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

download bill text pdf

Sponsored By

Archive: Last Bill Status - Signed by Governor


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

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2011-S3779 (ACTIVE) - Details

See Assembly Version of this Bill:
A9123
Law Section:
Banking Law
Laws Affected:
Amd §590, Bank L
Versions Introduced in 2009-2010 Legislative Session:
S3703, A8083

2011-S3779 (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.

2011-S3779 (ACTIVE) - Sponsor Memo

2011-S3779 (ACTIVE) - 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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