Title BNK, Banking

§ 599-j. Continuing education for mortgage loan originators. 1.\nContinuing education requirements. In order to meet the annual\ncontinuing education requirements referred to in section five hundred\nninety-nine-i of this article, a licensed mortgage loan originator shall\ncompl…

§ 599-k. Required surety bond. 1. Each mortgage loan originator shall be covered by a surety bond in accordance with this section. In the event that the mortgage loan originator is an employee or exclusive agent of an originating entity, the surety bond of such person may be use…

§ 599-l. Reports by the superintendent; permissive challenges by licensees. 1. Notwithstanding any other provisions of law, the superintendent shall report on a regular basis, not more than annually, all violations of this article, as well as enforcement actions and other releva…

§ 599-m. Required records and reporting. 1. Educational records. Each originating entity shall obtain and retain acceptable documentation of the satisfactory completion of education courses required pursuant to this article by each mortgage loan originator employed by or affilia…

§ 599-n. Enforcement authority; grounds for suspension or revocation of a mortgage loan originator license; restitution. 1. Licensee revocation. In addition to the authority set forth in subdivision three of this section, the superintendent may revoke a license to engage in busi…

§ 599-o. Rules, regulations and examinations. 1. The superintendent is hereby authorized and empowered to make such rules and regulations and interim procedures for licensing and acceptance of applications as may in his or her judgment be necessary or appropriate for the effecti…

§ 599-p. Unique identifier. The unique identifier of any person originating a residential mortgage loan shall be clearly shown on all residential mortgage loan application forms, solicitations or advertisements, including business cards or websites, and any other documents as es…

§ 599-q. Confidentiality. In order to promote more effective regulation and reduce regulatory burden through supervisory information sharing, information provided to the superintendent by an MLO shall be subject to the following: 1. Except as otherwise provided in public law 110…

§ 599-r. Construction. Nothing contained in this article shall be deemed to impair, alter or render ineffective any provision of article twelve-D of this chapter, including but not limited to any provision thereof relating to issuing, suspending or revoking any mortgage banker l…

§ 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 compan…

§ 6-a. Investment in obligations of certain persons sixty-five years\nof age or over incurred to satisfy real property tax indebtedness. 1.\nSubject to such regulations and restrictions as the superintendent of\nfinancial services finds to be necessary and proper and notwithstan…

§ 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-s…

§ 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 appr…

§ 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, …

§ 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 autho…

§ 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 80…

§ 6-h. Reverse mortgage loans authorized. Notwithstanding any\ninconsistent provision of law, in addition to any other power exercised\nby it, every authorized lender, as defined by section two hundred eighty\nor two hundred eighty-a of the real property law, shall have the powe…

§ 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 conformi…

§ 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, …

§ 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, p…

§ 6-l. High-cost home loans. 1. Definitions. The following definitions\napply for the purposes of this section:\n (a) "Affiliate" means any company that controls, is controlled by, or\nis under common control with another company, as set forth in the Bank\nHolding Company Act of…

§ 6-m. Subprime home loans. 1. Definitions. The following definitions\napply for the purposes of this section:\n (a) "Annual percentage rate" means the annual percentage rate for the\nloan calculated according to the provisions of the Federal\nTruth-in-Lending Act (15 U.S.C. § 1…

§ 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 tra…

* § 6-o. Single point of contact for modifying delinquent home loans. 1. A lender shall provide to a borrower who is thirty or more days delinquent on his or her home loan with such lender and who chooses to pursue a loan modification or other foreclosure prevention alternative,…

* § 6-o. Reverse cooperative apartment unit loans for persons\nsixty-two years of age or older. 1. For purposes of this section, the\nfollowing terms shall have the following meanings:\n (a) Reverse cooperative apartment unit loan. A loan which is secured\nby shares or membershi…

§ 6-p. Loan counseling for mortgages guaranteed by the Servicemen's Readjustment Act of 1944. Every mortgage lending institution and mortgage banker which originates loans secured by real property used for residential purposes located in this state which are to be guaranteed und…

§ 600. Merger; when authorized. The following mergers are hereby authorized: (1) One or more corporations organized under the laws of this state and subject to the provisions of article three, article eight, article eleven or article twelve of this chapter with another corporati…

§ 6001. By-laws. 1. The initial by-laws of a corporation shall be adopted by its incorporators. Except as otherwise provided in the organization certificate under section six thousand thirteen, by-laws may be amended, repealed or adopted by vote of the holders of the shares at t…

§ 6002. Meetings of stockholders. 1. Meetings of stockholders may be held at such place, within or without this state, as may be fixed by or under the by-laws, or if not so fixed, at the office of the corporation in this state except that the annual meetings of stockholders of b…

§ 6003. Special meeting for election of directors. 1. If, for a period of one month after the date fixed by or under section six thousand two or the by-laws for the annual meeting of stockholders, or if no date has been so fixed, for a period of thirteen months after the formati…

§ 6004. Fixing record date. 1. For the purpose of determining the stockholders entitled to notice of or to vote at any meeting of stockholders or any adjournment thereof, or to express consent to or dissent from any proposal without a meeting, or for the purpose of determining s…

§ 6005. Notice of meetings of stockholders. 1. Whenever under the provisions of this chapter stockholders are required or permitted to take any action at a meeting, written notice shall state the place, date and hour of the meeting and unless it is the annual meeting, indicate t…

§ 6006. Waivers of notice. Notice of meeting need not be given to any stockholder who submits a signed waiver of notice, in person or by proxy, whether before or after the meeting. The attendance of any stockholder at a meeting, in person or by proxy, without protesting prior to…

§ 6007. List of stockholders at meetings. A list of stockholders as of the record date, certified by the corporate officer responsible for its preparation or by a transfer agent, shall be produced at any meeting of stockholders upon the request thereat or prior thereto of any st…

§ 6008. Quorum of stockholders. 1. The holders of a majority of the shares entitled to vote thereat shall constitute a quorum at a meeting of stockholders for the transaction of any business, provided that when a specified item of business is required to be voted on by a class o…

§ 6009. Proxies. 1. Every stockholder entitled to vote at a meeting of stockholders or to express consent or dissent without a meeting may authorize another person or persons to act for him by proxy. 2. Every proxy must be signed by the stockholder or his attorney-in-fact. No pr…

§ 601. Merger agreement; authorization; approval; filing. 1. A written plan of merger shall be submitted, in duplicate, to the superintendent by the corporations which are to merge. Such plan shall be in form satisfactory to the superintendent, shall specify each corporation to …

§ 601-a. Purchase of assets. 1. The following acquisitions are hereby authorized whether by purchase or otherwise, other than by merger, of all or a substantial part of the assets of: (a) One or more corporations organized under the laws of this state and subject to the provisio…

§ 601-b. Approval or disapproval of merger or purchase of assets. 1. The superintendent shall approve or disapprove of a proposed merger as authorized by section six hundred of this chapter or a proposed acquisition of all or a substantial part of the assets of any banking organ…

§ 601-c. Sale, lease, exchange or other disposition of property, rights, privileges and franchises. 1. Subject to subdivision eight of section six hundred five of this chapter, and except as otherwise provided by law or by its organization certificate or other certificate filed …

§ 6010. Selection of inspectors at stockholders' meetings. Unless otherwise provided in the by-laws, the board, in advance of any stockholders' meeting, may appoint one or more inspectors to act at the meeting or any adjournment thereof. If inspectors are not so appointed, the p…

§ 6011. Duties of inspectors at stockholders' meetings. The inspectors shall determine the number of shares outstanding and the voting power of each, the shares represented at the meeting, the existence of a quorum, the validity and effect of proxies, and shall receive votes, ba…

§ 6012. Qualification of voters. 1. Every stockholder of record shall be entitled at every meeting of stockholders to one vote for every share standing in his name on the record of stockholders, unless otherwise provided in the organization certificate. 2. Treasury shares and sh…

§ 6013. Limitations on right to vote. The organization certificate may provide, except as limited by section five thousand one, either absolutely or conditionally, that the holders of any designated class or series of shares shall not be entitled to vote, or it may otherwise lim…

§ 6014. Vote of stockholders. 1. Directors shall, except as otherwise required by this article or by the organization certificate as permitted by this article, be elected by a plurality of the votes cast at a meeting of stockholders by the holders of shares entitled to vote in t…

§ 6015. Written consent of stockholders, subscribers or incorporators without a meeting. 1. Whenever under this chapter stockholders are required or permitted to take any action by vote, such action may be taken without a meeting on written consent, setting forth the action so t…

§ 6016. Greater requirement as to quorum and vote of stockholders. 1. The organization certificate may contain provisions specifying either or both of the following: (a) That the proportion of shares, or the proportion of shares of any class or series thereof, the holders of whi…

§ 6017. Voting by class or classes of shares. 1. The organization certificate may contain provisions specifying that any class or classes of shares or of any series thereof shall vote as a class in connection with the transaction of any business or of any specified item of busin…

§ 6018. Cumulative voting. The organization certificate of any corporation may provide that in all elections of directors of such corporation each stockholder shall be entitled to as many votes as shall equal the number of votes which, except for such provisions as to cumulative…

§ 6019. Powers of supreme court respecting elections. Upon the petition of any stockholder aggrieved by an election, and upon notice to the persons declared elected thereat, the corporation and such other persons as the court may direct, the supreme court at a special term held …