Bill Text: NY A09123 | 2011-2012 | General Assembly | Introduced

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Bill Title: 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. [Track Bill]

Status: 2012-05-07 - substituted by s3779 [A09123 Detail]

Download: New_York-2011-A09123-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         9123
                                 I N  A S S E M B L Y
                                   January 25, 2012
                                      ___________
       Introduced by M. of A. ROBINSON -- read once and referred to the Commit-
         tee 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:
    1    Section  1. Paragraph (a) of subdivision 2 of section 590 of the bank-
    2  ing law, as amended by chapter 472 of the laws of 2008,  is  amended  to
    3  read as follows:
    4    (a)  No  INDIVIDUAL,  person, partnership, association, corporation or
    5  other entity shall engage in the business of making [five or more] mort-
    6  gage loans [in any one calendar year] without first obtaining a  license
    7  from  the  superintendent  in  accordance  with  the licensing procedure
    8  provided in this article and such regulations as may be  promulgated  by
    9  the  banking  board  or  prescribed by the superintendent. The licensing
   10  provisions of this subdivision shall not apply to: (I) any exempt organ-
   11  ization [nor to]; (II) any entity or entities which shall be exempted in
   12  accordance with regulations promulgated by the banking board  hereunder;
   13  OR  (III)  ANY INDIVIDUAL, PERSON, PARTNERSHIP, ASSOCIATION, CORPORATION
   14  OR OTHER ENTITY WHICH MAKES NOT MORE THAN THREE SUCH LOANS IN A CALENDAR
   15  YEAR, NOR MORE THAN FIVE IN A TWO YEAR PERIOD,  PROVIDED  THAT  NO  SUCH
   16  MORTGAGE LOANS HAVE BEEN MADE WHICH WERE SOLICITED, PROCESSED, PLACED OR
   17  NEGOTIATED BY A MORTGAGE BROKER, MORTGAGE BANKER OR EXEMPT ORGANIZATION.
   18    S 2. Paragraph (b) of subdivision 5 of section 590 of the banking law,
   19  as  amended  by  chapter  472 of the laws of 2008, is amended to read as
   20  follows:
   21    (b) Mortgage brokers shall solicit, process, place and negotiate mort-
   22  gage loans WITH A MORTGAGE BANKER LICENSED PURSUANT TO THE PROVISIONS OF
   23  THIS ARTICLE OR EXEMPT ORGANIZATION AS DEFINED  HEREIN  OR  PURSUANT  TO
   24  REGULATIONS  AS  PROMULGATED  BY  THE BANKING BOARD OR PRESCRIBED BY THE
   25  SUPERINTENDENT AND in conformity with the provisions  of  this  chapter,
   26  such rules and regulations as may be promulgated by the banking board or
   27  prescribed  by  the superintendent thereunder and all applicable federal
   28  laws and the rules and regulations promulgated thereunder;
   29    S 3. This act shall take effect on the first of January next  succeed-
   30  ing the date on which it shall have become a law.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD09853-01-1