N.Y. Public Authorities Law § 2429-c: Charges and fees

§ 2429-c. Charges and fees. * 1. The agency shall fix a premium charge

for its insurance of mortgages pursuant to this article which, except

for pool insurance, shall not be less than an amount equivalent to

one-quarter of one per centum per annum nor more than an amount

equivalent to two per centum per annum of the outstanding principal

amount of the insurable mortgage loan at any time, without taking into

account delinquent payments or prepayments.

* NB Effective until July 23, 2027

* 1. The agency shall fix a premium charge for its insurance of

mortgages pursuant to this article which shall not be less than an

amount equivalent to one-quarter of one per centum per annum nor more

than an amount equivalent to two per centum per annum of the outstanding

principal amount of the insurable mortgage loan at any time, without

taking into account delinquent payments or prepayments.

* NB Effective July 23, 2027

2. The agency may establish and levy such other charges and fees in

connection with applications for mortgage insurance and insurance

commitments as it may deem appropriate and necessary. Such charges and

fees shall not exceed a total of two percent of the outstanding

principal amount of the insurable mortgage loan.

3. Such premium charges and other charges shall be payable by the

mortgagor in cash in such manner as may be prescribed by the agency.

4. Such premium charges and other charges and fees shall not be deemed

to be interest for the purposes of sections 5-501 of the general

obligations law.

5. The agency may, in its discretion, fix a premium charge for its

provision of development corporation credit support pursuant to this

part.