New York Codes, Rules and Regulations
Title 3 - BANKING
Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT
Part 77 - Investments In Commercial, Corporate And Business Loans By Savings Banks And Savings And Loan Associations; Leasing Transactions; Letters Of Credit
Section 77.4 - Participations
Universal Citation: 3 NY Comp Codes Rules and Regs ยง 77.4
Current through Register Vol. 46, No. 12, March 20, 2024
A savings bank or savings and loan association may participate in and invest in any loan:
(a) which, if originated by another savings bank or savings and loan association, satisfies all the requirements of this Part; or
(b) which, if originated by any other lender, is made either:
(1) to a
partnership, corporation or unincorporated association; or
(2) to a natural person for purposes other
than personal, family or household use.
Any participation or investment made pursuant to the provisions of this section shall be deemed to be a commercial, corporate or business loan made by the participating institution for purposes of this Part. No authority to participate in letters of credit shall be deemed granted hereunder.
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