Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
May 29, 2012 |
referred to banks |
Assembly Bill A10490
2011-2012 Legislative Session
Sponsored By
CLARK
Archive: Last Bill Status - In Assembly 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
co-Sponsors
William Scarborough
Peter Rivera
Vivian Cook
Annette Robinson
multi-Sponsors
Nancy Calhoun
Vanessa Gibson
Robert Sweeney
2011-A10490 (ACTIVE) - Details
2011-A10490 (ACTIVE) - Summary
Prohibits a mortgage servicer from obtaining force-placed insurance in certain circumstances; requires a mortgage servicer to provide written notices prior to obtaining force-placed insurance; regulates the cost of coverage a mortgage servicer may obtain for force-placed insurance.
2011-A10490 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 10490 I N A S S E M B L Y May 29, 2012 ___________ Introduced by M. of A. CLARK -- read once and referred to the Committee on Banks AN ACT to amend the banking law, in relation to prohibiting a mortgage servicer from obtaining force-placed insurance in certain circum- stances; in relation to requiring a mortgage servicer to provide writ- ten notices prior to obtaining force-placed insurance; in relation to regulating the cost of coverage a mortgage servicer may obtain for force-placed insurance 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-d to read as follows: S 595-D. REGULATION OF MORTGAGE SERVICERS; FORCE-PLACED INSURANCE. 1. AS USED IN THIS SECTION, THE FOLLOWING DEFINITIONS SHALL MEAN: (A) "FORCE-PLACED INSURANCE" MEANS A POLICY OF HAZARD, FLOOD OR HOME- OWNER'S INSURANCE THAT IS OBTAINED BY A MORTGAGE SERVICER WITH RESPECT TO REAL PROPERTY, SECURING A MORTGAGE LOAN SERVICED BY SUCH MORTGAGE SERVICER. (B) "MORTGAGE SERVICER" MEANS A PERSON OR ENTITY REGISTERED PURSUANT TO SUBDIVISION TWO OF SECTION FIVE HUNDRED NINETY OF THIS ARTICLE TO ENGAGE IN THE BUSINESS OF SERVICING MORTGAGE LOANS FOR PROPERTY LOCATED IN THIS STATE. (C) "MORTGAGE LOAN" MEANS A LOAN TO A NATURAL PERSON MADE PRIMARILY FOR PERSONAL, FAMILY OR HOUSEHOLD USE, SECURED BY EITHER A MORTGAGE OR DEED OF TRUST ON RESIDENTIAL REAL PROPERTY, ANY CERTIFICATE OF STOCK OR OTHER EVIDENCE OF OWNERSHIP IN, AND PROPRIETARY LEASE FROM, A CORPO- RATION OR PARTNERSHIP FORMED FOR THE PURPOSE OF COOPERATIVE OWNERSHIP OF RESIDENTIAL REAL PROPERTY OR, IF DETERMINED BY THE SUPERINTENDENT BY REGULATION, SHALL INCLUDE SUCH A LOAN SECURED BY A SECURITY INTEREST ON A MANUFACTURED HOME. 2. (A) A MORTGAGE SERVICER SHALL NOT OBTAIN FORCE-PLACED INSURANCE UNLESS THERE IS A REASONABLE BASIS TO BELIEVE THE BORROWER HAS FAILED TO COMPLY WITH THE MORTGAGE LOAN REQUIREMENT TO MAINTAIN HAZARD, FLOOD OR HOMEOWNER'S INSURANCE. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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