N.Y. Banking Law § 6-e

§ 6-e. Graduated payment mortgages authorized. Notwithstanding any\ninconsistent provision of this chapter or other law and in addition to\nany other power exercisable by it, every banking organization, licensed\nmortgage banker, national banking association, federal savings bank,\nfederal savings and loan association and federal credit union shall have\nthe power to offer graduated payment mortgages and loans which conform\nto the provisions of section two hundred seventy-nine of the real\nproperty law, subject to the rules and regulations prescribed by the\nsuperintendent of financial services.\n