senate Bill S132

2011-2012 Legislative Session

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

download bill text pdf

Sponsored By

Archive: Last Bill Status -


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (4)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Mar 07, 2012 defeated in banks
Feb 21, 2012 notice of committee consideration - requested
Jan 04, 2012 referred to banks
Jan 05, 2011 referred to banks

Votes

view votes

Mar 7, 2012 - Banks committee Vote

S132
8
10
committee
8
Aye
10
Nay
1
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Banks committee vote details

S132 - Details

See Assembly Version of this Bill:
A1365
Law Section:
Banking Law
Laws Affected:
Add ยง35, Bank L
Versions Introduced in 2009-2010 Legislative Session:
S7399, A10502, A257D

S132 - Summary

Requires mortgage lenders and brokers to provide consumers with a mortgage bill of rights pamphlet which must be read and signed by the consumer prior to applying for a mortgage.

S132 - Sponsor Memo

S132 - Bill Text download pdf

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

                                   132

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 5, 2011
                               ___________

Introduced  by  Sen. PERALTA -- 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:

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

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