New York § 474 - 474Servicing of loans by banking institutions and loan servicing companies
Full text of New York New York Consolidated Laws § 474 — 474Servicing of loans by banking institutions and loan servicing companies, with citation guidance and answers to common questions.
§ 474. 474Servicing of loans by banking institutions and loan servicing companies
§ 474. Servicing of loans by banking institutions and loan servicing companies. 1. The agency is authorized to make provision in the note and loan agreement or by separate agreement for the performance by one or more banking institutions of such services as are generally performed by any such bank itself owning and holding such a loan and as may be approved by the superintendent of financial services for which services a bank may make and collect such service charges as the superintendent shall prescribe or approve. 2. The agency is authorized to make provision in the note and loan agreement or by separate agreement for the servicing of such loans by a loan servicing company or other qualified entity, as determined by the agency, and such services may include, but not be limited to, the collection of the debt services on such loans and the establishment, administration, and distribution of an escrow account for the payment of the owner's real estate taxes, sewer and water rents and fire insurance.
Source: official New York text · Last verified 2026-08-27
Frequently Asked Questions About New York § 474
What does New York Consolidated Laws § 474 cover?
Section 474 ("474Servicing of loans by banking institutions and loan servicing companies") is part of the New York Consolidated Laws, the codified statutory law of New York. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New York § 474?
A common citation format is "New York Consolidated Laws § 474" (New York). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New York law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New York official source linked on this page or consult a licensed New York attorney.
How does New York § 474 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New York can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New York.