§ 2429-C — Charges and fees

§ 2429-c. Charges and fees. * 1. The agency shall fix a premium charge\nfor its insurance of mortgages pursuant to this article which, except\nfor pool insurance, shall not be less than an amount equivalent to\none-quarter of one per centum per annum nor more than an amount\nequivalent to two per centum per annum of the outstanding principal\namount of the insurable mortgage loan at any time, without taking into\naccount delinquent payments or prepayments.\n * NB Effective until July 23, 2027\n * 1. The agency shall fix a premium charge for its insurance of\nmortgages pursuant to this article which shall not be less than an\namount equivalent to one-quarter of one per centum per annum nor more\nthan an amount equivalent to two per centum per annum of the outstanding\nprincipal amount of the insurable mortgage loan at any time, without\ntaking into account delinquent payments or prepayments.\n * NB Effective July 23, 2027\n 2. The agency may establish and levy such other charges and fees in\nconnection with applications for mortgage insurance and insurance\ncommitments as it may deem appropriate and necessary. Such charges and\nfees shall not exceed a total of two percent of the outstanding\nprincipal amount of the insurable mortgage loan.\n 3. Such premium charges and other charges shall be payable by the\nmortgagor in cash in such manner as may be prescribed by the agency.\n 4. Such premium charges and other charges and fees shall not be deemed\nto be interest for the purposes of sections 5-501 of the general\nobligations law.\n 5. The agency may, in its discretion, fix a premium charge for its\nprovision of development corporation credit support pursuant to this\npart.\n