Senate Bill S7399

Vetoed By Governor
2009-2010 Legislative Session

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

download bill text pdf

Sponsored By

Archive: Last Bill Status Via A10502 - 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

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2009-S7399 (ACTIVE) - Details

See Assembly Version of this Bill:
A10502
Law Section:
Banking Law
Laws Affected:
Add ยง35, Bank L
Versions Introduced in Other Legislative Sessions:
2011-2012: S132, A1365
2013-2014: S73, A7281, A5330
2015-2016: S2228, A2536, A2493
2017-2018: S334, S7039, A3435, A5372
2019-2020: S3544, A2141
2021-2022: S5777, A3379
2023-2024: S2665

2009-S7399 (ACTIVE) - Summary

Requires mortgage lenders and brokers to provide consumers with a mortgage bill of rights pamphlet which must be read and signed by the consumer prior to applying for a mortgage.

2009-S7399 (ACTIVE) - Sponsor Memo

2009-S7399 (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  7399

                            I N  S E N A T E

                              April 7, 2010
                               ___________

Introduced  by  Sen. PERALTA -- read twice and ordered printed, and when
  printed to be committed 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:
  1. COMPARE THE CHARGES OF DIFFERENT MORTGAGE BROKERS  AND  LENDERS  TO
OBTAIN THE BEST LOAN POSSIBLE.
  2.  ASK  YOUR  MORTGAGE  BROKER TO EXPLAIN HIS OR HER RESPONSIBILITIES
WITHIN THE MORTGAGE LENDING PROCESS.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
              

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