§ 6408 — Prohibition on engaging in certain business activities

New York § 6408

• Jurisdiction: New York
• Law ISC: Insurance
• Art. 64: Title Insurance Corporations

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§ 6408. Prohibition on engaging in certain business activities. (a) No\nperson, firm, association or corporation shall engage in business as a\ntitle insurance corporation except pursuant to the provisions of this\narticle. This prohibition shall not prevent the making, issuing, or\nfurnishing of any abstract, search, examination, survey or certificate\nof title without guarantee or insurance thereof, nor the doing of any\nbusiness specified in paragraphs three, four, five and six of subsection\n(b) of section six thousand four hundred three of this article.\n (b) Except as in this article provided, no corporation organized or\ndoing business under this article shall engage in the business of\nselling certificates or participations in obligations secured by\nmortgages.\n (c) Except as provided in this article or in article sixty-five of\nthis chapter, no person, firm, association or corporation shall, in this\nstate, engage, or make any public proposal to engage, in the business of\nguaranteeing mortgages of real or personal property, or of selling any\nguaranteed mortgage or interest therein.\n (d) Notwithstanding any other provisions of this article, no person,\nfirm, association or corporation organized or qualified under this\narticle shall in this state hereafter engage, or make any public\nproposal to engage, in the business of selling any mortgage, certificate\nof participation or interest in any mortgage or mortgages, or\ncertificate secured by the deposit of any cash, mortgage or mortgages or\nother securities, coupled with any agreement to repurchase.\n