senate Bill S3779

Signed By Governor
2011-2012 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 - Signed by Governor


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed by Governor

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Actions

view actions (22)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
May 31, 2012 signed chap.47
May 21, 2012 delivered to governor
May 07, 2012 returned to senate
passed assembly
ordered to third reading cal.521
substituted for a9123
Jan 19, 2012 referred to banks
delivered to assembly
passed senate
Jan 18, 2012 advanced to third reading
Jan 10, 2012 2nd report cal.
Jan 09, 2012 1st report cal.1
Jan 04, 2012 referred to banks
returned to senate
died in assembly
Jun 07, 2011 referred to banks
delivered to assembly
passed senate
Jun 06, 2011 advanced to third reading
Jun 02, 2011 2nd report cal.
Jun 01, 2011 1st report cal.902
Mar 03, 2011 referred to banks

Votes

view votes

Jan 9, 2012 - Banks committee Vote

S3779
19
0
committee
19
Aye
0
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Banks committee vote details

Jun 1, 2011 - Banks committee Vote

S3779
19
0
committee
19
Aye
0
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Banks committee vote details

S3779 - Details

See Assembly Version of this Bill:
A9123
Law Section:
Banking Law
Laws Affected:
Amd ยง590, Bank L
Versions Introduced in 2009-2010 Legislative Session:
S3703A, A8083

S3779 - 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.

S3779 - Sponsor Memo

S3779 - Bill Text download pdf

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

                                  3779

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                              March 3, 2011
                               ___________

Introduced  by  Sen.  SMITH  -- read twice and ordered printed, and when
  printed to be committed 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
SUPERINTENDENT  AND  in  conformity with the provisions of this chapter,

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09853-01-1

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