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Senate Bill S5102

2009-2010 Legislative Session

Prohibits home improvement contractors from acting on behalf of mortgage brokers

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Archive: Last Bill Status - In Senate Committee Banks Committee

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2009-S5102 (ACTIVE) - Details

See Assembly Version of this Bill:
A170
Current Committee:
Senate Banks
Law Section:
Banking Law
Laws Affected:
Add ยง595-c, Bank L
Versions Introduced in 2011-2012 Legislative Session:
S4038, A1913

2009-S5102 (ACTIVE) - Summary

Prohibits home improvement contractors from also acting on behalf of mortgage brokers; prohibits a mortgage broker from paying a home improvement contractor directly unless they perform their own inspection of the completed work.

2009-S5102 (ACTIVE) - Sponsor Memo

2009-S5102 (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  5102

                       2009-2010 Regular Sessions

                            I N  S E N A T E

                             April 27, 2009
                               ___________

Introduced  by  Sen.  SAVINO -- 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 dealings of mortgage
  brokers and home improvement contractors

  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 595-c to
read as follows:
  S  595-C. REGULATION OF DEALINGS OF MORTGAGE BROKERS AND HOME IMPROVE-
MENT CONTRACTORS. 1. A HOME IMPROVEMENT CONTRACTOR SHALL NOT REPRESENT A
MORTGAGE BROKER WHILE SOLICITING HOME IMPROVEMENT CONTRACTS.  THE  STAFF
OF  A  HOME IMPROVEMENT CONTRACTOR SHALL NOT ACT ON BEHALF OF A MORTGAGE
BROKER IN ANY TRANSACTION.
  2. A MORTGAGE BROKER SHALL  NOT  PAY  A  HOME  IMPROVEMENT  CONTRACTOR
DIRECTLY UNLESS THEY PERFORM THEIR OWN INSPECTION OF THE COMPLETED WORK.
  3.  FOR  THE  PURPOSE  OF  THIS SECTION, "HOME IMPROVEMENT CONTRACTOR"
MEANS A PERSON, FIRM OR  CORPORATION  WHICH  OWNS  OR  OPERATES  A  HOME
IMPROVEMENT BUSINESS OR WHO UNDERTAKES, OFFERS TO UNDERTAKE OR AGREES TO
PERFORM ANY HOME IMPROVEMENT FOR A FEE AND FOR WHOM THE TOTAL CASH PRICE
OF  ALL OF HIS HOME IMPROVEMENT CONTRACTS WITH ALL HIS CUSTOMERS EXCEEDS
ONE THOUSAND FIVE HUNDRED DOLLARS DURING ANY PERIOD  OF  TWELVE  CONSEC-
UTIVE  MONTHS.  HOME  IMPROVEMENT  CONTRACTOR DOES NOT INCLUDE A PERSON,
FIRM, CORPORATION, LANDLORD, COOPERATIVE CORPORATION, CONDOMINIUM  BOARD
OF  MANAGERS,  JOINT TENANT OR CO-TENANT THAT OWNS, IN WHOLE OR IN PART,
THE PROPERTY TO BE IMPROVED.
  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.
                                                           LBD00322-01-9

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