N.Y. Insurance Law § 6408: Prohibition on engaging in certain business activities

§ 6408. Prohibition on engaging in certain business activities. (a) No

person, firm, association or corporation shall engage in business as a

title insurance corporation except pursuant to the provisions of this

article. This prohibition shall not prevent the making, issuing, or

furnishing of any abstract, search, examination, survey or certificate

of title without guarantee or insurance thereof, nor the doing of any

business specified in paragraphs three, four, five and six of subsection

(b) of section six thousand four hundred three of this article.

(b) Except as in this article provided, no corporation organized or

doing business under this article shall engage in the business of

selling certificates or participations in obligations secured by

mortgages.

(c) Except as provided in this article or in article sixty-five of

this chapter, no person, firm, association or corporation shall, in this

state, engage, or make any public proposal to engage, in the business of

guaranteeing mortgages of real or personal property, or of selling any

guaranteed mortgage or interest therein.

(d) Notwithstanding any other provisions of this article, no person,

firm, association or corporation organized or qualified under this

article shall in this state hereafter engage, or make any public

proposal to engage, in the business of selling any mortgage, certificate

of participation or interest in any mortgage or mortgages, or

certificate secured by the deposit of any cash, mortgage or mortgages or

other securities, coupled with any agreement to repurchase.