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Assembly Bill A4734

2009-2010 Legislative Session

Relates to the dealings of mortgage brokers and home improvement contractors

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Archive: Last Bill Status - In Assembly Committee

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2009-A4734 (ACTIVE) - Details

Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Add ยง595-c, Bank L

2009-A4734 (ACTIVE) - Summary

Relates to the dealings of mortgage brokers and home improvement contractors; specifies that the staff of a home improvement contractor shall not act on behalf of a mortgage broker, and that a mortgage broker shall not pay a home improvement contractor unless they performs their own inspection of the completed work.

2009-A4734 (ACTIVE) - Bill Text download pdf 

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

                                  4734

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                            February 5, 2009
                               ___________

Introduced  by  M. of A. BENJAMIN, FITZPATRICK -- 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.
                                                           LBD07654-01-9

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