§ 9-O. Mortgage loans; disclosure form.
242 words·~1 min read·
/ny/banking/short-title-definitions-miscellaneous-provisions/9-o·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 9-o. Mortgage loans; disclosure form. 1. For the purpose of this
section, the following terms shall have the following meanings:
(a)"Mortgage lending institution" shall mean an 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, or any bank, trust company,
savings bank, savings and loan association, or credit union organized
under the laws of any other state, or any instrumentality created by the
United States or any other state, with the power to make mortgage loans.
Mortgage lending institution shall include a subsidiary of such entity.
(b)"Mortgage banker" shall mean a person or entity who or which is
licensed pursuant to section five hundred ninety-one of this chapter to
make mortgage loans in this state.
2. Every mortgage lending institution and mortgage banker which
originates loans secured by real property used for residential purposes
located in this state shall provide a separate disclosure form with each
application that shall contain a provision stating whether the interest
rate of such loan shall be the interest rate in effect at the time of
application, the time of commitment, the time of closing or at such
other period of time as shall be determined by the lending institution.
The superintendent of financial services shall promulgate rules and
regulations to implement the provisions of this section.