New York Codes, Rules and Regulations
Title 3 - BANKING
Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT
Part 83 - Shared Appreciation Mortgage Modification
Section 83.8 - Statement on shared appreciation agreement
Universal Citation: 3 NY Comp Codes Rules and Regs ยง 83.8
Current through Register Vol. 46, No. 12, March 20, 2024
Each shared appreciation agreement executed pursuant to the provisions of section 6-f of the Banking Law must contain a conspicuous legend at the top of the agreement printed in at least 14-point type, consisting of substantially the following language: "IN THIS AGREEMENT, YOU ARE GIVING AWAY SOME OF ANY FUTURE APPRECIATION IN THE VALUE OF YOUR HOME. PLEASE READ CAREFULLY."
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