N.Y. Banking Law § 9-o: Mortgage loans; disclosure form

§ 9-o. Mortgage loans; disclosure form. 1. For the purpose of this

section, the following terms shall have the following meanings:

(a) "Mortgage lending institution" shall mean an insurance company,

banking organization, foreign banking corporation licensed by the

superintendent or the comptroller of the currency, to transact business

in this state, national bank, federal savings bank, federal savings and

loan association, federal credit union, or any bank, trust company,

savings bank, savings and loan association, or credit union organized

under the laws of any other state, or any instrumentality created by the

United States or any other state, with the power to make mortgage loans.

Mortgage lending institution shall include a subsidiary of such entity.

(b) "Mortgage banker" shall mean a person or entity who or which is

licensed pursuant to section five hundred ninety-one of this chapter to

make mortgage loans in this state.

2. Every mortgage lending institution and mortgage banker which

originates loans secured by real property used for residential purposes

located in this state shall provide a separate disclosure form with each

application that shall contain a provision stating whether the interest

rate of such loan shall be the interest rate in effect at the time of

application, the time of commitment, the time of closing or at such

other period of time as shall be determined by the lending institution.

The superintendent of financial services shall promulgate rules and

regulations to implement the provisions of this section.