| Date of Action |
Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|---|---|
| Jan 06, 2016 |
referred to banks |
| Jan 30, 2015 |
referred to banks |
Senate Bill S2919
2015-2016 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status - In Senate Committee Banks Committee
Actions
2015-S2919 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A8112
- Current Committee:
- Senate 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-S2919 (ACTIVE) - Sponsor Memo
BILL NUMBER:S2919
TITLE OF BILL:
An act to amend the banking law, in relation to refinancing of an
existing mortgage loan
PURPOSE:
To ensure that consumers are appropriately informed when refinancing a
mortgage and have the ability to compare the total monthly costs of
the previous loan with the total monthly costs of the new loan.
SUMMARY OF PROVISIONS:
Section 595-a(3) of the Banking Law is amended to require mortgage
brokers, mortgage bankers or exempt organizations to provide a special
disclosure for any mortgage refinancing where the mortgagor will no
longer be paying property tax or insurance premiums into an escrow
account. In those cases, the disclosure must compare the total monthly
payments under the previous loan with the combined monthly payments
for the new loan, real property taxes and insurance.
JUSTIFICATION:
Consumers may refinance a mortgage loan for numerous reasons. An
2015-S2919 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
2919
2015-2016 Regular Sessions
I N S E N A T E
January 30, 2015
___________
Introduced by Sen. FUNKE -- 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 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
Comments
Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.
Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. 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.
Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.