Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 27, 2012 |
signed chap.5 |
Jan 25, 2012 |
delivered to governor |
Jan 18, 2012 |
returned to assembly passed senate 3rd reading cal.17 substituted for s6124 referred to rules delivered to senate passed assembly ordered to third reading rules cal.5 rules report cal.5 reported reported referred to rules |
Jan 10, 2012 |
reported referred to codes |
Jan 04, 2012 |
referred to banks |
Assembly Bill A8909
Signed By Governor2011-2012 Legislative Session
Sponsored By
JEFFRIES
Archive: Last Bill Status - Signed by Governor
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
Votes
co-Sponsors
Annette Robinson
2011-A8909 (ACTIVE) - Details
- See Senate Version of this Bill:
- S6124
- Law Section:
- Banking Law
- Laws Affected:
- Amd §595-c, Bank L
2011-A8909 (ACTIVE) - Summary
Relates to the dealings of mortgage brokers and home improvement contractors; exempts from provisions relating to payment of mortgage proceeds to a borrower or third party, rather than directly to a home improvement contractor, those home improvement loans insured by the FHA under the National Housing Act or the Energy Policy Act of 1992.
2011-A8909 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 8909 I N A S S E M B L Y (PREFILED) January 4, 2012 ___________ Introduced by M. of A. JEFFRIES, ROBINSON -- read once and referred to the Committee on Banks AN ACT to amend the banking law, in relation to the dealings of mortgage brokers and home improvement contractors THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivision 2 of section 595-c of the banking law, as added by chapter 593 of the laws of 2011, is amended to read as follows: 2. Where a mortgage broker has solicited, processed, placed or negoti- ated a mortgage loan, a home improvement contractor shall not be paid directly but instead may receive payment from the proceeds of a home improvement loan payable solely to the borrower or, at the election of the borrower, through an independent third party escrow agent in accord- ance with the terms established in a written agreement signed by the borrower, the lender and the contractor prior to disbursement. A mort- gage broker shall not offer a homeowner different loan terms contingent on the homeowner executing an agreement for payment through an independ- ent third party as described in the preceding sentence. Any such agree- ment shall contain a clear and conspicuous disclosure: YOU ARE NOT REQUIRED TO EXECUTE THIS AGREEMENT. YOU MAY INSTEAD RECEIVE PAYMENT DIRECTLY. (NAME OF MORTGAGE BROKER) MAY NOT OFFER YOU DIFFERENT TERMS ON YOUR LOAN TO SIGN THIS AGREEMENT. THE PROVISIONS OF THIS SUBDIVISION SHALL NOT APPLY TO A HOME IMPROVEMENT LOAN INSURED BY THE FEDERAL HOUS- ING ADMINISTRATION UNDER SECTION 203(K) OF THE NATIONAL HOUSING ACT, 12 U.S.C. 1709(K), OR TO AMOUNTS ADDED TO A FEDERAL HOUSING ADMINISTRATION INSURED MORTGAGE UNDER THE ENERGY EFFICIENCY MORTGAGE PROGRAM ORIGINALLY ESTABLISHED UNDER SECTION 106 OF THE ENERGY POLICY ACT OF 1992, AS FROM TIME TO TIME AMENDED. S 2. This act shall take effect on the same date and in the same manner as section 1 of chapter 593 of the laws of 2011, takes effect. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD12084-02-2
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