N.Y. Comp. Codes R. & Regs. tit. 3 § 82.8

Current through Register Vol. 46, No. 45, November 2, 2024

Section 82.8 - First lien revolving credit lines

(a) Notwithstanding the provisions of sections 82.1 through 82.7 of this Part, except to the extent such provisions are incorporated herein, a lender may offer a revolving credit line secured by a first lien on the type of property described in section 82.2(a) of this Part, to a natural person who owns the property free of any prior mortgage lien, provided that the loan is made pursuant to the provisions of sections 80.3, 80.4 (excluding the provisions of sections 80.4[c]), 80.5(b), 80.6 (without reference to Part 334 of the superintendent's regulations), 80.7, 80.8, 80.9 (excluding the provisions of sections 80.9[e]) and 80.10 of this Title and, if applicable, subdivision 2 of section 590-a of the Banking Law.

(b) Such loans may be made as fixed-rate loans or with the features authorized by this Part, provided that no such loans may contain negative amortization features.

N.Y. Comp. Codes R. & Regs. Tit. 3 § 82.8