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#59337 - 02/05/03 05:14 PM NYS Part 41 vs. New Section 6-1 High-Cost Home Loans
Anonymous
Unregistered

Can anyone provide some insight regarding new Section 6-1 of NYS Banking Law, which becomes effective 4/3/03. How does it relate to existing Part 41? Also, do you know if National Banks are affected? Any input would be greatly appreciated.

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#59338 - 02/05/03 07:04 PM Re: NYS Part 41 vs. New Section 6-1 High-Cost Home Loans
E.E.G.B Offline
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E.E.G.B
Joined: Jul 2002
Posts: 6,726
the sandy shore
It's my understanding that it will replace Part 41. And from what I remember (it's been a little while since I read it) I do believe national banks are covered. You might check the MBAA website, they are usually pretty up to date on the state laws.

MBAA Site
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#59339 - 02/05/03 08:04 PM Re: NYS Part 41 vs. New Section 6-1 High-Cost Home Loans
PatrickG Offline
100 Club
PatrickG
Joined: Jun 2001
Posts: 165
Binghamton, NY, USA
We are thinking it will replace Part 41, although I have not seen anything official on that. National Banks which have their headquarters in NYS would be covered. The OTS has ruled that federal thrifts are not covered. See http://www.ots.treas.gov/docs/77304.html

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#59340 - 02/06/03 02:37 PM Re: NYS Part 41 vs. New Section 6-1 High-Cost Home Loans
Anonymous
Unregistered

Thanks to both of you for taking the time to respond. And thanks for the links.

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