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NY S03779
Bill
Status
Passed
5/31/2012
Primary Sponsor
Malcolm Smith
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AI Summary
- Removes the "five or more mortgage loans in any one calendar year" threshold and replaces it with an exemption allowing individuals to make up to three mortgage loans per calendar year or five loans over a two-year period without obtaining a license
- Applies the new exemption only to loans that were not solicited, processed, placed, or negotiated by a mortgage broker, mortgage banker, or exempt organization
- Requires mortgage brokers to solicit, process, place, and negotiate mortgage loans only with licensed mortgage bankers or exempt organizations as defined in regulations
- Takes effect January 1st 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
SIGNED CHAP.47
5/31/2012
Committee Referrals
Banks1/19/2012
Banks1/4/2012
Banks6/7/2011
Banks3/3/2011
Full Bill Text
No bill text available