N.Y. Banking Law § 599-a: Legislative purpose

§ 599-a. Legislative purpose. The legislature deems it necessary, in

order to enhance consumer protection, reduce fraud and ensure the public

welfare, that mortgage loan originators who originate mortgage loans on

residential real property be subject to regulation by the superintendent

and that such regulation be consistent with Title V of The Housing and

Economic Recovery Act of 2008, also known as the S.A.F.E. Mortgage

Licensing Act, as it may be amended from time to time, and regulations

thereunder or interpretations thereof, that may be adopted from time to

time by the Secretary of the U.S. Department of Housing and Urban

Development.