New York Consolidated Laws

N.Y. Banking Law § 6 (2026)

Investment in obligations of housing corporations indirectly guaranteed pursuant to the "Servicemen's Readjustment Act of 1944"

✓ current as of May 2026

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§ 6. Investment in obligations of housing corporations indirectly
guaranteed pursuant to the "Servicemen's Readjustment Act of 1944".
Subject to such regulations and restrictions as the superintendent of
financial services finds to be necessary and proper, any bank, trust
company or savings bank may invest in obligations of any corporation
organized under any law of this state for the purpose of acquiring,
constructing, owning, maintaining, operating, selling or conveying a
housing project or projects (not including hotels but including
accommodations for retail stores, shops, offices and other community
services reasonably incident to such projects) located within this
state, which obligations are (a) secured by a first mortgage lien on
such project, or such part thereof, as was or is to be constructed or
acquired out of the proceeds of such obligations, either directly or by
issue under an indenture of mortgage from such corporation to a
corporate trustee having its principal office in this state, and (b)
guaranteed indirectly through the pledge as security therefor of
obligations directly guaranteed under title three of an act of congress
entitled the "Servicemen's Readjustment Act of 1944", in an aggregate
amount equal to at least thirty per centum of the principal amount of
all sums advanced to such corporation under the loan instrument or
indenture during the period of construction and, upon completion, to the
extent of at least forty per centum of the principal amount of such
obligations.

Notes of Decisions

Cited in 6 cases (3 in the last 5 years), 2004–2026 · leading case: Flagg v. Yonkers Sav. & Loan Ass'n, FA, 307 F. Supp. 2d 565 (S.D.N.Y. 2004).

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Flagg v. Yonkers Sav. & Loan Ass'n, FA, 307 F. Supp. 2d 565 (S.D.N.Y. 2004). “N.Y. Banking Law § 6 -k(2)(b) governs the duties of mortgage investing institutions relating to real property insurance escrow accounts and provides that “[every mortgage investing institution shall pay at least the minimum rate of interest on each real property insurance escrow…”

Barker v. Rokosz (E.D.N.Y 2024). · cites it 6× “” See N.Y. Banking Law § 6 -l(2). Rokosz does not dispute that he is a “lender” or that the subject loan was “high-cost.”

Gustavia Home, LLC v. Hoyer, 362 F. Supp. 3d 71 (2019). “N.Y. Banking Law § 6 -L(g)(i). 6. Standing Defendants' sixth affirmative defense is that "Plaintiff lacks standing to foreclose the subject mortgage because it cannot demonstrate that the subject note and mortgage were duly assigned to it.”

Mayor of the City of New York v. Council of the City of New York, 2004 NY Slip Op 24018 (N.Y. Sup. Ct., New York Cty. 2004). · cites it 3× “(L 2002, ch 626, § 1, codified in Banking Law § 6- l .) Chapter 626 inter alia prohibits certain acts and practices [FN8] by lenders and affiliates.”

Freedom Mortg. Corp. v. Petriello (E.D.N.Y 2025). “” N.Y. Banking Law § 6 - l(1)(g)(i). At the relevant time, the yield rate was 3.”

Wells Fargo Bank, N.A. v. Iqbal, 2026 NY Slip Op 00335 (N.Y. App. Div. 2026). “At the time of her mortgage closing, Banking Law § 6- l did not apply to loans exceeding $300,000, and her loan was for $500,000 ( see L 2007, ch 552 §§ 1, 2).”

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