2014 New York Laws
ISC - Insurance
Article 64 - (6401 - 6411) TITLE INSURANCE CORPORATIONS
6408 - Prohibition on engaging in certain business activities.

 6408. Prohibition on engaging in certain business activities. (a) No
  person,  firm,  association or corporation shall engage in business as a
  title insurance corporation except pursuant to the  provisions  of  this
  article.  This  prohibition  shall  not  prevent the making, issuing, or
  furnishing of any abstract, search, examination, survey  or  certificate
  of  title  without  guarantee or insurance thereof, nor the doing of any
  business specified in paragraphs three, four, five and six of subsection
  (b) of section six thousand four hundred three of this article.
(b) Except as in this article provided, no  corporation  organized  or
  doing  business  under  this  article  shall  engage  in the business of
  selling  certificates  or  participations  in  obligations  secured   by
  mortgages.
(c)  Except  as  provided  in this article or in article sixty-five of
  this chapter, no person, firm, association or corporation shall, in this
  state, engage, or make any public proposal to engage, in the business of
  guaranteeing mortgages of real or personal property, or of  selling  any
  guaranteed mortgage or interest therein.
(d)  Notwithstanding  any other provisions of this article, no person,
  firm, association or  corporation  organized  or  qualified  under  this
  article  shall  in  this  state  hereafter  engage,  or  make any public
  proposal to engage, in the business of selling any mortgage, certificate
  of  participation  or  interest  in  any  mortgage  or   mortgages,   or
  certificate secured by the deposit of any cash, mortgage or mortgages or
  other securities, coupled with any agreement to repurchase.