Assembly Bill A5915A

Signed By Governor
2021-2022 Legislative Session

Requires banks to provide written notification that accepting an alternative loan payment schedule may have a negative impact on credit scores

download bill text pdf

Sponsored By

Archive: Last Bill Status Via S1566 - 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

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Bill Amendments

co-Sponsors

2021-A5915 - Details

See Senate Version of this Bill:
S1566
Law Section:
Banking Law
Laws Affected:
Add §129-a, Bank L
Versions Introduced in Other Legislative Sessions:
2013-2014: S7425
2015-2016: S3277
2017-2018: A7228, S3217
2019-2020: A4618, S2106

2021-A5915 - Summary

Requires banks to provide written notification that accepting an alternative loan payment schedule may have a negative impact on credit scores; makes related provisions.

2021-A5915 - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5915
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               March 2, 2021
                                ___________
 
 Introduced  by  M.  of  A.  ZINERMAN, PICHARDO, ABINANTI, LAVINE, DURSO,
   SILLITTI, TAYLOR, NOLAN, DICKENS -- read  once  and  referred  to  the
   Committee on Banks
 
 AN  ACT  to  amend  the  banking  law, in relation to requiring banks to
   disclose any negative consequences an alternative loan payment  sched-
   ule may have on credit scores

   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 129-a to
 read as follows:
   § 129-A. REQUIREMENT OF DISCLOSURE; ALTERNATIVE PAYMENT SCHEDULES.  IN
 THE  EVENT  THAT  ANY  BANK  OR TRUST COMPANY SHALL PERMIT A CUSTOMER TO
 ESTABLISH AN ALTERNATIVE PAYMENT SCHEDULE FOR AN EXISTING LOAN, THE BANK
 OR TRUST COMPANY SHALL PROVIDE WRITTEN DISCLOSURE OF ANY NEGATIVE CONSE-
 QUENCES SUCH ALTERNATIVE PAYMENT SCHEDULE MAY HAVE  ON  SUCH  CUSTOMER'S
 CREDIT  SCORE OR RATING. SUCH DISCLOSURE SHALL BE PROVIDED AT THE TIME A
 LOAN APPLICATION IS MADE, AT THE TIME A LOAN IS GRANTED AND AT THE  TIME
 A  CUSTOMER REQUESTS THAT AN ALTERNATIVE PAYMENT SCHEDULE BE ESTABLISHED
 FOR A LOAN, BUT PRIOR TO THE  ACTUAL  ESTABLISHMENT  OF  AN  ALTERNATIVE
 PAYMENT SCHEDULE.
   §  2.  This  act shall take effect on the ninetieth day after it shall
 have become a law.
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD04288-01-1

co-Sponsors

2021-A5915A (ACTIVE) - Details

See Senate Version of this Bill:
S1566
Law Section:
Banking Law
Laws Affected:
Add §129-a, Bank L
Versions Introduced in Other Legislative Sessions:
2013-2014: S7425
2015-2016: S3277
2017-2018: A7228, S3217
2019-2020: A4618, S2106

2021-A5915A (ACTIVE) - Summary

Requires banks to provide written notification that accepting an alternative loan payment schedule may have a negative impact on credit scores; makes related provisions.

2021-A5915A (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  5915--A
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               March 2, 2021
                                ___________
 
 Introduced  by  M.  of  A.  ZINERMAN, PICHARDO, ABINANTI, LAVINE, DURSO,
   SILLITTI, TAYLOR, NOLAN, DICKENS, JACKSON, GOTTFRIED, GALEF, FERNANDEZ
   -- read once and referred to  the  Committee  on  Banks  --  committee
   discharged, bill amended, ordered reprinted as amended and recommitted
   to said committee

 AN  ACT  to  amend  the  banking  law, in relation to requiring banks to
   provide  written  notification  that  accepting  an  alternative  loan
   payment schedule may have a negative impact on credit scores
 
   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 129-a to
 read as follows:
   § 129-A. REQUIREMENT  OF  WRITTEN  NOTIFICATION;  ALTERNATIVE  PAYMENT
 SCHEDULES.  IN  THE  EVENT THAT ANY BANK OR TRUST COMPANY SHALL PERMIT A
 CUSTOMER TO ESTABLISH AN ALTERNATIVE PAYMENT SCHEDULE  FOR  AN  EXISTING
 LOAN,  THE BANK OR TRUST COMPANY SHALL PROVIDE WRITTEN NOTIFICATION THAT
 ACCEPTING SUCH ALTERNATIVE PAYMENT SCHEDULE MAY HAVE A  NEGATIVE  IMPACT
 ON  SUCH  CUSTOMER'S  CREDIT SCORE OR RATING. SUCH NOTIFICATION SHALL BE
 PROVIDED AT THE TIME A LOAN APPLICATION IS MADE, AT THE TIME A  LOAN  IS
 GRANTED  AND AT THE TIME A CUSTOMER REQUESTS THAT AN ALTERNATIVE PAYMENT
 SCHEDULE BE ESTABLISHED FOR A LOAN, BUT PRIOR TO THE  ACTUAL  ESTABLISH-
 MENT OF AN ALTERNATIVE PAYMENT SCHEDULE.
   §  2.  This  act shall take effect on the ninetieth day after it shall
 have become a law.
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD04288-04-1

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