|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 08, 2014||referred to banks|
|Jan 09, 2013||referred to banks|
senate Bill S254
Archive: Last Bill Status - In Senate Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S254 - Details
S254 - Sponsor Memo
BILL NUMBER:S254 TITLE OF BILL: An act to amend the banking law, in relation to the mortgage bill of rights pamphlet on residential mortgages PURPOSE OR GENERAL IDEA OF BILL: Requires information to consumers of the mortgage bill of rights that are provided by mortgage lenders and bankers to be published in the eight most spoken languages in New York State. SUMMARY OF SPECIFIC PROVISIONS: Section 1. Adding a new section 35 to the banking law. The superintendent of banks shall develop a pamphlet known as "the mortgage applicant's bill of rights" and post such pamphlet on the banking website. Such pamphlet shall be posted and printed in the eight languages which are most spoken in New York State. JUSTIFICATION: This legislation ensures the public's awareness of the "mortgage bill of rights" by making information accessible in their native tongue The increase of diversity among constituents makes it vital for information to be translated in multiple languages, Having
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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