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History
- Referred to banks
Companion bill
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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 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 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 mortgage 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. This bill requires 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
This is a new bill.
Fiscal implications
To be determined.
Effective date
This act shall take effect on the one hundred eightieth day after it shall have become a law; provided that, effective immediately, 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.