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Assembly Bill A170

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-A170 (ACTIVE) - Details

See Senate Version of this Bill:
S5102
Current Committee:
Senate Banks
Law Section:
Banking Law
Laws Affected:
Add ยง595-c, Bank L
Versions Introduced in 2011-2012 Legislative Session:
A1913, S4038

2009-A170 (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-A170 (ACTIVE) - Bill Text download pdf 

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

                                   170

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                               (PREFILED)

                             January 7, 2009
                               ___________

Introduced  by  M. of A. JEFFRIES, DINOWITZ, PERRY -- Multi-Sponsored by
  -- M. of A.  GLICK, HYER-SPENCER, JOHN, WEINSTEIN  --  read  once  and
  referred 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.
A                                                          LBD00322-01-9

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