New York Codes, Rules and Regulations
Title 3 - BANKING
Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT
Part 4 - Maximum Interest Rate On Certain Loans
Section 4.3 - Amounts not included as interest in certain home mortgage loans
Current through Register Vol. 46, No. 12, March 20, 2024
The term interest for purposes of subdivision (a) of section 4.2 of this Part shall not include the following amounts payable in connection with the loan or forbearance, if itemized in writing to the borrower:
(a) a reasonable fee in consideration for the legally enforceable written commitment of the lender to reserve funds for future disbursement to the borrower, provided such commitment was made prior to November 1, 1968;
(b) reasonable fees, charges and costs for the following services actually and necessarily rendered:
(c) fees and charges prescribed by law for determining the existence of or for filing, recording or otherwise perfecting or releasing or satisfying any security, or the premiums, not in excess of such fees and charges, payable for any insurance in lieu of perfecting the security;
(d) actual and lawful charges or premiums for:
(e) charges for the payment of transfer, mortgage recording and other taxes and governmental charges;
(f) funds held by the lender for future payments of taxes, assessments, water or sewer charges and insurance premiums described in subdivision (d) of this section;
(g) fees and charges paid or payable pursuant to a written agreement or modification thereof between the lender and the borrower upon the occurrence of specific acts or defaults of the borrower, such as:
(h) any amount paid or payable by or for a third-party employer to a lender to aid in financing the sale of a residence owned by an employee of such third-party employer or the purchase of a residence by such employee, provided the third-party employer certifies in writing to the borrower that he will not be required to reimburse the third party, either in whole or in part, directly or indirectly, for any such payment; and
(i) such other fees and charges as may be specifically authorized by Federal or State law or regulation.