New York Codes, Rules and Regulations
Title 3 - BANKING
Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT
Part 79 - Reverse Mortgage Loans
Section 79.4 - Advertising restrictions
Universal Citation: 3 NY Comp Codes Rules and Regs ยง 79.4
Current through Register Vol. 46, No. 12, March 20, 2024
(a) Any advertisement for a reverse mortgage loan shall indicate the name of the entity and, in the event the entity maintains an office in New York, the street address for such office.
(b) Disclosures required by this section shall be clear and conspicuous.
(c) Advertisement of terms that require additional disclosures:
(1) Material Terms.
An advertisement that references any of the following terms shall include the
appropriate qualification listed in paragraph (c)(2):
(i) The mortgage insurance premium
percentage;
(ii) The interest
rate;
(iii)The number of payments
or period of payments to the mortgagor;
(iv)The amount of any payments; or
(v) The amount of any origination
fees.
(2) An
advertisement referencing any of the terms listed in paragraph (c)(1) shall
include the following disclosures as applicable:
(i) The terms provided are projections and
actual terms may vary;
(ii) The
terms of repayment, which reflect the obligations over the full term of the
loan, including any payment of property charges; and
(iii) That origination fees for HUD/HECM
loans are capped.
(d) Every lender and broker shall maintain samples of all of its advertisements including, commercial scripts of all radio broadcasts, television broadcasts, and electronic media, for a period of three years from the date of last publication.
Disclaimer: These regulations may not be the most recent version. New York may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
