N.Y. Comp. Codes R. & Regs. tit. 3 § 41.10

Current through Register Vol. 46, No. 51, December 18, 2024

Section 41.10 - Good faith reliance

A lender or assignee may not be held liable under this Part for any act done or omitted in good faith in conformity with any rule, regulation, release, bulletin, or interpretation thereof by:

(a) the Banking Department; or

(b) with respect to provision of this Part that follow provision of the Federal Truth-in- Lending Act, the Federal Reserve Board or any interpretation or approval by an official or employee of the Federal Reserve System duly authorized by the board to issue such interpretations or approvals under such procedures as the board may prescribe therefor, notwithstanding that after such act or omission has occurred, such rule, regulation, interpretation, or approval is amended, rescinded, or determined by judicial or other authority to be invalid for any reason.

N.Y. Comp. Codes R. & Regs. Tit. 3 § 41.10