Section 2429-C. Charges and fees

* 1. The agency shall fix a premium charge
  for  its  insurance  of mortgages pursuant to this article which, except
  for pool insurance, shall not be  less  than  an  amount  equivalent  to
  one-quarter  of  one  per  centum  per  annum  nor  more  than an amount
  equivalent to two per centum per  annum  of  the  outstanding  principal
  amount  of  the insurable mortgage loan at any time, without taking into
  account delinquent payments or prepayments.
    * NB Effective until July 16, 2011
    * 1. The agency shall fix  a  premium  charge  for  its  insurance  of
  mortgages  pursuant  to  this  article  which  shall not be less than an
  amount equivalent to one-quarter of one per centum per  annum  nor  more
  than an amount equivalent to two per centum per annum of the outstanding
  principal  amount  of  the  insurable mortgage loan at any time, without
  taking into account delinquent payments or prepayments.
    * NB Effective July 16, 2011
    2. The agency may establish and levy such other charges  and  fees  in
  connection  with  applications  for  mortgage  insurance  and  insurance
  commitments as it may deem appropriate and necessary. Such  charges  and
  fees  shall  not  exceed  a  total  of  two  percent  of the outstanding
  principal amount of the insurable mortgage loan.
    3. Such premium charges and other charges  shall  be  payable  by  the
  mortgagor in cash in such manner as may be prescribed by the agency.
    4. Such premium charges and other charges and fees shall not be deemed
  to  be  interest  for  the  purposes  of  sections  5-501 of the general
  obligations law.
    5. The agency may, in its discretion, fix a  premium  charge  for  its
  provision  of  development  corporation  credit support pursuant to this
  part.