 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          1796
 
                               2023-2024 Regular Sessions
 
                   IN ASSEMBLY
 
                                    January 23, 2023
                                       ___________
 
        Introduced  by  M.  of  A.  ZINERMAN,  DICKENS,  GONZALEZ-ROJAS, LAVINE,
          SILLITTI -- read once and referred to the Committee on Banks
 
        AN ACT to amend the banking law, in relation to refinancing of an exist-
          ing mortgage loan
 
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:

     1    Section  1.  Subdivision  3  of  section  595-a  of the banking law is
     2  amended by adding a new paragraph (e) to read as follows:
     3    (e) For any refinancing of an existing mortgage loan, where the  mort-
     4  gagor  will  no longer be paying property tax or insurance payments into
     5  an escrow account, each mortgage  broker,  mortgage  banker  and  exempt
     6  organization  shall,  prior  to  closing,  provide a separate disclosure
     7  which compares the total monthly payments under  the  previous  mortgage
     8  with the combined monthly payments for the new mortgage loan, real prop-
     9  erty  taxes  and insurance. The superintendent of financial services may
    10  specify the form, content and timing of such disclosure.
    11    § 2. This act shall take effect on the one hundred eightieth day after
    12  it shall have become a law.
 
 
 
 
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD00005-01-3
Relates to refinancing of an existing mortgage loan

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