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Assembly Bill A7228

2017-2018 Legislative Session

Requires banks to disclose negative consequences of establishing alternative payment schedule on a loan

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Archive: Last Bill Status - In Assembly Committee

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2017-A7228 (ACTIVE) - Details

Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Add §129-a, Bank L
Versions Introduced in Other Legislative Sessions:
2019-2020: A4618
2021-2022: A5915

2017-A7228 (ACTIVE) - Summary

Requires banks to disclose any negative consequences of establishing an alternative payment schedule on a loan.

2017-A7228 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7228
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              April 12, 2017
                                ___________
 
 Introduced by M. of A. WRIGHT -- read once and referred to the Committee
   on Banks
 
 AN  ACT  to  amend  the  banking  law, in relation to requiring banks to
   disclose any negative consequences an alternative loan payment  sched-
   ule may have on credit scores
 
   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 129-a to
 read as follows:
   § 129-A. REQUIREMENT OF DISCLOSURE; ALTERNATIVE PAYMENT SCHEDULES.  IN
 THE  EVENT  THAT  ANY  BANK  OR TRUST COMPANY SHALL PERMIT A CUSTOMER TO
 ESTABLISH AN ALTERNATIVE PAYMENT SCHEDULE FOR AN EXISTING LOAN, THE BANK
 OR TRUST COMPANY SHALL PROVIDE WRITTEN DISCLOSURE OF ANY NEGATIVE CONSE-
 QUENCES SUCH ALTERNATIVE PAYMENT SCHEDULE MAY HAVE  ON  SUCH  CUSTOMER'S
 CREDIT  SCORE OR RATING. SUCH DISCLOSURE SHALL BE PROVIDED AT THE TIME A
 LOAN APPLICATION IS MADE, AT THE TIME A LOAN IS GRANTED AND AT THE  TIME
 A  CUSTOMER REQUESTS THAT AN ALTERNATIVE PAYMENT SCHEDULE BE ESTABLISHED
 FOR A LOAN, BUT PRIOR TO THE  ACTUAL  ESTABLISHMENT  OF  AN  ALTERNATIVE
 PAYMENT SCHEDULE.
   §  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.
                                                            LBD01699-01-7

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