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Banking Interpretations

General Regulations Part 38

June 12, 2008

[—]

Dear [—]:

Your request for information, dated April 22, 2008, has been referred to me for response. In your request you asked whether New York has a law or regulation in place requiring: (i) A mortgagee to provide the borrower, at the time of the loan, with an amortization chart assuming that the loan has a fixed rate of interest; and (ii) A lending institution under an automobile loan to provide the borrower with an amortization chart assuming again that the loan has a fixed rate of interest.

Please note that New York has neither a law nor regulation requiring a mortgagee/lender to provide an amortization chart to borrowers in either of the above-stated transactions. However, under the Code of Federal Regulations (12 CFR 226), a mortgagee/lender is required to make certain disclosures relating to the annual percentage rate and the number of payments required to repay the loan, but, again the mortgagee/lender is not required to provide an amortization chart.

I trust the foregoing is responsive to your inquiry.

Very truly yours,

Harry C. Goberdhan
Assistant Counsel

Department of Financial Services

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