(a) Any bank, trust company, savings bank, savings and loan association, credit union, mortgage banker and branch or agency of a foreign banking corporation licensed pursuant to article 2 of the Banking Law which complies with sections 226.19(b) and 226.20(c) of Regulation Z (12 CFR part 226) or the provisions of 12 CFR 563.99 will be deemed to be in compliance with sections 82.5 and 82.6(a) of this Part to the extent that sections 82.5 and 82.6(a) pertain to adjustable-rate first lien mortgage loan transactions whether or not the transactions would otherwise be subject to section 226.19(b) or 12 CFR 563.99(b).

(b) Any bank, trust company, savings bank, savings and loan association, credit union, mortgage banker, and branch or agency of a foreign banking corporation licensed pursuant to article 2 of the Banking Law which complies with sections 226.5b and 226.7 of Regulation Z (12 CFR part 226) will be deemed to be in compliance with sections 80.4(a) and 80.10(c) to the extent that sections 80.4(a) and 80.10(c) pertains to home equity plans whether or not the plans would otherwise be subject to sections 226.5b and 226.7; provided that such lenders supply a copy of the disclosures required by section 226.5b for retention by the borrower.