Assembly Bill A9123

Signed By Governor
2011-2012 Legislative Session

Makes provisions allowing any individual to make limited loans to family members without requiring an individual to obtain a mortgage banking license

download bill text pdf

Sponsored By

Archive: Last Bill Status Via S3779 - Signed by Governor

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

Do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.
Actions
Votes

co-Sponsors

multi-Sponsors

2011-A9123 (ACTIVE) - Details

See Senate Version of this Bill:
S3779
Law Section:
Banking Law
Laws Affected:
Amd §590, Bank L
Versions Introduced in 2009-2010 Legislative Session:
A8083, S3703

2011-A9123 (ACTIVE) - Summary

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.

2011-A9123 (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  9123

                          I N  A S S E M B L Y

                            January 25, 2012
                               ___________

Introduced by M. of A. ROBINSON -- read once and referred to the Commit-
  tee on Banks

AN  ACT  to  amend  the  banking law, in relation to the requirement for
  licensure to make mortgage loans

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1. Paragraph (a) of subdivision 2 of section 590 of the bank-
ing law, as amended by chapter 472 of the laws of 2008,  is  amended  to
read as follows:
  (a)  No  INDIVIDUAL,  person, partnership, association, corporation or
other entity shall engage in the business of making [five or more] mort-
gage loans [in any one calendar year] without first obtaining a  license
from  the  superintendent  in  accordance  with  the licensing procedure
provided in this article and such regulations as may be  promulgated  by
the  banking  board  or  prescribed by the superintendent. The licensing
provisions of this subdivision shall not apply to: (I) any exempt organ-
ization [nor to]; (II) any entity or entities which shall be exempted in
accordance with regulations promulgated by the banking board  hereunder;
OR  (III)  ANY INDIVIDUAL, PERSON, PARTNERSHIP, ASSOCIATION, CORPORATION
OR OTHER ENTITY WHICH MAKES NOT MORE THAN THREE SUCH LOANS IN A CALENDAR
YEAR, NOR MORE THAN FIVE IN A TWO YEAR PERIOD,  PROVIDED  THAT  NO  SUCH
MORTGAGE LOANS HAVE BEEN MADE WHICH WERE SOLICITED, PROCESSED, PLACED OR
NEGOTIATED BY A MORTGAGE BROKER, MORTGAGE BANKER OR EXEMPT ORGANIZATION.
  S 2. Paragraph (b) of subdivision 5 of section 590 of the banking law,
as  amended  by  chapter  472 of the laws of 2008, is amended to read as
follows:
  (b) Mortgage brokers shall solicit, process, place and negotiate mort-
gage loans WITH A MORTGAGE BANKER LICENSED PURSUANT TO THE PROVISIONS OF
THIS ARTICLE OR EXEMPT ORGANIZATION AS DEFINED  HEREIN  OR  PURSUANT  TO
REGULATIONS  AS  PROMULGATED  BY  THE BANKING BOARD OR PRESCRIBED BY THE
SUPERINTENDENT AND in conformity with the provisions  of  this  chapter,
such rules and regulations as may be promulgated by the banking board or
prescribed  by  the superintendent thereunder and all applicable federal
laws and the rules and regulations promulgated thereunder;
  S 3. This act shall take effect on the first of January next  succeed-
ing the date on which it shall have become a law.

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.