Senate Bill S2765

2019-2020 Legislative Session

Requires the mortgage bill of rights pamphlet on residential mortgages

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Banks Committee


  • 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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2019-S2765 (ACTIVE) - Details

Current Committee:
Senate Banks
Law Section:
Banking Law
Laws Affected:
Add §35, Bank L
Versions Introduced in Other Legislative Sessions:
2009-2010: S2590
2011-2012: S1699
2013-2014: S254
2015-2016: S4017, S6339
2017-2018: S2654
2021-2022: S5837
2023-2024: S3022

2019-S2765 (ACTIVE) - Summary

Requires the development of a mortgage bill of rights pamphlet on residential mortgages and provides such pamphlet shall be posted and printed in the 8 most popularly spoken languages in the state.

2019-S2765 (ACTIVE) - Sponsor Memo

2019-S2765 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2765
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                             January 29, 2019
                                ___________
 
 Introduced  by  Sen.  COMRIE -- 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  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.
              

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