Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
May 31, 2012 |
signed chap.47 |
May 21, 2012 |
delivered to governor |
May 07, 2012 |
returned to senate passed assembly ordered to third reading cal.521 substituted for a9123 |
Jan 19, 2012 |
referred to banks delivered to assembly passed senate |
Jan 18, 2012 |
advanced to third reading |
Jan 10, 2012 |
2nd report cal. |
Jan 09, 2012 |
1st report cal.1 |
Jan 04, 2012 |
referred to banks returned to senate died in assembly |
Jun 07, 2011 |
referred to banks delivered to assembly passed senate |
Jun 06, 2011 |
advanced to third reading |
Jun 02, 2011 |
2nd report cal. |
Jun 01, 2011 |
1st report cal.902 |
Mar 03, 2011 |
referred to banks |
Senate Bill S3779
Signed By Governor2011-2012 Legislative Session
Sponsored By
(D, WF) Senate District
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
2011-S3779 (ACTIVE) - Details
2011-S3779 (ACTIVE) - Sponsor Memo
BILL NUMBER:S3779 TITLE OF BILL: An act to amend the banking law, in relation to the requirement for licensure to make mortgage loans PURPOSE: This bill would tighten the mortgage banker licensing exemption, thereby helping to prevent and address problems resulting from unregulated residential mortgage loans which are not subject to existing consumer protections. SUMMARY: Section 590(2) of the Banking Law -- which currently exempts from the mortgage banker licensing requirement any person or entity that does not make five or more personal mortgage loans in a calendar year is amended so that the exemption applies only to a person or entity which makes not more than three loans in a calendar year, or more than five in a two year period. This subdivision is also amended to provide that an entity shall not be exempt if any loan is made which was solicited, processed, placed or negotiated by a mortgage broker, mortgage banker or exempt organization. Section 590(5) (b) is amended to provide that mortgage brokers may solicit, process, place and negotiate mortgage loans only with a mortgage banker or exempt organization, thereby prohibiting
2011-S3779 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 3779 2011-2012 Regular Sessions I N S E N A T E March 3, 2011 ___________ Introduced by Sen. SMITH -- 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 the requirement for licensure to make mortgage loans THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph (a) of subdivision 2 of section 590 of the bank- ing law, as amended by chapter 472 of the laws of 2008, is amended to read as follows: (a) No INDIVIDUAL, person, partnership, association, corporation or other entity shall engage in the business of making [five or more] mort- gage loans [in any one calendar year] without first obtaining a license from the superintendent in accordance with the licensing procedure provided in this article and such regulations as may be promulgated by the banking board or prescribed by the superintendent. The licensing provisions of this subdivision shall not apply to: (I) any exempt organ- ization [nor to]; (II) any entity or entities which shall be exempted in accordance with regulations promulgated by the banking board hereunder; OR (III) ANY INDIVIDUAL, PERSON, PARTNERSHIP, ASSOCIATION, CORPORATION OR OTHER ENTITY WHICH MAKES NOT MORE THAN THREE SUCH LOANS IN A CALENDAR YEAR, NOR MORE THAN FIVE IN A TWO YEAR PERIOD, PROVIDED THAT NO SUCH MORTGAGE LOANS HAVE BEEN MADE WHICH WERE SOLICITED, PROCESSED, PLACED OR NEGOTIATED BY A MORTGAGE BROKER, MORTGAGE BANKER OR EXEMPT ORGANIZATION. S 2. Paragraph (b) of subdivision 5 of section 590 of the banking law, as amended by chapter 472 of the laws of 2008, is amended to read as follows: (b) Mortgage brokers shall solicit, process, place and negotiate mort- gage loans WITH A MORTGAGE BANKER LICENSED PURSUANT TO THE PROVISIONS OF THIS ARTICLE OR EXEMPT ORGANIZATION AS DEFINED HEREIN OR PURSUANT TO REGULATIONS AS PROMULGATED BY THE BANKING BOARD OR PRESCRIBED BY THE SUPERINTENDENT AND in conformity with the provisions of this chapter, EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD09853-01-1
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