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#82969 - 05/27/03 08:58 PM IOE in New York
Anonymous
Unregistered

I know that Section 14-B of the New York Banking provides that the rate will be established by the Banking Board. However, I am looking for the site (if it exists) that publishes what the Banking Board's required interest rate is to be. Even though I know through interpretive documents it's 3%, paid quarterly, where do I find the NY publication that confirms this? I've seen reference to [3NYCRR Part 10] but I can not locate this on line.

Any help you can provide would be appreciated.

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#82970 - 05/28/03 12:50 PM Re: IOE in New York
PatrickG Offline
100 Club
PatrickG
Joined: Jun 2001
Posts: 165
Binghamton, NY, USA
The rate of interest paid on escrow accounts is set by the General Obligations Law Section 5-601. It is currently 2% paid quarterly. (see General Regulations of the Banking Board Part 10.1)

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#82971 - 05/28/03 04:37 PM Re: IOE in New York-Thanks
Anonymous
Unregistered

Thanks. I've never gotten an answer so quickly as I have since I started using this forum. You guys out there are tops!

I'm getting closer-but can you point me to a url that gets to this Part of the Gen'l Regs of the Banking Board?

I've been to (http://www.banking.state.ny.us/dep.htm) and I cant find this anywhere- it's the homepage for the New Department of Banking and it seems to provide linakge to only "Select Regulations" Maybe I'm just in the wrong place



Also, do you know if NY tends to reset this rate often?

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#82972 - 05/28/03 07:44 PM Re: IOE in New York-Thanks
PatrickG Offline
100 Club
PatrickG
Joined: Jun 2001
Posts: 165
Binghamton, NY, USA
All the New York State Laws are online at http://assembly.state.ny.us/leg/?cl=0

Look for the Law. The first entry is the Chapter which lists all the sections by article. Each article has sections.

So, General Obligations Law Section 5-601 is found in Chapter 24-a Article 5.

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#82973 - 05/28/03 08:00 PM Re: IOE in New York-Thanks
PatrickG Offline
100 Club
PatrickG
Joined: Jun 2001
Posts: 165
Binghamton, NY, USA
I re-read your post and saw I missed some points. The General Regulations are not online. The escrow rate hasn't changed in a long while.

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#82974 - 05/29/03 01:00 PM Re: IOE in New York-Thanks
Anonymous
Unregistered

Thanks
I was hoping I could find an on line reference- MBA used to have a IOE link on their websiter but it's no longer available and we are now expanding into many new states and I'm going state by state. You were a great help -now I can con stop worrying that it is something that changes frequently..............

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