New York Laws
Article 64 - Title Insurance Corporations
6408 - Prohibition on Engaging in Certain Business Activities.

(b) Except as in this article provided, no corporation organized or
doing business under this article shall engage in the business of
selling certificates or participations in obligations secured by
mortgages.
(c) Except as provided in this article or in article sixty-five of
this chapter, no person, firm, association or corporation shall, in this
state, engage, or make any public proposal to engage, in the business of
guaranteeing mortgages of real or personal property, or of selling any
guaranteed mortgage or interest therein.
(d) Notwithstanding any other provisions of this article, no person,
firm, association or corporation organized or qualified under this
article shall in this state hereafter engage, or make any public
proposal to engage, in the business of selling any mortgage, certificate
of participation or interest in any mortgage or mortgages, or
certificate secured by the deposit of any cash, mortgage or mortgages or
other securities, coupled with any agreement to repurchase.