N.Y. Comp. Codes R. & Regs. tit. 3 § 77.4

Current through Register Vol. 46, No. 53, December 31, 2024

Section 77.4 - Participations

A savings bank or savings and loan association may participate in and invest in any loan:

(a) which, if originated by another savings bank or savings and loan association, satisfies all the requirements of this Part; or

(b) which, if originated by any other lender, is made either:

(1) to a partnership, corporation or unincorporated association; or

(2) to a natural person for purposes other than personal, family or household use.

Any participation or investment made pursuant to the provisions of this section shall be deemed to be a commercial, corporate or business loan made by the participating institution for purposes of this Part. No authority to participate in letters of credit shall be deemed granted hereunder.

N.Y. Comp. Codes R. & Regs. Tit. 3 § 77.4