| Date of Action |
Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|---|---|
| May 03, 2010 |
advanced to third reading |
| Apr 28, 2010 |
2nd report cal. |
| Apr 27, 2010 |
1st report cal.429 |
| Jan 06, 2010 |
referred to judiciary |
| Jul 16, 2009 |
committed to rules |
| Mar 05, 2009 |
advanced to third reading |
| Mar 04, 2009 |
2nd report cal. |
| Mar 03, 2009 |
1st report cal.69 |
| Jan 07, 2009 |
referred to judiciary |
Senate Bill S442
2009-2010 Legislative Session
Sponsored By
(D) Senate District
Archive: Last Bill Status - On Floor Calendar
Actions
Votes
2009-S442 (ACTIVE) - Details
2009-S442 (ACTIVE) - Summary
Provides that a mortgage investing institution that maintains a mortgage on any real property in the state of New York shall give ten days written notice prior to requiring payment of an increase in the amount of escrow if the dollar amount of such increase is more than five percent of the total monthly payment; provides that no service charge shall be imposed for the giving of such notice; defines that term "mortgage investing institutions" as any banking organization or other entity engaged in the business of offering mortgage financing to the public or investing in mortgages.
2009-S442 (ACTIVE) - Sponsor Memo
BILL NUMBER: S442
TITLE OF BILL :
An act to amend the general obligations law, in relation to increases
in mortgage escrow account requirements
SUMMARY OF SPECIFIC PROVISIONS :
Adds a new Section 5-603 to the General obligations Law providing that
a mortgage investing institution that maintains a mortgage on any real
property in the State of New York shall give ten days written notice
prior to requiring payment of an increase in the amount of escrow if
the amount is more than 5% of the total monthly payment. No service
charge shall be imposed for the giving of such notice. The term
"mortgage investing institutions" shall refer to any banking
organization or other entity engaged in the business of offering
mortgage financing to the public or investing in mortgages.
JUSTIFICATION :
Currently, a mortgagor can raise the monthly payments by any amount
and not give any notice. This bill would allow a mortgagee to prepare
for the increase.
FISCAL IMPLICATIONS :
None.
2009-S442 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
442
2009-2010 Regular Sessions
I N S E N A T E
(PREFILED)
January 7, 2009
___________
Introduced by Sen. KRUGER -- read twice and ordered printed, and when
printed to be committed to the Committee on Judiciary
AN ACT to amend the general obligations law, in relation to increases in
mortgage escrow account requirements
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. The general obligations law is amended by adding a new
section 5-603 to read as follows:
S 5-603. INCREASES IN DEPOSITS IN ESCROW WITH MORTGAGE INVESTING
INSTITUTIONS. ANY MORTGAGE INVESTING INSTITUTION THAT MAINTAINS AN
ESCROW ACCOUNT PURSUANT TO ANY AGREEMENT EXECUTED IN CONNECTION WITH A
MORTGAGE ON ANY REAL PROPERTY LOCATED IN THIS STATE SHALL GIVE TEN DAYS
WRITTEN NOTICE PRIOR TO REQUIRING PAYMENT OF ANY INCREASE IN THE AMOUNT
OF ESCROW IF THE DOLLAR AMOUNT OF SUCH INCREASE IS MORE THAN FIVE
PERCENT OF THE DOLLAR AMOUNT OF THE TOTAL MONTHLY PAYMENT (WHICH
INCLUDES PRINCIPAL, INTEREST, AND ALL ESCROW AMOUNTS) FOR THE MONTH
PRIOR TO THE MONTH FOR WHICH THE INCREASE IS EFFECTIVE. NO SERVICE
CHARGE SHALL BE IMPOSED FOR THE GIVING OF SUCH NOTICE. FOR THE PURPOSES
OF THIS SECTION, "MORTGAGE INVESTING INSTITUTION" SHALL MEAN ANY BANKING
ORGANIZATION, AS DEFINED IN SECTION TWO OF THE BANKING LAW, OR ANY OTHER
ENTITY ENGAGED IN THE BUSINESS OF OFFERING MORTGAGE FINANCING TO THE
PUBLIC OR INVESTING IN MORTGAGES.
S 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.
LBD03610-01-9
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