Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Aug 30, 2010 |
tabled vetoed memo.6781 |
Aug 18, 2010 |
delivered to governor |
Jun 22, 2010 |
returned to assembly passed senate 3rd reading cal.1100 substituted for s7399 |
Jun 17, 2010 |
referred to rules delivered to senate passed assembly |
Jun 15, 2010 |
ordered to third reading rules cal.153 rules report cal.153 reported reported referred to rules |
May 11, 2010 |
reported referred to ways and means |
Apr 02, 2010 |
referred to banks |
Assembly Bill A10502
Vetoed By Governor2009-2010 Legislative Session
Sponsored By
JEFFRIES
Archive: Last Bill Status - Vetoed by Governor
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Vetoed By Governor
- Signed By Governor
Actions
Votes
co-Sponsors
Adriano Espaillat
Thomas Alfano
Peter Rivera
Robert Reilly
multi-Sponsors
Herman D. Farrell
Timothy P. Gordon
Aileen Gunther
Carl Heastie
2009-A10502 (ACTIVE) - Details
- See Senate Version of this Bill:
- S7399
- Law Section:
- Banking Law
- Laws Affected:
- Add ยง35, Bank L
- Versions Introduced in Other Legislative Sessions:
-
2011-2012:
A1365, S132
2013-2014: A7281, A5330, S73
2015-2016: A2536, A2493, S2228
2017-2018: A3435, A5372, S334, S7039
2019-2020: A2141, S3544
2021-2022: A3379, S5777
2023-2024: S2665
2009-A10502 (ACTIVE) - Sponsor Memo
BILL NUMBER:A10502 TITLE OF BILL: An act to amend the banking law, in relation to directing licensed mort- gage bankers and authorized mortgage loan originators to provide mort- gage 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 lenders and banking organization, a mortgage bill of rights pamphlet. A copy of such pamphlet shall be given to each person inquir- ing about a mortgage loan. Furthermore, no licensed mortgage lender or banking organization shall accept an application for a residential mort- gage until applicant(s) has signed a statement that he/she has read and understands,the mortgage bill pamphlet. JUSTIFICATION: With the emergence of the sub-prime mortgage crisis since 2007, and the subsequent cascade of foreclosures throughout New York State and the
2009-A10502 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 10502 I N A S S E M B L Y April 2, 2010 ___________ Introduced by M. of A. JEFFRIES, ESPAILLAT, ALFANO, P. RIVERA, REILLY, COLTON, ZEBROWSKI, WEISENBERG, BOYLAND, SPANO, CHRISTENSEN, KELLNER, ROSENTHAL, BENJAMIN, JAFFEE, MARKEY -- Multi-Sponsored by -- M. of A. FARRELL, GORDON, GUNTHER, HEASTIE, V. LOPEZ, PHEFFER, QUINN, SALADINO, SCARBOROUGH, WEINSTEIN -- read once and referred to the Committee on Banks AN ACT to amend the banking law, in relation to directing licensed mort- gage bankers and authorized mortgage loan originators to provide mort- gage applicants with a mortgage bill of rights pamphlet on residential mortgages THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The banking law is amended by adding a new section 35 to read as follows: S 35. INFORMATION PAMPHLET FOR RESIDENTIAL MORTGAGE APPLICANTS. 1. THE SUPERINTENDENT OF BANKS SHALL DEVELOP A PAMPHLET KNOWN AS "THE MORT- GAGE APPLICANT'S BILL OF RIGHTS" AND POST SUCH PAMPHLET ON THE BANKING DEPARTMENT'S INTERNET WEBSITE. COPIES OF SUCH PAMPHLET SHALL BE PROVIDED TO ALL LICENSED LENDERS AND BANKING ORGANIZATIONS OFFERING RESIDENTIAL MORTGAGE SERVICES. A COPY OF SUCH PAMPHLET SHALL BE PROVIDED BY LICENSED LENDERS AND BANKING ORGANIZATIONS TO EACH PERSON BEFORE SUCH PERSON ENTERS INTO AN APPLICATION FOR A LOAN SECURED BY A MORTGAGE UPON RESIDENTIAL REAL PROPERTY. FURTHERMORE, SUCH LICENSED LENDER AND BANKING ORGANIZATION SHALL NOT ACCEPT AN APPLICATION FOR A RESIDENTIAL MORTGAGE UNTIL THE PERSON OR PERSONS APPLYING FOR A MORTGAGE HAVE BEEN PROVIDED A COPY OF THE BOOKLET AND ACKNOWLEDGED RECEIPT OF IT IN WRITING. EVERY LICENSED LENDER AND BANKING ORGANIZATION SHALL MAINTAIN SUCH ACKNOWL- EDGEMENT ALONG WITH THE APPLICANT'S MORTGAGE LOAN DOCUMENTS. 2. THE PAMPHLET AND WEBSITE NOTICE DEVELOPED PURSUANT TO THIS SECTION SHALL INCLUDE THE FOLLOWING, ALONG WITH OTHER INFORMATION ADDED AT THE DISCRETION OF THE SUPERINTENDENT NOT OTHERWISE INCONSISTENT WITH THE INFORMATION SET FORTH IN THE PAMPHLET: "BILL OF RIGHTS FOR RESIDENTIAL MORTGAGE APPLICANTS AS AN APPLICANT FOR A RESIDENTIAL MORTGAGE YOU HAVE THE RIGHT TO: EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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