Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Nov 21, 2014 |
signed chap.469 |
Nov 10, 2014 |
delivered to governor |
Jun 12, 2014 |
returned to senate passed assembly ordered to third reading rules cal.204 substituted for a9539 |
Jun 11, 2014 |
referred to banks delivered to assembly passed senate |
May 29, 2014 |
advanced to third reading |
May 28, 2014 |
2nd report cal. |
May 21, 2014 |
1st report cal.911 |
May 06, 2014 |
referred to banks |
Senate Bill S7224
Signed By Governor2013-2014 Legislative Session
Sponsored By
(R, C, IP) 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
co-Sponsors
(R, C) 53rd Senate District
(R) Senate District
2013-S7224 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A9539
- Law Section:
- Banking Law
- Laws Affected:
- Amd ยง6-m, Bank L
2013-S7224 (ACTIVE) - Sponsor Memo
BILL NUMBER:S7224 TITLE OF BILL: An act to amend the banking law, in relation to subprime home loans PURPOSE OF THE BILL: To maintain the continued availability of FHA-insured mortgage loans in New York State. This bill adopts some emergency rules promulgated by the Department of Financial Services to help ensure that a federal policy change doesn't inadvertently restrict FHA mortgage financing options. SUMMARY OF SPECIFIC PROVISIONS: Section 6-m of the Banking Law is amended by adding a new subparagraph (iii) to Section 6-m(1)(c). This new subparagraph sets a separate subprime home loan threshold rate for FHA-insured loans. JUSTIFICATION: This legislation adjusts the subprime threshold rate in order to help maintain the availability of FHA-insured mortgage loans in New York State. FHA loans have been especially helpful to first-time homebuyers, as well as to low-to-moderate income homebuyers. Policy changes made by the Federal Housing Administration (FHA) in 2013 have inadvertently created a situation where a significant number of FHA-insured mortgage loans would exceed the subprime threshold established in state law in 2008. This raised significant concerns
2013-S7224 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7224 I N S E N A T E May 6, 2014 ___________ Introduced by Sens. FARLEY, GRIFFO -- 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 subprime home loans THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph (c) of subdivision 1 of section 6-m of the bank- ing law is amended by adding a new subparagraph (iii) to read as follows: (III) NOTWITHSTANDING THE THRESHOLDS SET FORTH IN THIS PARAGRAPH, IF A HOME LOAN IS INSURED BY THE FEDERAL HOUSING ADMINISTRATION, AND IF ANNU- AL MORTGAGE INSURANCE PREMIUMS ARE COLLECTED BY THE FEDERAL HOUSING ADMINISTRATION FOR THE MAXIMUM DURATION PERMITTED UNDER FEDERAL STATUTE, AND IF SUCH LOAN IS NOT A TITLE 1 HOME IMPROVEMENT LOAN NOR A HOME EQUI- TY CONVERSION MORTGAGE, THEN THE TERM "SUBPRIME HOME LOAN" MEANS A HOME LOAN IN WHICH THE INITIAL INTEREST RATE OR THE FULLY-INDEXED RATE, WHICHEVER IS HIGHER, EXCEEDS BY MORE THAN TWO AND A HALF PERCENTAGE POINTS FOR A FIRST-LIEN LOAN, OR BY MORE THAN FOUR AND A HALF PERCENTAGE POINTS FOR A SUBORDINATE-LIEN LOAN, THE AVERAGE COMMITMENT RATE FOR LOANS IN THE NORTHEAST REGION WITH A COMPARABLE DURATION TO THE DURATION OF SUCH HOME LOAN, AS PUBLISHED BY THE FEDERAL HOME LOAN MORTGAGE CORPO- RATION (HEREIN "FREDDIE MAC") IN ITS WEEKLY PRIMARY MORTGAGE MARKET SURVEY (PMMS) POSTED IN THE WEEK PRIOR TO THE WEEK IN WHICH THE LENDER PROVIDES THE "GOOD FAITH ESTIMATE" REQUIRED UNDER 12 USC S2601 ET SEQ. S 2. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD14882-01-4
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