3 CRR-NY 39.5NY-CRR
3 CRR-NY 39.5
3 CRR-NY 39.5
39.5 Exempt products.
The following loan products are exempt from all of the requirement of article 12-D of the Banking Law and Part 38 of this Title for the licensing or registration of mortgage bankers and mortgage brokers:
(a) purchase money mortgages extended by a seller to buyers thereof, where the seller is an individual, estate or trust that sells not more than three properties in any 12-month period, provided that the seller has not constructed or acted as a contractor for the construction of a residence being sold;
(b) construction loan mortgages;
(c) relocation mortgage loans. A mortgage loan made by an applicant's employer if the purpose of the loan is to assist the employee to relocate;
(d) any product offered as a mortgage loan by an instrumentality created by the United States or any state; and
(e) such other loan products as may be specifically exempted upon application to the superintendent.
3 CRR-NY 39.5
Current through January 31, 2023
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IMPORTANT NOTE REGARDING CONTENT CURRENCY: JULY 31, 2023, is the date of the most recently produced official NYCRR supplement covering this rule section. For later updates to this section, if any, please: consult editions of the NYS Register published after this date; or contact the NYS Department of State Division of Admisnistrative Rules at [email protected]. See Help for additional information on the currency of this unofficial version of the NYS Rules.