New York Laws
Part 2
2429-C - Charges and Fees.

§ 2429-c. Charges and fees. * 1. The agency shall fix a premium charge
for its insurance of mortgages pursuant to this article which, except
for pool insurance, shall not be less than an amount equivalent to
one-quarter of one per centum per annum nor more than an amount
equivalent to two per centum per annum of the outstanding principal
amount of the insurable mortgage loan at any time, without taking into
account delinquent payments or prepayments.

* NB Effective until July 23, 2025

* 1. The agency shall fix a premium charge for its insurance of
mortgages pursuant to this article which shall not be less than an
amount equivalent to one-quarter of one per centum per annum nor more
than an amount equivalent to two per centum per annum of the outstanding
principal amount of the insurable mortgage loan at any time, without
taking into account delinquent payments or prepayments.

* NB Effective July 23, 2025

2. The agency may establish and levy such other charges and fees in
connection with applications for mortgage insurance and insurance
commitments as it may deem appropriate and necessary. Such charges and
fees shall not exceed a total of two percent of the outstanding
principal amount of the insurable mortgage loan.

3. Such premium charges and other charges shall be payable by the
mortgagor in cash in such manner as may be prescribed by the agency.

4. Such premium charges and other charges and fees shall not be deemed
to be interest for the purposes of sections 5-501 of the general
obligations law.

5. The agency may, in its discretion, fix a premium charge for its
provision of development corporation credit support pursuant to this
part.