Legislation

§ 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,
federal savings and loan association and federal credit union shall have
the power to offer graduated payment mortgages and loans which conform
to the provisions of section two hundred seventy-nine of the real
property law, subject to the rules and regulations prescribed by the
superintendent of financial services.