|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Aug 17, 2012||signed chap.404|
|Aug 06, 2012||delivered to governor|
|Jun 19, 2012||returned to senate|
ordered to third reading rules cal.381
substituted for a7329
|Mar 21, 2012||referred to banks|
delivered to assembly
|Mar 13, 2012||advanced to third reading|
|Mar 12, 2012||2nd report cal.|
|Mar 07, 2012||1st report cal.314|
|Mar 06, 2012||notice of committee consideration - withdrawn|
|Feb 21, 2012||notice of committee consideration - requested|
|Jan 04, 2012||referred to banks|
|Jan 05, 2011||referred to banks|
senate Bill S886Signed By Governor
Archive: Last Bill Status - Signed by Governor
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed by Governor
S886 - Details
S886 - Summary
Prohibits compensation based on home loan terms by mortgage brokers or mortgage lenders.
S886 - Sponsor Memo
BILL NUMBER:S886 TITLE OF BILL: CONCURRENT RESOLUTION OF THE SENATE AND ASSEMBLY proposing an amendment to section 2 of article 6 of the constitution, in relation to persons appointed to the court of appeals, and proposing an amendment to section 25 of article 6 of the constitution, in relation to service by retired justices and requiring judges of the court of appeals to retire at age 80 PURPOSE OF BILL: To raise from 76 to 80 the maximum age that retired judges may be certified to continue to serve, and to raise the retirement age for judges of the Court of Appeals. SUMMARY OF PROVISIONS OF BILL: Amends subdivision (e) of section 2 of Article 6 and subdivision (b) of section 25 of Article 6 of the New York State Constitution to increase the maximum age for which a judge, justice or retired justice can serve. JUSTIFICATION: The State Constitution requires judges to retire at the end of the calendar year in which they turn 70. It also authorizes judges to be certified to continue to serve up to three times in two year
S886 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 886 2011-2012 Regular Sessions I N S E N A T E (PREFILED) January 5, 2011 ___________ Introduced by Sen. KRUEGER -- 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 prohibiting compensation based on the terms of a home loan by mortgage brokers and mortgage lenders THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 590-b of the banking law is amended by adding a new subdivision 3-a to read as follows: 3-A. IN CONNECTION WITH THE MAKING OR BROKERING OF A HOME LOAN, NO PERSON MAY PROVIDE, AND NO MORTGAGE BROKER OR MORTGAGE LENDER MAY RECEIVE, DIRECTLY OR INDIRECTLY, ANY COMPENSATION THAT IS BASED ON, OR VARIES WITH, THE TERMS OF ANY HOME LOAN. THIS SUBDIVISION SHALL NOT PROHIBIT COMPENSATION BASED ON THE PRINCIPAL BALANCE OF THE LOAN. S 2. Paragraph (s) of subdivision 2 of section 6-l of the banking law, as amended by chapter 507 of the laws of 2009, is amended to read as follows: (s) No [abusive] yield spread premiums. [In arranging a high-cost home loan, the mortgage broker shall, within three days after receipt of an application, disclose the exact amount and methodology of total compen- sation that the broker will receive. Such amount may be paid as direct compensation from the lender, direct compensation from the borrower, or a combination of the two if permitted by applicable law. The provisions of this paragraph shall not restrict the ability of a borrower to utilize a yield spread premium in order to offset any up front costs by accepting a higher interest rate if permitted by applicable law. If the borrower chooses this option, any compensation from the lender that exceeds the amount of total compensation owed to the broker must be credited to the borrower. The superintendent shall prescribe the form that such disclosure shall take. This provision shall not restrict a EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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