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Assembly Bill A10602

2009-2010 Legislative Session

Requires any entity that provides mortgages to inform its customers of the potential adverse effect mortgage rate shopping may have on the customers' credit ratings

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Archive: Last Bill Status - In Assembly Committee

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2009-A10602 (ACTIVE) - Details

Current Committee:
Assembly Consumer Affairs And Protection
Law Section:
General Business Law
Laws Affected:
Rel §380-u to be §380-v, add §380-u, Gen Bus L

2009-A10602 (ACTIVE) - Summary

Requires any entity that provides mortgages to inform its customers of the potential adverse effect mortgage rate shopping may have on the customers' credit ratings.

2009-A10602 (ACTIVE) - Sponsor Memo

2009-A10602 (ACTIVE) - Bill Text download pdf 

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

                                  10602

                          I N  A S S E M B L Y

                              April 8, 2010
                               ___________

Introduced  by M. of A. CASTELLI -- Multi-Sponsored by -- M. of A. ALFA-
  NO, BARRA -- read once and  referred  to  the  Committee  on  Consumer
  Affairs and Protection

AN  ACT  to  amend  the  general  business law, in relation to informing
  consumers of the effect of mortgage  rate  shopping  on  their  credit
  rating

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Section 380-u of the general business law, as relettered by
chapter 63 of the laws of 2006, is relettered section 380-v  and  a  new
section 380-u is added to read as follows:
  S  380-U. NOTIFICATION OF EFFECT OF MORTGAGE RATE SHOPPING. ANY ENTITY
THAT PROVIDES MORTGAGES TO CONSUMERS SHALL NOTIFY ANY  CONSUMER  OF  THE
EFFECT OF MORTGAGE RATE SHOPPING PRIOR TO SUCH ENTITY REQUESTING A CRED-
IT  REPORT  ON  SUCH CONSUMER. THE ENTITY SHALL INFORM THE CONSUMER THAT
MORTGAGE RATE  SHOPPING  MAY  ADVERSELY  AFFECT  THE  CONSUMER'S  CREDIT
RATING.  THE  CONSUMER  SHALL  HAVE  THE  OPTION OF CANCELING HIS OR HER
REQUEST TO THE ENTITY.
  S 2. This act shall take effect on the sixtieth  day  after  it  shall
have become a law.





 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD03272-01-9

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