| Date of Action |
Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|---|---|
| Jan 06, 2010 |
referred to banks |
| Feb 24, 2009 |
referred to banks |
Senate Bill S2590
2009-2010 Legislative Session
Sponsored By
(D, WF) Senate District
Archive: Last Bill Status - In Senate Committee Banks Committee
Actions
2009-S2590 (ACTIVE) - Details
2009-S2590 (ACTIVE) - Sponsor Memo
BILL NUMBER: S2590
TITLE OF BILL :
An act to amend the banking law, in relation to requiring the mortgage
bill of rights pamphlet on residential mortgages to be posted and
printed in the eight languages which are most spoken in the state
PURPOSE OR GENERAL IDEA OF BILL :
Requires information to consumers of the mortgage bill of rights that
are provided by mortgage lenders and bankers to be published in the
eight most spoken languages in New York State.
SUMMARY OF SPECIFIC PROVISIONS :
Section 1. Subdivision 1 of section 35 of the banking law is amended
to read as follows: The superintendent of banks shall develop a
pamphlet known as "the m0l1gage applicant's bill of rights" and post
such pamphlet on the banking website. Such pamphlet shall be posted
and printed in the eight languages which are most spoken in New York
State.
JUSTIFICATION :
This legislation ensures the public's awareness of the "mortgage bill
of rights" by making information accessible in their native tongue.
The increase of diversity among constituents makes it vital for
information to be translated in multiple languages. Having this
2009-S2590 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
2590
2009-2010 Regular Sessions
I N S E N A T E
February 24, 2009
___________
Introduced by Sen. SAMPSON -- 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 requiring the mortgage
bill of rights pamphlet on residential mortgages to be posted and
printed in the eight languages which are most spoken in the state
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Subdivision 1 of section 35 of the banking law, as added by
a chapter of the laws of 2009, entitled "AN ACT" to amend the banking
law, in relation to directing licensed mortgage bankers and authorized
mortgage loan originators to provide mortgage applicants with a mortgage
bill of rights pamphlet on residential mortgages, is amended to read as
follows:
1. The superintendent [of banks] shall develop a pamphlet known as
"the mortgage applicant's bill of rights" and post such pamphlet on the
[banking] department's website. 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 organ-
ization 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 writing. Every licensed lender and banking organization
shall maintain such acknowledgement along with the applicant's mortgage
loan documents.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD00035-01-9
Comments
Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.
Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.
Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.