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Assembly Bill A1238

2009-2010 Legislative Session

Enacts the "financially literate borrower's act"

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Archive: Last Bill Status - In Assembly Committee

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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

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