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Can you summarize NYCL BNK 5?
Short Title; Definitions; Miscellaneous Provisions > Loans pursuant to the 'Servicemen's Readjustment Act of 1944
Short Summary
This legal document governs loans made or invested in by banking organizations, the savings and loan bank of the state of New York, banks, and trust companies under the Servicemen’s Readjustment Act of 1944. The document allows banking organizations and the savings and loan bank of the state of New York to make or invest in loans guaranteed under the act, subject to regulations and restrictions set by the superintendent of financial services. It also permits banks and trust companies to make loans secured by loans eligible under the act, without limitations and restrictions mentioned in this chapter. However, certain conditions apply, such as the loan amount not exceeding the appraised value of the real estate and compliance with maximum limits on loans to individuals and loans secured by real property. Additionally, loans made or invested in by savings banks, savings and loan associations, or the savings and loan bank of the state of New York have additional provisions regarding lien requirements and location restrictions. The document also grants authority to acquire title to real property in connection with investing in an installment contract for the sale of real property guaranteed under the act. Loans insured pursuant to section five hundred eight of the Servicemen’s Readjustment Act of 1944 are exempt from the provisions mentioned. Overall, this document provides guidelines and regulations for loans under the Servicemen’s Readjustment Act of 1944 for the mentioned entities.
Whom does it apply to?
Banking organizations, savings and loan bank of the state of New York, banks, trust companies
What does it govern?
Loans pursuant to the Servicemen's Readjustment Act of 1944
What are exemptions?
Loans insured pursuant to section five hundred eight of the Servicemen's Readjustment Act of 1944
What are the Penalties?
No specific penalties mentioned
Jurisdiction
New York