N.Y. Banking Law Section 6
Investment in obligations of housing corporations indirectly guaranteed pursuant to the “Servicemen’s Readjustment Act of 1944”

Subject to such regulations and restrictions as the superintendent of financial services finds to be necessary and proper, any bank, trust company or savings bank may invest in obligations of any corporation organized under any law of this state for the purpose of acquiring, constructing, owning, maintaining, operating, selling or conveying a housing project or projects (not including hotels but including accommodations for retail stores, shops, offices and other community services reasonably incident to such projects) located within this state, which obligations are (a) secured by a first mortgage lien on such project, or such part thereof, as was or is to be constructed or acquired out of the proceeds of such obligations, either directly or by issue under an indenture of mortgage from such corporation to a corporate trustee having its principal office in this state, and

(b)

guaranteed indirectly through the pledge as security therefor of obligations directly guaranteed under title three of an act of congress entitled the “Servicemen’s Readjustment Act of 1944”, in an aggregate amount equal to at least thirty per centum of the principal amount of all sums advanced to such corporation under the loan instrument or indenture during the period of construction and, upon completion, to the extent of at least forty per centum of the principal amount of such obligations.

Source: Section 6 — Investment in obligations of housing corporations indirectly guaranteed pursuant to the "Servicemen's Readjustment Act of 1944", https://www.­nysenate.­gov/legislation/laws/BNK/6 (updated Sep. 22, 2014; accessed Dec. 21, 2024).

1
Short title 2
Definitions 2‑A
Limited liability investment company 2‑B
Limited liability trust companies 4
Information to be given to social services officials, state department of social services, state department of mental hygiene, the mental... 4‑A
Banks to display signs 4‑B
Advertising 4‑C
Exemptions from certain provisions of chapter 5
Loans pursuant to the "Servicemen’s Readjustment Act of 1944 6
Investment in obligations of housing corporations indirectly guaranteed pursuant to the “Servicemen’s Readjustment Act of 1944” 6‑A
Investment in obligations of certain persons sixty-five years of age or over incurred to satisfy real property tax indebtedness 6‑C
Application forms to be made available 6‑D
Requirement to state in writing reason for denial of mortgage loan 6‑E
Graduated payment mortgages authorized 6‑F
Alternative mortgage instruments made by banks, trust companies, savings banks, savings and loan associations and credit unions 6‑G
Override of certain provisions of United States Public Law 97-320 6‑H
Reverse mortgage loans authorized 6‑I
Mortgage loans 6‑J
Proof of insurance 6‑K
Real property insurance escrow accounts 6‑L
High-cost home loans 6‑M
Subprime home loans 6‑N
Responsibility of banks for mortgages being processed for modification 6‑O
Single point of contact for modifying delinquent home loans 6‑O*2
Reverse cooperative apartment unit loans for persons sixty-two years of age or older 6‑P
Loan counseling for mortgages guaranteed by the Servicemen’s Readjustment Act of 1944 7
Payment of dividends or interest upon unclaimed deposits or shares 8
Deposits by custodian designated by administrator of veterans’ affairs, or by person certified by social security administration 9
Checks drawn against corporate funds or payable to corporations 9‑A
Defense of ultra vires 9‑B
Actions or special proceedings by superintendent or attorney-general 9‑C
Superintendent’s or attorney-general’s action for judicial dissolution 9‑D
Enforcement of section two hundred ninety-six-a of the executive law 9‑F
Geographic discrimination in making mortgage loans prohibited 9‑G
Right of set off 9‑H
Imposition of service charges prohibited 9‑I
Close-out fees prohibited in certain cases 9‑I*2
Prohibition on depositor of early withdrawal penalty in certain cases 9‑J
Disposal of records 9‑K
Sale of education loans 9‑M
Return of checks 9‑N
Trust accounts 9‑O
Mortgage loans 9‑P
Acceptance of certain checks for deposit 9‑R
Geographic restrictions 9‑S
Preauthorized electronic fund transfers 9‑T
Unsolicited mail-loan checks 9‑U
ATM transactions by persons using foreign bank accounts 9‑V
Savings promotion prize giveaway 9‑W
Standard financial aid award letter 9‑X
Mortgage forbearance 9‑X*2
Fees based on inactivity 9‑Y
Order of payment of checks and other debits, insufficient funds charges and return deposit item charges 9‑Z
Cashing of certain checks
Green check means up to date. Up to date

Accessed:
Dec. 21, 2024

Last modified:
Sep. 22, 2014

§ 6’s source at nysenate​.gov

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