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Assembly Bill A5473

2009-2010 Legislative Session

Provides that the attorney general shall create a mortgage tracking system

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Archive: Last Bill Status - In Assembly Committee

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2009-A5473 (ACTIVE) - Details

Current Committee:
Assembly Banks
Law Section:
Banks

2009-A5473 (ACTIVE) - Bill Text download pdf 

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

                                  5473

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                            February 13, 2009
                               ___________

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

AN ACT in relation to authorizing and directing the attorney general  to
  create  a  tracking  program  to track all mortgages in which mortgage
  professionals are involved

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

  Section 1. 1. Notwithstanding any other law, rule or regulation to the
contrary,  the  attorney  general shall create a tracking system whereby
all mortgage officers of banks and other lending  institutions  and  all
mortgage brokers in the state shall report to the attorney general every
six  months  on  mortgage applications in which such mortgage officer or
mortgage broker  was  involved.  The  report  shall  contain  names  and
addresses  of  the  lender and the borrower, the name and address of the
owner of property which secures the mortgage loan, the  appraised  value
of the property, the amount of the mortgage, the name and address of the
appraiser  of  the  property,  the date of application for the mortgage,
whether or not the mortgage was given, the date on  which  the  mortgage
was  given  and  such  other  information  as the attorney general deems
appropriate.
  2. The attorney general shall report  the  results  of  such  tracking
system  to  the  governor, the temporary president of the senate and the
speaker of the assembly on January thirty-first, two thousand eleven and
on the thirty-first of January in each succeeding year.
  S 2. This act shall take effect on the ninetieth day  after  it  shall
have  become  a  law,  provided that the attorney general is immediately
authorized and directed to promulgate, amend and/or repeal any rules and
regulations necessary to implement the provisions  of  this  act  on  or
before such effective date.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08906-01-9

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