Do you support this bill?

Assembly Bill A3197

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

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly Committee

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-A3197 (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-A3197 (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-A3197 (ACTIVE) - Bill Text download pdf 

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

                                  3197

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                            January 23, 2009
                               ___________

Introduced  by  M.  of A. BRADLEY, CYMBROWITZ, ESPAILLAT, GALEF, HOOPER,
  LATIMER,  LAVINE,  MILLMAN,  J. RIVERA,  P. RIVERA,  COOK,  COLTON  --
  Multi-Sponsored  by -- M. of A.  ALFANO, BARRA, BOYLAND, CAHILL, DIAZ,
  GOTTFRIED, GREENE, HEASTIE, JACOBS, McENENY, REILLY, N. RIVERA, ROBIN-
  SON, SCARBOROUGH, SWEENEY, TOWNS, WEISENBERG -- 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

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.