New York Codes, Rules and Regulations
Title 3 - BANKING
Chapter III - SUPERINTENDENT'S REGULATIONS
Subchapter A - BANKING ORGANIZATIONS
Part 341 - Records Of Mortgage Loan Applications
Section 341.5 - Records of application forms
Universal Citation: 3 NY Comp Codes Rules and Regs ยง 341.5
Current through Register Vol. 46, No. 12, March 20, 2024
(a) Every banking organization shall maintain records of all applications which it has accepted. Such records shall be retained for at least 25 months after the date on which the banking organization notifies an applicant of the action taken on his application. Such records shall include, but need not be limited to:
(1) the application form and any written or
recorded information used in evaluating the application and not returned to the
applicant at the applicant's request; and
(2) a copy of the notification of action
taken; in the case of adverse action, as defined in regulation B of the Board
of Governors of the Federal Reserve System, a copy of the statement of specific
reasons therefor (if this information was furnished orally, a notation or
memorandum thereof); and any written statement by the applicant alleging a
violation of the applicant's rights.
(b) Compliance with the recordkeeping requirements of section 202.12 of regulation B shall be deemed compliance with this section, provided that records maintained pursuant to regulation B shall be fully available for inspection and copying by representatives of the New York State Banking Department.
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