Banking Law Art. 12-D (Mortgage Bankers & Brokers)
N.Y. Banking Law Article 12-D (§§ 589–599)
Article 12-D of the New York Banking Law requires any person engaging in the business of making mortgage loans in New York to obtain a mortgage banker license, and any person soliciting, processing, placing or negotiating mortgage loans for others to register as a mortgage broker, with the Superintendent of Financial Services (NYS DFS). It sets application, fitness/character, surety-bond and disclosure standards, and exempts persons making not more than three mortgage loans in a calendar year (nor more than five in a two-year period) as well as banks, insurance companies, and other enumerated exempt organizations.
Who must comply
Other NYS DFS regulations
3 NYCRR Part 38 (Mortgage Disclosure & Advertising)
3 NYCRR Part 38
3 NYCRR Part 79 (Reverse Mortgages)
3 NYCRR Part 79
3 NYCRR Part 82 (Alternative Mortgage Instruments)
3 NYCRR Part 82
Banking Law § 6-l (High-Cost Home Loans)
N.Y. Banking Law § 6-l
Banking Law § 6-m (Subprime Home Loans)
N.Y. Banking Law § 6-m
RPAPL § 1304 (90-Day Pre-Foreclosure Notice)
N.Y. Real Property Actions and Proceedings Law § 1304
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