senate Bill S254

2013-2014 Legislative Session

Requires the mortgage bill of rights pamphlet on residential mortgages

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee


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

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Actions

view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 08, 2014 referred to banks
Jan 09, 2013 referred to banks

S254 - Details

See Assembly Version of this Bill:
A3815
Current Committee:
Law Section:
Banking Law
Laws Affected:
Add ยง35, Bank L
Versions Introduced in Previous Legislative Sessions:
2011-2012: S1699
2009-2010: S2590

S254 - Summary

Requires the mortgage bill of rights pamphlet on residential mortgages shall be in 8 most popularly spoken languages in the state.

S254 - Sponsor Memo

S254 - Bill Text download pdf

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

                                   254

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 9, 2013
                               ___________

Introduced  by  Sen. SAMPSON -- 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  the  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 SHALL DEVELOP  A  PAMPHLET  KNOWN  AS  "THE  MORTGAGE
APPLICANT'S  BILL  OF RIGHTS" AND POST SUCH PAMPHLET ON THE DEPARTMENT'S
WEB SITE. SUCH PAMPHLET  SHALL  BE  POSTED  AND  PRINTED  IN  THE  EIGHT
LANGUAGES  WHICH  ARE MOST SPOKEN IN THIS STATE. 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 ESTATE. THE PAMPHLET PROVIDED TO EACH
SUCH PERSON SHALL BE PRINTED IN A LANGUAGE WHICH THE PERSON  IS  CAPABLE
OF  READING  AND  UNDERSTANDING.  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  WRIT-
ING.  EVERY LICENSED LENDER AND BANKING ORGANIZATION SHALL MAINTAIN SUCH
ACKNOWLEDGEMENT ALONG WITH THE APPLICANT'S MORTGAGE LOAN DOCUMENTS.
  2. THE PAMPHLET AND WEB SITE 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

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

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