Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Aug 17, 2012 |
signed chap.404 |
Aug 06, 2012 |
delivered to governor |
Jun 19, 2012 |
returned to senate passed assembly ordered to third reading rules cal.381 substituted for a7329 |
Jun 19, 2012 |
substituted by s886 rules report cal.381 reported |
Jun 18, 2012 |
reported referred to rules |
Mar 27, 2012 |
reported referred to codes |
Jan 04, 2012 |
referred to banks |
Apr 29, 2011 |
referred to banks |
Assembly Bill A7329
Signed By Governor2011-2012 Legislative Session
Sponsored By
BARRON
Archive: Last Bill Status Via S886 - Signed by Governor
- 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
Votes
co-Sponsors
Annette Robinson
N. Nick Perry
2011-A7329 (ACTIVE) - Details
2011-A7329 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7329 2011-2012 Regular Sessions I N A S S E M B L Y April 29, 2011 ___________ Introduced by M. of A. BARRON -- read once and referred 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 broker from accepting a lesser amount of compensation.] IN CONNECTION EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD03866-01-1
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