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Senate Bill S2700

2013-2014 Legislative Session

Requires that notice of increase in mortgage escrow account be given in advance

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Archive: Last Bill Status - In Senate Committee Judiciary Committee

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2013-S2700 (ACTIVE) - Details

Current Committee:
Senate Judiciary
Law Section:
General Obligations Law
Laws Affected:
Add ยง5-603, Gen Ob L
Versions Introduced in Other Legislative Sessions:
2009-2010: S442
2011-2012: S1899, S6229
2015-2016: S1934
2017-2018: S2268
2019-2020: S4090
2021-2022: S3306
2023-2024: S4684
2025-2026: S4004

2013-S2700 (ACTIVE) - Summary

Provides that a mortgage investing institution that maintains a mortgage on any real property in the state of New York shall give ten days written notice prior to requiring payment of an increase in the amount of escrow if the dollar amount of such increase is more than five percent of the total monthly payment; provides that no service charge shall be imposed for the giving of such notice; defines that term "mortgage investing institutions" as any banking organization or other entity engaged in the business of offering mortgage financing to the public or investing in mortgages.

2013-S2700 (ACTIVE) - Sponsor Memo

2013-S2700 (ACTIVE) - Bill Text download pdf 

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

                                  2700

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                            January 23, 2013
                               ___________

Introduced  by  Sen.  PARKER -- read twice and ordered printed, and when
  printed to be committed to the Committee on Judiciary

AN ACT to amend the general obligations law, in relation to increases in
  mortgage escrow account requirements

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

  Section  1.  The  general  obligations  law is amended by adding a new
section 5-603 to read as follows:
  S 5-603. INCREASES IN  DEPOSITS  IN  ESCROW  WITH  MORTGAGE  INVESTING
INSTITUTIONS.  ANY  MORTGAGE  INVESTING  INSTITUTION  THAT  MAINTAINS AN
ESCROW ACCOUNT PURSUANT TO ANY AGREEMENT EXECUTED IN CONNECTION  WITH  A
MORTGAGE  ON ANY REAL PROPERTY LOCATED IN THIS STATE SHALL GIVE AT LEAST
TEN DAYS WRITTEN NOTICE PRIOR TO REQUIRING PAYMENT OF  ANY  INCREASE  IN
THE  AMOUNT OF ESCROW IF THE DOLLAR AMOUNT OF SUCH INCREASE IS MORE THAN
FIVE PERCENT OF THE DOLLAR AMOUNT OF THE TOTAL  MONTHLY  PAYMENT  (WHICH
INCLUDES  PRINCIPAL,  INTEREST,  AND  ALL  ESCROW AMOUNTS) FOR THE MONTH
PRIOR TO THE MONTH FOR WHICH  THE  INCREASE  IS  EFFECTIVE.  NO  SERVICE
CHARGE  SHALL BE IMPOSED FOR THE GIVING OF SUCH NOTICE. FOR THE PURPOSES
OF THIS SECTION, "MORTGAGE INVESTING INSTITUTION" SHALL MEAN ANY BANKING
ORGANIZATION, AS DEFINED IN SECTION TWO OF THE BANKING LAW, OR ANY OTHER
ENTITY ENGAGED IN THE BUSINESS OF OFFERING  MORTGAGE  FINANCING  TO  THE
PUBLIC OR INVESTING IN MORTGAGES.
  S  2.  This  act shall take effect on the ninetieth day after it shall
have become a law.



 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD06985-01-3

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