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History
- Referred to banks
- Referred to banks
Full text
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Title of bill
An act to amend the banking law, in relation to requiring the mortgage bill of rights pamphlet on residential mortgages to be posted and printed in the eight languages which are most spoken in the state
Purpose or general idea of bill
Requires information to consumers of the mortgage bill of rights that are provided by mortgage lenders and bankers to be published in the eight most spoken languages in New York State.
Summary of specific provisions
Section 1. Subdivision 1 of section 35 of the banking law is amended to read as follows: The superintendent of banks shall develop a pamphlet known as "the m0l1gage applicant's bill of rights" and post such pamphlet on the banking website. Such pamphlet shall be posted and printed in the eight languages which are most spoken in New York State.
Justification
This legislation ensures the public's awareness of the "mortgage bill of rights" by making information accessible in their native tongue. The increase of diversity among constituents makes it vital for information to be translated in multiple languages. Having this information only in English can only benefit those fluent in the English language and not the public as a whole.
Prior legislative history
New Bill.
Fiscal implications
To be determined.
Effective date
This act shall take effect on the same date and in the same manner as a chapter of the laws of 2009 amending the banking law relating to directing licensed mortgage bankers and authorized mortgage load originators to provide mortgage applicants with a mortgage bill of rights pamphlet on residential mortgages, as proposed in legislative bill number A.257, takes effect.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.