Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 21, 2010 |
referred to banks |
Senate Bill S6636
2009-2010 Legislative Session
Sponsored By
(D, WF) Senate District
Archive: Last Bill Status - In Senate Committee Banks Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
2009-S6636 (ACTIVE) - Details
- See Senate Version of this Bill:
- S7304
- Current Committee:
- Senate Banks
- Law Section:
- Banking Law
- Laws Affected:
- Add §35, Bank L
2009-S6636 (ACTIVE) - Sponsor Memo
BILL NUMBER: S6636 TITLE OF BILL : An act to amend the banking law, in relation to directing licensed mortgage bankers and authorized mortgage loan originators to provide mortgage applicants with a mortgage bill of rights pamphlet on residential mortgages PURPOSE : Requires mortgage lenders and brokers to provide consumer with mortgage bill of rights pamphlet which must be signed by the consumer prior to mortgage application. SUMMARY OF PROVISIONS : The Superintendent of Banks shall develop, post on the Departments website, print and distribute to every licensed mortgage lenders and banking organization a mortgage bill of rights pamphlet. A copy of such pamphlet shall be given to each person inquiring about a mortgage loan. Furthermore, no licensed mortgage lender or banking organization shall accept an application for a residential mortgage until applicant(s) has signed a statement that he/she has read and understands the mortgage bill pamphlet. JUSTIFICATION : After the mortgage foreclosure crisis, it has been brought to the
2009-S6636 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 6636 I N S E N A T E January 21, 2010 ___________ Introduced by Sen. MONSERRATE -- read twice and ordered printed, and when printed to be committed to the Committee on Banks AN ACT to amend the banking law, in relation to directing licensed mort- gage bankers and authorized mortgage loan originators to provide mort- gage applicants with a mortgage bill of rights pamphlet on residential mortgages 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 35 to read as follows: S 35. INFORMATION PAMPHLET FOR RESIDENTIAL MORTGAGE APPLICANTS. 1. THE SUPERINTENDENT OF BANKS SHALL DEVELOP A PAMPHLET KNOWN AS "THE MORT- GAGE APPLICANT'S BILL OF RIGHTS" AND POST SUCH PAMPHLET ON THE BANKING DEPARTMENT'S INTERNET WEBSITE. COPIES OF SUCH PAMPHLET SHALL BE PROVIDED TO ALL LICENSED LENDERS AND BANKING ORGANIZATIONS OFFERING RESIDENTIAL MORTGAGE SERVICES. A COPY OF SUCH PAMPHLET SHALL BE PROVIDED BY LICENSED LENDERS AND BANKING ORGANIZATIONS TO EACH PERSON BEFORE SUCH PERSON ENTERS INTO AN APPLICATION FOR A LOAN SECURED BY A MORTGAGE UPON RESIDENTIAL REAL PROPERTY. FURTHERMORE, SUCH LICENSED LENDER AND BANKING ORGANIZATION SHALL NOT ACCEPT AN APPLICATION FOR A RESIDENTIAL MORTGAGE UNTIL THE PERSON OR PERSONS APPLYING FOR A MORTGAGE HAVE BEEN PROVIDED A COPY OF THE BOOKLET AND ACKNOWLEDGED RECEIPT OF IT IN WRITING. EVERY LICENSED LENDER AND BANKING ORGANIZATION SHALL MAINTAIN SUCH ACKNOWL- EDGEMENT ALONG WITH THE APPLICANT'S MORTGAGE LOAN DOCUMENTS. 2. THE PAMPHLET AND WEBSITE NOTICE DEVELOPED PURSUANT TO THIS SECTION SHALL INCLUDE THE FOLLOWING, ALONG WITH OTHER INFORMATION ADDED AT THE DISCRETION OF THE SUPERINTENDENT NOT OTHERWISE INCONSISTENT WITH THE INFORMATION SET FORTH IN THE PAMPHLET: "BILL OF RIGHTS FOR RESIDENTIAL MORTGAGE APPLICANTS AS AN APPLICANT FOR A RESIDENTIAL MORTGAGE YOU HAVE THE RIGHT TO: 1. COMPARE THE CHARGES OF DIFFERENT MORTGAGE BROKERS AND LENDERS TO OBTAIN THE BEST LOAN POSSIBLE. 2. ASK YOUR MORTGAGE BROKER TO EXPLAIN HIS OR HER RESPONSIBILITIES WITHIN THE MORTGAGE LENDING PROCESS. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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.