senate Bill S73

2013-2014 Legislative Session

Requires mortgage lenders and brokers to provide consumer with mortgage bill of rights pamphlet which must be signed by the consumer prior to mortgage application

download bill text pdf

Sponsored By

Archive: Last Bill Status -


  • 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

S73 - Details

See Assembly Version of this Bill:
A7281
Law Section:
Banking Law
Laws Affected:
Add ยง35, Bank L
Versions Introduced in Previous Legislative Sessions:
2011-2012: S132, A1365
2009-2010: S7399, A10502, A257D

S73 - Summary

Requires mortgage lenders and brokers to provide consumers with a mortgage bill of rights pamphlet which must be read and signed by the consumer prior to applying for a mortgage.

S73 - Sponsor Memo

S73 - Bill Text download pdf

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

                                   73

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 9, 2013
                               ___________

Introduced  by  Sen. PERALTA -- 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 directing licensed mort-
  gage bankers and authorized mortgage loan originators to provide mort-
  gage applicants with a 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
INTERNET  WEBSITE.  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
PROPERTY. 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 WRITING. EVERY LICENSED
LENDER AND BANKING  ORGANIZATION  SHALL  MAINTAIN  SUCH  ACKNOWLEDGEMENT
ALONG WITH THE APPLICANT'S MORTGAGE LOAN DOCUMENTS.
  2.  THE PAMPHLET AND WEBSITE 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
AS AN APPLICANT FOR A RESIDENTIAL MORTGAGE YOU HAVE THE RIGHT TO:

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

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