N.Y. Banking Law § 6-d: Requirement to state in writing reason for denial of mortgage loan

§ 6-d. Requirement to state in writing reason for denial of mortgage

loan. Every banking organization and licensed mortgage banker which

originates mortgage loans secured by real property located within New

York state which denies an application for such a loan or makes its

approval of such a loan conditional upon the applicant's agreement to

terms substantially different than those included in or contemplated by

the submitted application shall be required to notify, in writing, any

person or agent who returns a substantially completed written mortgage

loan application form of the reasons for the denial or conditioned

approval.