Title: New York Passes Mortgage Lending Statute: All Mortgagees Beware
Abstract: The effective date of the statute was April 1, 1987, and by that time, the New York Banking Board (the Board) intended to promulgate regulations implementing numerous provisions of the statute.2 The implications of the new law are so sweeping that it will be imperative for all lenders making mortgage loans in New York to become familiar with the statute and the soon-to-be published regulations. Since the law may well serve as a model for other state legislatures interested in revising their statutes dealing with the origination of mortgage loans, even lenders not making mortgage loans in New York should become familiar with the statute and the forthcoming regulations. This article will survey the historical background leading to passage of the statute, the significant statutory provisions dealing with the licensing of mort-
Publication Year: 2016
Publication Date: 2016-01-01
Language: en
Type: article
Access and Citation
AI Researcher Chatbot
Get quick answers to your questions about the article from our AI researcher chatbot