Section 9-O. Mortgage loans; disclosure form

1. For the purpose of this
  section, the following terms shall have the following meanings:
    (a) "Mortgage lending institution" shall mean  an  insurance  company,
  banking  organization,  foreign  banking  corporation  licensed  by  the
  superintendent or the comptroller of the currency, to transact  business
  in  this state, national bank, federal savings bank, federal savings and
  loan association, federal credit union,  or  any  bank,  trust  company,
  savings  bank,  savings  and loan association, or credit union organized
  under the laws of any other state, or any instrumentality created by the
  United States or any other state, with the power to make mortgage loans.
  Mortgage lending institution shall include a subsidiary of such entity.
    (b) "Mortgage banker" shall mean a person or entity who  or  which  is
  licensed  pursuant to section five hundred ninety-one of this chapter to
  make mortgage loans in this state.
    2. Every  mortgage  lending  institution  and  mortgage  banker  which
  originates  loans secured by real property used for residential purposes
  located in this state shall provide a separate disclosure form with each
  application that shall contain a provision stating whether the  interest
  rate  of  such  loan shall be the interest rate in effect at the time of
  application, the time of commitment, the time  of  closing  or  at  such
  other  period of time as shall be determined by the lending institution.
  The banking board shall promulgate rules and  regulations  to  implement
  the provisions of this section.