Assembly Bill A8112

2015-2016 Legislative Session

Relates to refinancing of an existing mortgage loan

download bill text pdf

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Archive: Last Bill Status - In Assembly Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2015-A8112 (ACTIVE) - Details

See Senate Version of this Bill:
S2919
Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Amd ยง595-a, Bank L
Versions Introduced in Other Legislative Sessions:
2009-2010: S4875
2011-2012: S3651
2013-2014: S2867
2017-2018: A6393
2019-2020: A4565
2021-2022: A5579
2023-2024: A1796

2015-A8112 (ACTIVE) - Summary

Relates to refinancing of an existing mortgage loan; provides for a separate disclosure which compares monthly payments under the previous mortgage with the combined monthly payments for the new mortgage loan, property tax and insurance.

2015-A8112 (ACTIVE) - Bill Text download pdf

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

                                  8112

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                              June 9, 2015
                               ___________

Introduced by M. of A. ROBINSON -- read once and referred to the Commit-
  tee on Banks

AN ACT to amend the banking law, in relation to refinancing of an exist-
  ing mortgage loan

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

  Section 1. Subdivision 3 of  section  595-a  of  the  banking  law  is
amended by adding a new paragraph (e) to read as follows:
  (E)  FOR ANY REFINANCING OF AN EXISTING MORTGAGE LOAN, WHERE THE MORT-
GAGOR WILL NO LONGER BE PAYING PROPERTY TAX OR INSURANCE  PAYMENTS  INTO
AN  ESCROW  ACCOUNT,  EACH  MORTGAGE  BROKER, MORTGAGE BANKER AND EXEMPT
ORGANIZATION SHALL, PRIOR TO  CLOSING,  PROVIDE  A  SEPARATE  DISCLOSURE
WHICH  COMPARES  THE  TOTAL MONTHLY PAYMENTS UNDER THE PREVIOUS MORTGAGE
WITH THE COMBINED MONTHLY PAYMENTS FOR THE NEW MORTGAGE LOAN, REAL PROP-
ERTY TAXES AND INSURANCE.  THE  BANKING  BOARD  MAY  SPECIFY  THE  FORM,
CONTENT AND TIMING OF SUCH DISCLOSURE.
  S 2. This act shall take effect on the one hundred eightieth day after
it shall have become a law.





 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08613-01-5


              

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