Senate Bill S5597B

2023-2024 Legislative Session

Requires what mortgage applicants need to know pamphlet on residential mortgages

download bill text pdf

Sponsored By

Current Bill Status Via A9686 - Passed Senate


  • 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

2023-S5597 - Details

See Assembly Version of this Bill:
A9686
Law Section:
Banking Law
Laws Affected:
Add §35, Bank L
Versions Introduced in Other Legislative Sessions:
2013-2014: A3815
2015-2016: A997
2017-2018: A3322
2019-2020: S5390, A1845
2021-2022: S5512

2023-S5597 - Summary

Requires the development of a "what mortgage applicants need to know" pamphlet on residential mortgages; 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.

2023-S5597 - Sponsor Memo

2023-S5597 - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5597
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                               March 8, 2023
                                ___________
 
 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  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:
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD04048-01-3
 S. 5597                             2
              

co-Sponsors

2023-S5597A - Details

See Assembly Version of this Bill:
A9686
Law Section:
Banking Law
Laws Affected:
Add §35, Bank L
Versions Introduced in Other Legislative Sessions:
2013-2014: A3815
2015-2016: A997
2017-2018: A3322
2019-2020: S5390, A1845
2021-2022: S5512

2023-S5597A - Summary

Requires the development of a "what mortgage applicants need to know" pamphlet on residential mortgages; 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.

2023-S5597A - Sponsor Memo

2023-S5597A - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  5597--A
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                               March 8, 2023
                                ___________
 
 Introduced  by  Sen.  COMRIE -- read twice and ordered printed, and when
   printed to be committed to the Committee on Banks  --  recommitted  to
   the  Committee  on  Banks  in accordance with Senate Rule 6, sec. 8 --
   committee discharged, bill amended, ordered reprinted as  amended  and
   recommitted to said committee

 AN ACT to amend the banking law, in relation to what mortgage applicants
   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
 APPLICANTS  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:
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD04048-02-4
              

co-Sponsors

2023-S5597B (ACTIVE) - Details

See Assembly Version of this Bill:
A9686
Law Section:
Banking Law
Laws Affected:
Add §35, Bank L
Versions Introduced in Other Legislative Sessions:
2013-2014: A3815
2015-2016: A997
2017-2018: A3322
2019-2020: S5390, A1845
2021-2022: S5512

2023-S5597B (ACTIVE) - Summary

Requires the development of a "what mortgage applicants need to know" pamphlet on residential mortgages; 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.

2023-S5597B (ACTIVE) - Sponsor Memo

2023-S5597B (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  5597--B
     Cal. No. 125
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                               March 8, 2023
                                ___________
 
 Introduced  by  Sens. COMRIE, JACKSON -- read twice and ordered printed,
   and when printed to be committed to the Committee on Banks  --  recom-
   mitted  to  the  Committee  on Banks in accordance with Senate Rule 6,
   sec. 8 -- committee discharged, bill  amended,  ordered  reprinted  as
   amended  and  recommitted to said committee -- reported favorably from
   said committee, ordered to first and second report, ordered to a third
   reading, amended and ordered reprinted, retaining  its  place  in  the
   order of third reading
 
 AN ACT to amend the banking law, in relation to what mortgage applicants
   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
 APPLICANTS  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 APPLYING FOR A  LOAN  SECURED
 BY  A  MORTGAGE    UPON  RESIDENTIAL  REAL ESTATE IN ACCORDANCE WITH THE
 TIMING REQUIREMENTS UNDER 12 CFR § 1026.19(E)(1)(III).  A LICENSED LEND-
 ER, MORTGAGE BANKER OR OTHER BANKING ORGANIZATION MAY PROVIDE THE APPLI-
 CANT 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.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD04048-05-4
              

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