N.Y. Banking Law 6-E – Graduated payment mortgages authorized
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§ 6-e. Graduated payment mortgages authorized. Notwithstanding any inconsistent provision of this chapter or other law and in addition to any other power exercisable by it, every banking organization, licensed mortgage banker, national banking association, federal savings bank, federal savings and loan association and federal credit union shall have the power to offer graduated payment mortgages and loans which conform to the provisions of § 279 of the real property law, subject to the rules and regulations prescribed by the superintendent of financial services.
Terms Used In N.Y. Banking Law 6-E
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.