Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Aug 30, 2010 |
tabled vetoed memo.6781 |
Aug 18, 2010 |
delivered to governor |
Jun 22, 2010 |
returned to assembly passed senate 3rd reading cal.1100 substituted for s7399 |
Jun 22, 2010 |
substituted by a10502 ordered to third reading cal.1100 |
Jun 16, 2010 |
reported and committed to rules |
Apr 07, 2010 |
referred to banks |
Senate Bill S7399
Vetoed By Governor2009-2010 Legislative Session
Sponsored By
(D, WF) Senate District
Archive: Last Bill Status Via A10502 - Vetoed by Governor
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Vetoed By Governor
- Signed By Governor
Actions
Votes
2009-S7399 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A10502
- Law Section:
- Banking Law
- Laws Affected:
- Add ยง35, Bank L
- Versions Introduced in Other Legislative Sessions:
-
2011-2012:
S132, A1365
2013-2014: S73, A7281, A5330
2015-2016: S2228, A2536, A2493
2017-2018: S334, S7039, A3435, A5372
2019-2020: S3544, A2141
2021-2022: S5777, A3379
2023-2024: S2665
2009-S7399 (ACTIVE) - Sponsor Memo
BILL NUMBER:S7399 REVISED 07/01/10 TITLE OF BILL: An act to amend the banking law, in relation to directing licensed mort- gage bankers and authorized mortgage loan originators to provide mort- gage applicants with a mortgage bill of rights pamphlet on residential mortgages PURPOSE: Requires mortgage lenders and brokers to provide consumer with mortgage bill of rights pamphlet which must be signed by the consumer prior to mortgage application. SUMMARY OF PROVISIONS: The Superintendent of Banks shall develop, post on the Departments website, print, and distribute in sufficient numbers, to every licensed mortgage lender and banking organization a mortgage bill of rights pamphlet A copy of such pamphlet shall be given to each person inquiring about a mortgage loan. Furthermore, no licensed mortgage lender or bank- ing organization shall accept an application for a residential mortgage until applicant(s) has signed a statement that he/she has read and understands the mortgage bill pamphlet JUSTIFICATION: The mortgage crises highlighted the fact that New York State residents are unaware of their rights and entitlements throughout the mortgage
2009-S7399 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7399 I N S E N A T E April 7, 2010 ___________ Introduced by Sen. PERALTA -- 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 directing licensed mort- gage bankers and authorized mortgage loan originators to provide mort- gage applicants with a mortgage bill of rights 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: S 35. INFORMATION PAMPHLET FOR RESIDENTIAL MORTGAGE APPLICANTS. 1. THE SUPERINTENDENT OF BANKS SHALL DEVELOP A PAMPHLET KNOWN AS "THE MORT- GAGE APPLICANT'S BILL OF RIGHTS" AND POST SUCH PAMPHLET ON THE BANKING DEPARTMENT'S INTERNET WEBSITE. 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 ORGANIZATIONS TO EACH PERSON BEFORE SUCH PERSON ENTERS INTO AN APPLICATION FOR A LOAN SECURED BY A MORTGAGE UPON RESIDENTIAL REAL PROPERTY. 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 ACKNOWL- EDGEMENT ALONG WITH THE APPLICANT'S MORTGAGE LOAN DOCUMENTS. 2. THE PAMPHLET AND WEBSITE 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: "BILL OF RIGHTS FOR RESIDENTIAL MORTGAGE APPLICANTS AS AN APPLICANT FOR A RESIDENTIAL MORTGAGE YOU HAVE THE RIGHT TO: 1. COMPARE THE CHARGES OF DIFFERENT MORTGAGE BROKERS AND LENDERS TO OBTAIN THE BEST LOAN POSSIBLE. 2. ASK YOUR MORTGAGE BROKER TO EXPLAIN HIS OR HER RESPONSIBILITIES WITHIN THE MORTGAGE LENDING PROCESS. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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