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History
- Referred to judiciary
Full text
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Sponsor's memo
BILL NUMBER:S1899
Title of bill
An act to amend the general obligations law, in relation to increases in mortgage escrow account requirements
Summary of specific provisions
Adds a new Section 5-603 to the General obligations Law providing that a mortgage investing institution that maintains a mortgage on any real property in the State of New York shall give ten days written notice prior to requiring payment of an increase in the amount of escrow if the amount is more than 5% of the total monthly payment. No service charge shall be imposed for the giving of such notice. The term "mortgage investing institutions" shall refer to any banking organization or other entity engaged in the business of offering mortgage financing to the public or investing in mortgages.
Justification
Currently, a mortgagor can raise the monthly payments by any amount and not give any notice. This bill would allow a mortgagee to prepare for the increase.
Fiscal implications
None.
Effective date
Ninety days after enactment.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.