N.Y. Comp. Codes R. & Regs. tit. 3 § 334.1

Current through Register Vol. 46, No. 53, December 31, 2024

Section 334.1 - Approval of indices

The following indices are approved by the superintendent for use in connection with variable rate junior mortgage loans made pursuant to Part 80 of this Title by licensees as defined thereunder, in connection with variable rate retail instalment credit agreements established pursuant to Part 91 of this Title by retail sellers or creditors as defined thereunder, and in connection with variable rate closed-end retail instalment contracts and obligations entered into pursuant to Part 92 of this Title by retail sellers or holders as defined thereunder:

(a) the bank prime loan index;

(b) the indices for one-month, three-month or six-month certificates of deposit sold in the secondary market;

(c) the indices for the auction averages from the sale of United States three-month, six-month or one-year Treasury bills;

(d) the indices for three-month, six-month or one-year Treasury bills sold in the secondary market;

(e) the indices for the one-year, two-year, three-year, five-year, seven-year, ten-year, twenty- year or thirty-year constant maturity yield for United States Treasury securities; and

(f) the prime rate as published in The Wall Street Journal; and

(g) the indices for one-month, three-month, six-month and twelve-month Secured Overnight Financing Rate (SOFR) published as "CME Term SOFR" rates by the CME Group Benchmark Administration Limited.

All the indices listed above, except (f), and (g) are published and announced by the Board of Governors of the Federal Reserve System in such publications as The Federal Reserve Bulletin, H.15, G.13, etc. With respect to any indices listed under subdivisions (a) through (e) of this section which provide daily rates and also weekly and monthly averages of such daily rates, this Part allows use of either the daily rate or the weekly or monthly average rate for such index. In the event of split rate figures for the prime rate as published under subdivision (f) of this section, the licensee, retail seller or creditor, or retail seller or holder shall use the low figure except where use of the high figure or an average of the two figures is provided by contract and disclosed to the borrower or buyer. Except as provided above, averaging of index figures is prohibited.

N.Y. Comp. Codes R. & Regs. Tit. 3 § 334.1

Amended New York State Register July 5, 2023/Volume XLV, Issue 27, eff. 6/14/2023 (EMERGENCY)

Amended New York State Register July 5, 2023/Volume XLV, Issue 27, eff. 7/5/2023