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Who cares
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Sponsors
12 Co-sponsors
History
- Enacting clause stricken
- Recommitted to ways and means
- Amended on third reading 257d
- Amended on third reading 257c
- Ordered to third reading cal.13
- Returned to assembly
- Died in senate
- Referred to codes
- Delivered to senate
- Passed assembly
- Advanced to third reading cal.294
- Reported
Show 6 earlier actions
- Print number 257b
- Amend and recommit to ways and means
- Reported referred to ways and means
- Print number 257a
- Amend and recommit to banks
- Referred to banks
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Requires mortgage lenders and brokers to provide consumer with mortgage bill of rights pamphlet which must be signed by the consumer prior to mortgage application
Stricken · Sponsor Diane J. Savino
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:A257D
Title of bill
An act to amend the banking law, in relation to direct- ing licensed mortgage bankers and authorized mortgage loan originators to provide mortgage applicants with a mortgage bill of rights pamphlet on residential mortgages
Purpose
Requires mortgage lenders and brokers to provide consumer with mortgage bill of rights pamphlet which must be signed by the consumer prior to mortgage application.
Summary of provisions
The Superintendent of Banks shall develop, post on the Departments website, print and distribute in sufficient numbers, to every licensed mortgage lenders and banking organization a mortgage bill of rights pamphlet. A copy of such pamphlet shall be given to each person inquiring about a mortgage loan. Furthermore, no licensed mort- gage lender or banking organization shall accept an application for a residential mortgage until applicant(s) has signed a statement that he/she has read and understands the mortgage bill pamphlet.
Justification
After the mortgage foreclosure crisis, it has been brought to the States attention that New York State residents are unaware of their rights in the mortgage lending application process. Therefore, I am introducing this bill which would require the New York State Banking Department to create an informational pamphlet for lenders to distribute to their clients prior to originating a home loan.
Legislative history
2007-2008 A10219A 05/07/08 - Passed Assembly 05/07/08 - Delivered to senate - Referred to Banks
Fiscal implications
To be determined.
Effective date
This act shall take effect on the one hundred twentieth day after is shall have become a law; provided that, effective imme- diately, any and all actions necessary to implement the provisions of this act on its effective date are authorized and directed to be completed on or before such date.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.