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Explanatory All Institutions Letter

September 14, 2006

TO THE INDIVIDUAL OR INSTITUTION ADDRESSED:

RE: Adoption of Amendments to Part 41 of the General Regulations of the Banking Board (Restrictions and Limitations on High Cost Home Loans)

The Banking Board has adopted the attached amendments to Part 41 of its General Regulations. The amendments will become effective upon publication in the State Register, which is expected to occur on September 27, 2006. The adopted amendments are substantially similar in form to amendments contained in an emergency regulation which has been in effect since September, 2003.

Chapter 626 of the laws of 2002, which added a new section 6-l to the Banking Law, became effective April 1, 2003. Section 6-l regulates the making of high cost home loans and establishes new penalties for violations of the law and certain remedies for homeowners who are affected by such violations. 

A revised Part 41was adopted by the Banking Board that conforms Part 41 to, and makes it consistent with, the provisions of section 6-l.

The amendments make a number of changes to the previous Part 41 standards. The following are among the more significant provisions of the revised Part 41 standards: 

Very truly yours,

Sam L. Abram
Secretary of the Banking Board

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