senate Bill S6243

2013-2014 Legislative Session

Relates to modifying delinquent mortgage loans and single point of contact

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

do you support this legislation?

You must fill out the form below in order to support or oppose this bill. X

You must login or fill out the fields below for the senator to have an accurate account of the support or opposition to this bill.

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.
Use this box to enter a message to your senator.

Actions

view actions (1)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 08, 2014 referred to banks

Co-Sponsors

S6243 - Details

Law Section:
Banking Law
Laws Affected:
Add §96-e, Bank L

S6243 - Summary

Relates to modifying delinquent mortgage loans and single point of contact.

S6243 - Sponsor Memo

S6243 - Bill Text download pdf

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

                                  6243

                            I N  S E N A T E

                               (PREFILED)

                             January 8, 2014
                               ___________

Introduced  by  Sen. SANDERS -- 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  modifying  delinquent
  mortgage loans and single point of contact

  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 96-e  to
read as follows:
  S  96-E. SINGLE POINT OF CONTACT; MODIFYING DELINQUENT MORTGAGE LOANS.
1. FOR THE PURPOSES OF THIS SECTION, "MORTGAGE SERVICER"  SHALL  MEAN  A
PERSON OR ENTITY RESPONSIBLE FOR THE DAY TO DAY MANAGEMENT OF A MORTGAGE
LOAN  ACCOUNT,  INCLUDING COLLECTING AND CREDITING PERIOD LOAN PAYMENTS,
MANAGING ANY ESCROW ACCOUNT, OR ENFORCING MORTGAGE LOAN TERMS EITHER  AS
THE HOLDER OF THE LOAN NOTE OR ON BEHALF OF THE HOLDER OF THE LOAN NOTE.
  2. IF A BORROWER IS SIXTY OR MORE DAYS DELINQUENT, THE MORTGAGE SERVI-
CER  SHALL  INFORM  THE BORROWER THAT IF THE BORROWER WISHES TO PURSUE A
LOAN MODIFICATION OR OTHER FORECLOSURE PREVENTION ALTERNATIVE, THE MORT-
GAGE SERVICER SHALL ESTABLISH A SINGLE POINT OF CONTACT FOR THE  BORROW-
ER.
  3.  UPON  WRITTEN  OR  TELEPHONIC COMMUNICATION FROM A BORROWER WHO IS
SIXTY OR MORE DAYS DELINQUENT AND WHO REQUESTS LOSS  MITIGATION  ASSIST-
ANCE,  THE  IDENTITY  OF  AND  CONTACT INFORMATION FOR A SINGLE POINT OF
CONTACT SHALL BE PROVIDED TO THE BORROWER WITHIN TEN BUSINESS DAYS.  THE
MORTGAGE  SERVICER  SHALL  PROVIDE  UPDATED  CONTACT  INFORMATION TO THE
BORROWER IF THE DESIGNATED SINGLE POINT OF CONTACT IS CHANGED  NO  LATER
THAN FIVE BUSINESS DAYS AFTER THE CHANGE.
  4.  THE  SINGLE  POINT  OF CONTACT SHALL BE RESPONSIBLE FOR ALL OF THE
FOLLOWING:
  (A) COMMUNICATING THE OPTIONS AVAILABLE TO THE BORROWER,  THE  ACTIONS
THE  BORROWER  MUST  TAKE  TO  BE  CONSIDERED FOR THOSE OPTIONS, AND THE
STATUS OF THE MORTGAGE SERVICER'S EVALUATION OF THE BORROWER  FOR  THOSE
OPTIONS.

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

Comments

Open Legislation comments facilitate discussion of New York State legislation. All comments are subject to moderation. Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity or hate speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Comment moderation is generally performed Monday through Friday.

By contributing or voting you agree to the Terms of Participation and verify you are over 13.