Assembly Bill A3322B

2017-2018 Legislative Session

Requires what mortgage applicant's need to know pamphlet on residential mortgages

download bill text pdf

Sponsored By

Archive: Last Bill Status - On Floor Calendar

  • 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

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Bill Amendments

2017-A3322 - Details

Law Section:
Banking Law
Laws Affected:
Add §35, Bank L
Versions Introduced in Other Legislative Sessions:
2013-2014: A3815
2015-2016: A997
2019-2020: A1845
2023-2024: A9686

2017-A3322 - Summary

Requires the development of a "what mortgage applicants need to know" pamphlet on residential mortgages and provides such pamphlet shall be posted and printed in the 6 most common non-English languages spoken by individuals with limited English proficiency in New York state.

2017-A3322 - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3322
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 27, 2017
                                ___________
 
 Introduced  by  M.  of  A. M. G. MILLER -- read once and referred to the
   Committee on Banks
 
 AN ACT to amend the banking law, in relation to  the  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:
   §  35.  INFORMATION  PAMPHLET FOR RESIDENTIAL MORTGAGE APPLICANTS.  1.
 THE SUPERINTENDENT SHALL DEVELOP  A  PAMPHLET  KNOWN  AS  "THE  MORTGAGE
 APPLICANT'S  BILL  OF RIGHTS" AND POST SUCH PAMPHLET ON THE DEPARTMENT'S
 WEB SITE. SUCH PAMPHLET  SHALL  BE  POSTED  AND  PRINTED  IN  THE  EIGHT
 LANGUAGES  WHICH  ARE MOST SPOKEN IN THIS STATE. 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 ESTATE. THE PAMPHLET PROVIDED TO EACH
 SUCH PERSON SHALL BE PRINTED IN A LANGUAGE WHICH THE PERSON  IS  CAPABLE
 OF  READING  AND  UNDERSTANDING.  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  WRIT-
 ING.  EVERY LICENSED LENDER AND BANKING ORGANIZATION SHALL MAINTAIN SUCH
 ACKNOWLEDGEMENT ALONG WITH THE APPLICANT'S MORTGAGE LOAN DOCUMENTS.
   2. THE PAMPHLET AND WEB SITE 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.

2017-A3322A - Details

Law Section:
Banking Law
Laws Affected:
Add §35, Bank L
Versions Introduced in Other Legislative Sessions:
2013-2014: A3815
2015-2016: A997
2019-2020: A1845
2023-2024: A9686

2017-A3322A - Summary

Requires the development of a "what mortgage applicants need to know" pamphlet on residential mortgages and provides such pamphlet shall be posted and printed in the 6 most common non-English languages spoken by individuals with limited English proficiency in New York state.

2017-A3322A - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  3322--A
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 27, 2017
                                ___________
 
 Introduced  by  M.  of  A. M. G. MILLER -- read once and referred to the
   Committee on Banks -- recommitted to the Committee on Banks in accord-
   ance with Assembly Rule  3,  sec.  2  --  committee  discharged,  bill
   amended,  ordered reprinted as amended and recommitted to said commit-
   tee

 AN ACT to amend the banking law, in relation  to  what  mortgage  appli-
   cant's need to know 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:
   §  35.  INFORMATION  PAMPHLET FOR RESIDENTIAL MORTGAGE APPLICANTS.  1.
 THE SUPERINTENDENT SHALL DEVELOP A  PAMPHLET  KNOWN  AS  "WHAT  MORTGAGE
 APPLICANT'S NEED TO KNOW" AND POST SUCH PAMPHLET ON THE DEPARTMENT'S WEB
 SITE.  SUCH  PAMPHLET SHALL BE POSTED AND PRINTED IN THE SIX MOST COMMON
 NON-ENGLISH LANGUAGES SPOKEN BY INDIVIDUALS WITH LIMITED-ENGLISH  PROFI-
 CIENCY  IN  NEW YORK STATE AS BASED ON THE MOST RECENT CENSUS. 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,  MORTGAGE  BANKERS  AND
 OTHER  BANKING  ORGANIZATIONS  TO  EACH PERSON BEFORE SUCH PERSON ENTERS
 INTO AN APPLICATION FOR A LOAN SECURED BY A MORTGAGE   UPON  RESIDENTIAL
 REAL  ESTATE.  SHOULD  SUCH  APPLICANT  APPLY FOR A MORTGAGE ONLINE, THE
 LICENSED LENDER, MORTGAGE BANKER OR  OTHER  BANKING  ORGANIZATION  SHALL
 PROVIDE  THE  APPLICANT WITH THE PAMPHLET VIA ELECTRONIC COMMUNICATIONS,
 INCLUDING BUT NOT LIMITED TO, ELECTRONIC MAIL  OR  A  HYPERLINK  TO  THE
 PAMPHLET POSTED ON THE DEPARTMENT'S WEB SITE.
   2. THE PAMPHLET AND WEB SITE 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:

co-Sponsors

2017-A3322B (ACTIVE) - Details

Law Section:
Banking Law
Laws Affected:
Add §35, Bank L
Versions Introduced in Other Legislative Sessions:
2013-2014: A3815
2015-2016: A997
2019-2020: A1845
2023-2024: A9686

2017-A3322B (ACTIVE) - Summary

Requires the development of a "what mortgage applicants need to know" pamphlet on residential mortgages and provides such pamphlet shall be posted and printed in the 6 most common non-English languages spoken by individuals with limited English proficiency in New York state.

2017-A3322B (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  3322--B
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 27, 2017
                                ___________
 
 Introduced  by  M.  of  A. M. G. MILLER -- read once and referred to the
   Committee on Banks -- recommitted to the Committee on Banks in accord-
   ance with Assembly Rule  3,  sec.  2  --  committee  discharged,  bill
   amended,  ordered reprinted as amended and recommitted to said commit-
   tee -- again reported from said  committee  with  amendments,  ordered
   reprinted as amended and recommitted to said committee
 
 AN  ACT  to  amend  the banking law, in relation to what mortgage appli-
   cant's need to know 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:
   § 35. INFORMATION PAMPHLET FOR RESIDENTIAL MORTGAGE  APPLICANTS.    1.
 THE  SUPERINTENDENT  SHALL  DEVELOP  A  PAMPHLET KNOWN AS "WHAT MORTGAGE
 APPLICANT'S NEED TO KNOW" AND POST SUCH PAMPHLET ON THE DEPARTMENT'S WEB
 SITE. SUCH PAMPHLET SHALL BE POSTED AND PRINTED IN THE SIX  MOST  COMMON
 NON-ENGLISH  LANGUAGES SPOKEN BY INDIVIDUALS WITH LIMITED-ENGLISH PROFI-
 CIENCY IN NEW YORK STATE AS BASED ON THE MOST RECENT CENSUS.  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, MORTGAGE BANKERS AND
 OTHER BANKING ORGANIZATIONS TO EACH PERSON  BEFORE  SUCH  PERSON  ENTERS
 INTO  AN  APPLICATION FOR A LOAN SECURED BY A MORTGAGE  UPON RESIDENTIAL
 REAL ESTATE. SHOULD SUCH APPLICANT APPLY  FOR  A  MORTGAGE  ONLINE,  THE
 LICENSED  LENDER,  MORTGAGE  BANKER  OR OTHER BANKING ORGANIZATION SHALL
 PROVIDE THE APPLICANT WITH THE PAMPHLET VIA  ELECTRONIC  COMMUNICATIONS,
 INCLUDING  BUT  NOT  LIMITED  TO,  ELECTRONIC MAIL OR A HYPERLINK TO THE
 PAMPHLET POSTED ON THE DEPARTMENT'S WEB SITE.
   2. THE PAMPHLET AND WEB SITE 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:
   "WHAT MORTGAGE APPLICANTS NEED TO KNOW
   AS AN APPLICANT FOR A RESIDENTIAL MORTGAGE YOU HAVE THE RIGHT TO:

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