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Assembly Bill A8083

2009-2010 Legislative Session

Makes provisions allowing any individual to make limited loans to family members without requiring an individual to obtain a mortgage banking license

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Archive: Last Bill Status - In Assembly Committee

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2009-A8083 (ACTIVE) - Details

See Senate Version of this Bill:
S3703
Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Amd ยง590, Bank L
Versions Introduced in 2011-2012 Legislative Session:
A9123, S3779

2009-A8083 (ACTIVE) - Summary

Makes provisions allowing any individual to make not more than three mortgage loans, nor more than five in a two year period, to family members without requiring an individual to obtain a mortgage banking license.

2009-A8083 (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  8083

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                               May 4, 2009
                               ___________

Introduced  by  M.  of A. TOWNS, BENJAMIN, KELLNER, CASTRO, SCARBOROUGH,
  LANCMAN, BRODSKY -- Multi-Sponsored by -- M. of  A.  JEFFRIES,  MAGEE,
  MENG, WEISENBERG -- read once and referred to the Committee on Banks

AN  ACT  to  amend  the  banking law, in relation to the requirement for
  licensure to make mortgage loans

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1. Paragraph (a) of subdivision 2 of section 590 of the bank-
ing law, as amended by chapter 472 of the laws of 2008,  is  amended  to
read as follows:
  (a)  No  INDIVIDUAL,  person, partnership, association, corporation or
other entity shall engage in the business of making [five or more] mort-
gage loans [in any one calendar year] without first obtaining a  license
from  the  superintendent  in  accordance  with  the licensing procedure
provided in this article and such regulations as may be  promulgated  by
the  banking  board  or  prescribed by the superintendent. The licensing
provisions of this subdivision shall not apply to: (I) any exempt organ-
ization [nor to]; (II) any entity or entities which shall be exempted in
accordance with regulations promulgated by the banking board  hereunder;
OR  (III)  ANY INDIVIDUAL, PERSON, PARTNERSHIP, ASSOCIATION, CORPORATION
OR OTHER ENTITY WHICH MAKES NOT MORE THAN THREE SUCH LOANS IN A CALENDAR
YEAR, NOR MORE THAN FIVE IN A TWO YEAR PERIOD,  PROVIDED  THAT  NO  SUCH
MORTGAGE LOANS HAVE BEEN MADE WHICH WERE SOLICITED, PROCESSED, PLACED OR
NEGOTIATED BY A MORTGAGE BROKER, MORTGAGE BANKER OR EXEMPT ORGANIZATION.
  S 2. Paragraph (b) of subdivision 5 of section 590 of the banking law,
as  amended  by  chapter  472 of the laws of 2008, is amended to read as
follows:
  (b) Mortgage brokers shall solicit, process, place and negotiate mort-
gage loans WITH A MORTGAGE BANKER LICENSED PURSUANT TO THE PROVISIONS OF
THIS ARTICLE OR EXEMPT ORGANIZATION AS DEFINED  HEREIN  OR  PURSUANT  TO
REGULATIONS  AS  PROMULGATED  BY  THE BANKING BOARD OR PRESCRIBED BY THE

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10523-03-9

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