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Sponsors
No co-sponsors yet.
History
- Substituted by A8909
- Ordered to third reading cal.17
- Reported and committed to rules
- 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.
Relates to the dealings of mortgage brokers and home improvement contractors
Signed by Governor · Sponsor Hakeem Jeffries
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S6124
Title of bill
An act to amend the banking law, in relation to the dealings of mortgage brokers and home improvement contractors
Purpose or general idea of bill
The purpose of this bill is to clarify that certain Federal Housing Administration (FHA) loans will not be subject to payment restrictions when dealing with home improvement contractors.
Effects of present law which this bill would alter
This bill would amend Subdivision 2 of section 595-c of the Banking Law, as added by Chapter 593 of the Laws of 2011 to exclude home improvement loans insured by the FHA under section 203(k) of the National Housing Act, 12 U.S.C. 1709(k) (Rehabilitation Mortgage Insurance) and section 106 of the Energy Policy Act of 1992 (Energy Efficient Mortgage Pilot Program). Current law prohibits mortgage brokers from directly paying home improvement contractors.
Justification
FHA loans are subject to particular requirements that conflict with what is required under current State law. FHA guidelines provide a different payment structure that allows a home improvement contractor to be directly paid by a mortgage broker. This chapter amendment would exclude FHA loans from the provisions of state law that would otherwise prohibit mortgage brokers from directly paying home improvement contractors.
Prior legislative history
New Bill.
Fiscal implications for state and local governments
None.
Effective date
This act shall take effect on the same date and in the same manner as Chapter 593 of the Laws of 2011.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.