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NY A09123
Bill
Status
1/25/2012
Primary Sponsor
Annette Robinson
Click for details
AI Summary
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Amends Banking Law Section 590 to change mortgage loan licensure requirements from "five or more loans in any one calendar year" to "not more than three loans in a calendar year, nor more than five in a two year period"
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Exempts individuals, persons, partnerships, associations, corporations or other entities from licensure requirements if they make no more than three mortgage loans annually and no more than five loans over a two-year period, provided no loans were solicited, processed, placed or negotiated by a mortgage broker, mortgage banker or exempt organization
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Requires mortgage brokers to solicit, process, place and negotiate mortgage loans exclusively with a licensed mortgage banker or exempt organization as defined by regulation
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Takes effect on January 1 following the date the bill becomes law
Legislative Description
Makes provisions allowing any individual to make not more than three mortgage loans, nor more than five in a two year period, to family members without requiring an individual to obtain a mortgage banking license.
Last Action
substituted by s3779
5/7/2012