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\nbe covered by a surety bond in accordance with this section. In the\nevent that the mortgage loan originator is an employee or exclusive\nagent of an originating entity, the surety bond of such person may be\…

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

§ 599-m. Required records and reporting. 1. Educational records. Each\noriginating entity shall obtain and retain acceptable documentation of\nthe satisfactory completion of education courses required pursuant to\nthis article by each mortgage loan originator employed by or affi…

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

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

§ 599-p. Unique identifier. The unique identifier of any person\noriginating a residential mortgage loan shall be clearly shown on all\nresidential mortgage loan application forms, solicitations or\nadvertisements, including business cards or websites, and any other\ndocuments a…

§ 599-q. Confidentiality. In order to promote more effective\nregulation and reduce regulatory burden through supervisory information\nsharing, information provided to the superintendent by an MLO shall be\nsubject to the following:\n 1. Except as otherwise provided in public la…

§ 599-r. Construction. Nothing contained in this article shall be\ndeemed to impair, alter or render ineffective any provision of article\ntwelve-D of this chapter, including but not limited to any provision\nthereof relating to issuing, suspending or revoking any mortgage banke…

§ 6. Investment in obligations of housing corporations indirectly\nguaranteed pursuant to the "Servicemen's Readjustment Act of 1944".\nSubject to such regulations and restrictions as the superintendent of\nfinancial services finds to be necessary and proper, any bank, trust\nco…

§ 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.\nEvery banking organization which originates loans secured by real\nproperty located in this state shall provide at its principal place of\nbusiness and at all its branches except automated teller machines,\npoint-…

§ 6-d. Requirement to state in writing reason for denial of mortgage\nloan. Every banking organization and licensed mortgage banker which\noriginates mortgage loans secured by real property located within New\nYork state which denies an application for such a loan or makes its\n…

§ 6-e. Graduated payment mortgages authorized. Notwithstanding any\ninconsistent provision of this chapter or other law and in addition to\nany other power exercisable by it, every banking organization, licensed\nmortgage banker, national banking association, federal savings ban…

§ 6-f. Alternative mortgage instruments made by banks, trust\ncompanies, savings banks, savings and loan associations and credit\nunions. 1. Notwithstanding any inconsistent provision of this chapter\nor any other law of this state, the superintendent of financial services\nis a…

§ 6-g. Override of certain provisions of United States Public Law\n97-320. 1. The provisions of Title VIII of an act of congress entitled\n"Garn-St Germain Depository Institutions Act of 1982", United States\nPublic Law 97-320, and the preemption of state law provided in section…

§ 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\norganization, exempt organization as defined in section five hundred\nninety of this chapter or other entity shall make a mortgage loan as\ndefined in section five hundred ninety of this chapter except in\nconf…

§ 6-j. Proof of insurance. 1. No exempt organization, as defined in\nsection five hundred ninety of this chapter, or licensed mortgage banker\nwhich originates mortgage loans shall, at the time of title closing for\na loan secured by a one to four family residential real propert…

§ 6-k. Real property insurance escrow accounts. 1. Definitions. When\nused in this section: (a) "Mortgage investing institution" means any\nbank, trust company, national bank, savings bank, savings and loan\nassociation, federal savings bank, federal savings and loan association…

§ 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\nmodification. 1. If a mortgage that is the subject of an application for\na modification of the mortgage terms is sold or transferred during the\nmodification process, the bank or financial institution selling or\…

* § 6-o. Single point of contact for modifying delinquent home loans.\n1. A lender shall provide to a borrower who is thirty or more days\ndelinquent on his or her home loan with such lender and who chooses to\npursue a loan modification or other foreclosure prevention alternati…

* § 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\nReadjustment Act of 1944. Every mortgage lending institution and\nmortgage banker which originates loans secured by real property used for\nresidential purposes located in this state which are to be guaranteed\…

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

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

§ 6002. Meetings of stockholders. 1. Meetings of stockholders may be\nheld at such place, within or without this state, as may be fixed by or\nunder the by-laws, or if not so fixed, at the office of the corporation\nin this state except that the annual meetings of stockholders o…

§ 6003. Special meeting for election of directors. 1. If, for a period\nof one month after the date fixed by or under section six thousand two\nor the by-laws for the annual meeting of stockholders, or if no date has\nbeen so fixed, for a period of thirteen months after the form…

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

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

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

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

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

§ 6009. Proxies. 1. Every stockholder entitled to vote at a meeting of\nstockholders or to express consent or dissent without a meeting may\nauthorize another person or persons to act for him by proxy.\n 2. Every proxy must be signed by the stockholder or his\nattorney-in-fact. …

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

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

§ 601-b. Approval or disapproval of merger or purchase of assets. 1.\nThe superintendent shall approve or disapprove of a proposed merger as\nauthorized by section six hundred of this chapter or a proposed\nacquisition of all or a substantial part of the assets of any banking\no…

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

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

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

§ 6012. Qualification of voters. 1. Every stockholder of record shall\nbe entitled at every meeting of stockholders to one vote for every share\nstanding in his name on the record of stockholders, unless otherwise\nprovided in the organization certificate.\n 2. Treasury shares a…

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

§ 6014. Vote of stockholders. 1. Directors shall, except as otherwise\nrequired by this article or by the organization certificate as permitted\nby this article, be elected by a plurality of the votes cast at a\nmeeting of stockholders by the holders of shares entitled to vote i…

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

§ 6016. Greater requirement as to quorum and vote of stockholders. 1.\nThe organization certificate may contain provisions specifying either or\nboth of the following:\n (a) That the proportion of shares, or the proportion of shares of any\nclass or series thereof, the holders o…

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

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

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