Assembly Bill A1238

2009-2010 Legislative Session

Enacts the "financially literate borrower's act"

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly Committee

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

Do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.
Actions

2009-A1238 (ACTIVE) - Details

Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Add §9-v, Bank L; add §420-d, RPT L

2009-A1238 (ACTIVE) - Summary

Enacts the "financially literate borrowers act"; provides a one-time, two hundred fifty dollar tax credit shall be granted to borrowers who participate in a banking department approved home loan borrower counseling session provided by a not-for-profit counseling organization prior to closing on such borrower's loan.

2009-A1238 (ACTIVE) - Bill Text download pdf 

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

                                  1238

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                               (PREFILED)

                             January 7, 2009
                               ___________

Introduced  by M. of A. LANCMAN -- read once and referred to the Commit-
  tee on Banks

AN ACT to amend the banking law  and  the  real  property  tax  law,  in
  relation to enacting the "financially literate borrowers act"

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

  Section 1. This act shall be known and may be cited as the "financial-
ly literate borrowers act".
  S 2. The banking law is amended by adding a new section 9-v to read as
follows:
  S 9-V. HOME LOAN BORROWER COUNSELING  SESSION.  THE  DEPARTMENT  SHALL
ESTABLISH  GUIDELINES AND INFORMATION NECESSARY TO BE PROVIDED TO A HOME
LOAN BORROWER BY A NOT-FOR-PROFIT COUNSELING ORGANIZATION TO QUALIFY  AS
AN APPROVED "HOME LOAN COUNSELING SESSION".
  S  3.  The  real  property  tax law is amended by adding a new section
420-d to read as follows:
  S 420-D. TAX CREDIT TO CERTAIN BORROWERS.   NOTWITHSTANDING ANY  OTHER
PROVISION  OF  LAW TO THE CONTRARY, A ONE-TIME, TWO HUNDRED FIFTY DOLLAR
REAL PROPERTY TAX CREDIT SHALL BE GRANTED TO BORROWERS  WHO  PARTICIPATE
IN A BANKING DEPARTMENT APPROVED "HOME LOAN BORROWER COUNSELING SESSION"
PROVIDED BY A NOT-FOR-PROFIT COUNSELING ORGANIZATION PRIOR TO CLOSING ON
SUCH BORROWER'S LOAN.
  S  4.  This act shall take effect immediately; provided, however, that
effective immediately, the addition, amendment and/or repeal of any rule
or regulation necessary for the implementation of this act on its effec-
tive date are authorized and directed to be made  and  completed  on  or
before such effective date.


 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD01063-01-9

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.