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History
- Referred to banks
- Reported and committed to finance
- Reported and committed to codes
- Print number 2367b
- Amend and recommit to banks
- Print number 2367a
- 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
In Senate Committee · Banks · Sponsor José Peralta
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the banking law, in relation to directing 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 the consumer with a Mortgage Bill of Rights brochure which must be signed by the consumer prior to mortgage application.
Summary of provisions
The superintendent shall develop, print and distribute, in sufficient numbers, to every licensed mortgage banker, authorized mortgage banker and authorized loan originator, a Mortgage Bill of Rights brochure for residential mortgage applicants. A copy of such brochure shall be given to each person inquiring about a mortgage loan. Furthermore, no licensed mortgage banker or authorized mortgage loan originator shall accept an application for a residential mortgage until applicant has signed a statement that he/she has read and understands the Mortgage Bill of Rights brochure. This statement shall be kept on tile for no less than 5 years.
Justification
This legislation confirms residential mortgage applicants are fully aware and understand the details of a loan.
Legislative history
2007-2008 - A10219-A 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 eightieth day after it shall have become law; provided that, effective immediately, any and all actions necessary to implement the provision 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.