Loans-thresholds › Section 42.2 - Adjustment of subprime threshold

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Threshold adjustment. Notwithstanding the
				subprime threshold currently set forth in Banking Law section 6-m, and subject
				to the exclusions set forth in subdivision (b) of this section, a subprime home
				loan, if insured by the FHA, means a home loan in which the initial interest
				rate or the fully-indexed rate, whichever is higher, on the loan exceeds by
				more than two-and-a-half percentage points for a first-lien loan, or by more
				than four-and-a-half percentage points for a subordinate-lien loan, the average
				commitment rate for such loans in the northeast region with a comparable
				duration to the duration of such home loan, as published by the Federal Home
				Loan Mortgage Corporation (herein "Freddie Mac") in its weekly Primary Mortgage
				Market Survey (PMMS) posted in the week prior to the week in which the lender
				provides the "good faith estimate" required under  12 USC section 2601  et
				seq."
(b) Exclusions.
(1) The following types of FHA-insured loans
				are excluded from the threshold adjustment in subdivision (a) of this section,
				and instead are examined in accordance with the threshold currently set forth
				in Banking Law section 6-m:
(i) Title I Home
				Improvement Loans;
(ii) Home Equity
				Conversion Mortgages; and
(iii) any
				loan in which the fully-indexed rate, calculated using the FHA MIP policies
				that were in effect immediately prior to the effectiveness of Mortgagee Letter
				2013-04, exceeds the unadjusted subprime threshold.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 43 - Subprime Home Loans - Meaning Of Terms › Section 43.1 - Background

Current through Register Vol. 46, No. 28, July 10, 2024
Section 6-m 
				  of the Banking Law provides for the regulation of subprime home loans as
				  defined in the statute. Pursuant to the authority provided by section
				  302(2) of the Financial
				  Services Law and section 14  of the Banking Law, the Superintendent of
				  Financial Services is authorized to prescribe regulations interpreting the
				  provisions of the Banking Law, including section 6-m. This Part is issued
				  pursuant to this authority, and it applies to all subprime home loans as
				  defined in the Banking Law.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 43 - Subprime Home Loans - Meaning Of Terms › Section 43.2 - Meaning of certain terms

Current through Register Vol. 46, No. 28, July 10, 2024
The following interpretations shall be used in determining
				  whether a loan is a subprime home loan within the meaning of Section 6-m 
				  of the Banking Law:
(a) The term week
				referred to in the phrase "the week prior to the week in which the lender
				provides the 'good faith estimate" used in section 6-m(1)(c) shall in all cases
				mean the seven-day period from Friday through Thursday, the day on which the
				Federal Home Loan Mortgage Corporation publishes its Primary Mortgage Market
				Survey (PMMS). Therefore, the relevant PMMS for purposes of section 6-m(1)(c)
				is the one published on the Thursday prior to receiving the good faith
				estimate. For example, if a lender provides a good faith estimate on any day
				including Friday, June 14 through Thursday, June 20, the relevant PMMS is the
				one published on Thursday, June 13. For a good faith estimate issued on Friday,
				June 21 through Thursday, June 27, the relevant PMMS is the one published on
				Thursday, June 20.
(b) The term
				good faith estimate referred to in the phrase "good faith estimate required
				under  12 USC §
										2601  et seq." used in section 6-m(1)(c) shall in all cases
				mean the good faith estimate used to establish the terms of the mortgage loan.
				If a revised good faith estimate is required under section 1024.7(f) of
				Regulation X (  12 CFR Part 1024), the term good faith estimateshall mean such
				revised good faith estimate.
(c)
				The term commitment referred to in the phrase "the time the lender issues its
				commitment" used in section 6-m(1)(b) shall in all cases where a commitment is
				not issued by the lender mean the good faith estimate.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 50 - Mutual Trust Investment Companies › Regulation and Supervision › Section 50.1 - Examinations

Current through Register Vol. 46, No. 28, July 10, 2024
The superintendent shall have the power to examine every
					 mutual trust investment company at any time prior to its dissolution whenever
					 in his judgment such examination is necessary or advisable. He shall at least
					 once in each calendar year, upon such date or dates within each such period as
					 in his discretion he deems proper, cause every such mutual trust investment
					 company to be examined. On every such examination of any mutual trust
					 investment company, inquiry shall be made as to:
(a) its financial condition;
(b) the policies of its management;
(c) whether the requirements of law and these
				  regulations have been complied with in the administration of its affairs;
				  and
(d) such other matters as the
				  superintendent may prescribe.
For the purpose of conducting such examination of a mutual
					 trust investment company, the superintendent shall have the power to examine
					 relevant books, records, accounts and documents held or maintained by any
					 custodian for the account of the mutual trust investment company or any other
					 person, firm or corporation which shall render managerial, investment,
					 advisory, statistical or other services to the mutual trust investment company.
					 All reports of examinations and investigations, including any duly
					 authenticated copy or copies thereof in the possession of the mutual trust
					 investment company, shall be confidential communications, shall not be subject
					 to subpoena, and shall not be made public unless in the judgment of the
					 superintendent the ends of justice and the public advantage will be subserved
					 by the publication thereof, in which event he may publish a copy of any such
					 report or any part thereof in such manner as he may deem
					 proper.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 50 - Mutual Trust Investment Companies › Regulation and Supervision › Section 50.2 - Reports

Current through Register Vol. 46, No. 28, July 10, 2024
The superintendent may require any mutual trust investment
					 company to make such regular and special reports to him at such times as he may
					 prescribe. The superintendent may prescribe the form and contents of all such
					 periodical and special reports.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 50 - Mutual Trust Investment Companies › Regulation and Supervision › Section 50.3 - Subpoena

Current through Register Vol. 46, No. 28, July 10, 2024
The power of subpoena, set forth in Banking Law, section
					 38,
					 shall extend to all matters relating to the affairs of any mutual trust
					 investment company.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 50 - Mutual Trust Investment Companies › Regulation and Supervision › Section 50.4 - Orders of the superintendent

Current through Register Vol. 46, No. 28, July 10, 2024
The power of the superintendent to issue an order to appear
					 and explain an apparent violation, to discontinue unauthorized or unsafe
					 practices and to keep books and accounts as prescribed, as set forth in Banking
					 Law, section
					 39(1), (2) and
					 (5), shall apply to any mutual trust
					 investment company with the same force and effect as if mutual trust investment
					 companies were specifically mentioned in each such
					 subdivision.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 50 - Mutual Trust Investment Companies › Regulation and Supervision › Section 50.5 - Removal of directors and officers

Current through Register Vol. 46, No. 28, July 10, 2024
Directors and officers of any mutual trust investment
					 company shall be subject to removal, under Banking Law, section
					 41, with the same force and effect as if
					 mutual trust investment companies were specifically mentioned in such
					 section.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 50 - Mutual Trust Investment Companies › Accounting Records › Section 50.10 - Accounting records

Current through Register Vol. 46, No. 28, July 10, 2024
A complete set of accounting records shall be maintained by
					 the mutual trust investment company. Such records shall clearly distinguish
					 items of principal from items of income of such company.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 50 - Mutual Trust Investment Companies › Accounting Records › Section 50.11 - Register

Current through Register Vol. 46, No. 28, July 10, 2024
A register shall be maintained by the mutual trust
					 investment company, showing with respect to each stockholder:
(a) the date of each investment, the number
				  of shares purchased and the amount paid therefor;
(b) the date of each redemption, the number
				  of shares redeemed, the amount paid on redemption and whether payment was made
				  in cash, in kind, or partly in cash and partly in kind;
(c) the number of shares currently held;
				  and
(d) the shares in any
				  liquidating account.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 50 - Mutual Trust Investment Companies › Valuation Investments › Section 50.20 - Time of valuation

Current through Register Vol. 46, No. 28, July 10, 2024
Investments shall be valued by the mutual trust investment
					 company as of the opening of business on the last business days of January,
					 April, July and October of each year, and such other date or dates as the board
					 of directors of the mutual trust investment company shall
					 designate.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 50 - Mutual Trust Investment Companies › Valuation Investments › Section 50.22 - Valuation schedule

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				  Within 10 business days after any valuation date, the mutual trust investment
				  company shall cause to be prepared a schedule of investments, as of the
				  valuation date, which shall contain:
(1) a
				  description of each security issue or investment;
(2) its face value;
(3) its value as carried on the books of the
				  mutual trust investment company; and
(4) its value as determined as of such
				  valuation date.