Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Mar 15, 2017 |
signed chap.20 |
Mar 03, 2017 |
delivered to governor |
Mar 01, 2017 |
returned to senate passed assembly ordered to third reading cal.64 substituted for a372 |
Jan 23, 2017 |
referred to banks delivered to assembly passed senate |
Jan 09, 2017 |
ordered to third reading cal.15 |
Jan 05, 2017 |
referred to rules |
Senate Bill S982
Signed By Governor2017-2018 Legislative Session
Sponsored By
(D, IP) Senate District
Archive: Last Bill Status - Signed by Governor
- 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
Actions
Votes
2017-S982 (ACTIVE) - Details
2017-S982 (ACTIVE) - Sponsor Memo
BILL NUMBER: S982 TITLE OF BILL : An act to amend the banking law, in relation to allowing execution of a mortgage loan by electronic signature PURPOSE : The purpose of this bill is to amend Chapter 491 of the Laws of 2016 to clarify electronic signatures may be utilized in relation to the definition of the term "consummation of a mortgage loan." SUMMARY OF PROVISIONS : The bill amends Subdivision 30 of section 2 of the banking law, JUSTIFICATION : This bill represents, the agreed upon changes to Chapter 491 of the Laws of 2016 (see approval memo 18 of 2016). The Consumer Financial Protection Bureau has imposed mortgage disclosure requirements tied to when a mortgage loan is "consummated" as defined by state law. This amendment to Chapter 491 includes the use of electronic signature as a method of executing a mortgage.
2017-S982 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 982 2017-2018 Regular Sessions I N S E N A T E January 5, 2017 ___________ Introduced by Sen. SAVINO -- read twice and ordered printed, and when printed to be committed to the Committee on Rules AN ACT to amend the banking law, in relation to allowing execution of a mortgage loan by electronic signature THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivision 30 of section 2 of the banking law, as added by a chapter of the laws of 2016, amending the banking law relating to the definition of consummation of a mortgage loan, as proposed in legisla- tive bills numbers S.7183 and A.9746, is amended to read as follows: 30. Consummation of a mortgage loan. The term "consummation of a mort- gage loan" means, for purposes of the act of congress entitled Truth in Lending Act and the regulations thereunder and the Real Estate Settle- ment Procedures Act of 1974, as amended, and the regulations thereunder, when the applicant for the mortgage loan executes the promissory note and mortgage INCLUDING BY ELECTRONIC SIGNATURE, IN ACCORDANCE WITH APPLICABLE FEDERAL AND STATE LAWS, RULES, AND REGULATIONS. § 2. This act shall take effect on the same date and in the same manner as a chapter of the laws of 2016, amending the banking law relat- ing to the definition of consummation of a mortgage loan, as proposed in legislative bills numbers S.7183 and A.9746, takes effect. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD07076-01-7
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