Senate Bill S7224

Signed By Governor
2013-2014 Legislative Session

Relates to certain subprime home loans

download bill text pdf

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Archive: Last Bill Status - 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

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2013-S7224 (ACTIVE) - Details

See Assembly Version of this Bill:
A9539
Law Section:
Banking Law
Laws Affected:
Amd §6-m, Bank L

2013-S7224 (ACTIVE) - Summary

Relates to threshold rates for defining subprime home loans which are serviced by the federal housing administration.

2013-S7224 (ACTIVE) - Sponsor Memo

2013-S7224 (ACTIVE) - Bill Text download pdf

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

                                  7224

                            I N  S E N A T E

                               May 6, 2014
                               ___________

Introduced  by  Sens.  FARLEY, GRIFFO -- 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 subprime home loans

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1. Paragraph (c) of subdivision 1 of section 6-m of the bank-
ing law is amended by  adding  a  new  subparagraph  (iii)  to  read  as
follows:
  (III) NOTWITHSTANDING THE THRESHOLDS SET FORTH IN THIS PARAGRAPH, IF A
HOME LOAN IS INSURED BY THE FEDERAL HOUSING ADMINISTRATION, AND IF ANNU-
AL  MORTGAGE  INSURANCE  PREMIUMS  ARE  COLLECTED BY THE FEDERAL HOUSING
ADMINISTRATION FOR THE MAXIMUM DURATION PERMITTED UNDER FEDERAL STATUTE,
AND IF SUCH LOAN IS NOT A TITLE 1 HOME IMPROVEMENT LOAN NOR A HOME EQUI-
TY CONVERSION MORTGAGE, THEN THE TERM "SUBPRIME HOME LOAN" MEANS A  HOME
LOAN  IN  WHICH  THE  INITIAL  INTEREST  RATE OR THE FULLY-INDEXED RATE,
WHICHEVER IS HIGHER, EXCEEDS BY MORE THAN  TWO  AND  A  HALF  PERCENTAGE
POINTS FOR A FIRST-LIEN LOAN, OR BY MORE THAN FOUR AND A HALF PERCENTAGE
POINTS  FOR  A  SUBORDINATE-LIEN  LOAN,  THE AVERAGE COMMITMENT RATE FOR
LOANS IN THE NORTHEAST REGION WITH A COMPARABLE DURATION TO THE DURATION
OF SUCH HOME LOAN, AS PUBLISHED BY THE FEDERAL HOME LOAN MORTGAGE CORPO-
RATION (HEREIN "FREDDIE MAC") IN  ITS  WEEKLY  PRIMARY  MORTGAGE  MARKET
SURVEY  (PMMS)  POSTED IN THE WEEK PRIOR TO THE WEEK IN WHICH THE LENDER
PROVIDES THE "GOOD FAITH ESTIMATE" REQUIRED UNDER 12 USC S2601 ET SEQ.
  S 2. This act shall take effect immediately.




 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD14882-01-4


              

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