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- Referred to banks
- Referred to banks
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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 Assembly Committee · Banks · Sponsor Ron Kim
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S73
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 in sufficient numbers, to every licensed mortgage lender 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
The mortgage crises highlighted the fact that New York State residents are unaware of their rights and entitlements throughout the mortgage process" Therefore, I have introduced this bill which will require the New York State Banking Department to create an informational pamphlet for lenders to provide to customers prior to said customers filling out the mortgage application.
Legislative history
2011-12: S.132 2010: S.7399
Fiscal implications
To be determined.
Effective date
This act shall take effect on the one hundred twentieth day after is 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.