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History
- 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 Hiram Monserrate
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
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 helshe has read and understands the Mortgage Bill of Rights brochure.
JllSTIFICA TION: This legislation confirms residential mortgage applicants are fully aware and understand the details of a loan.
Legislative history
2007-2008 - A102l9-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.