Assembly Bill A10980

2019-2020 Legislative Session

Relates to penalties for certain violations committed by mortgage bankers and mortgage brokers

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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2019-A10980 (ACTIVE) - Details

Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Amd §§595 & 595-a, Bank L
Versions Introduced in Other Legislative Sessions:
2021-2022: A2131
2023-2024: A2124

2019-A10980 (ACTIVE) - Summary

Relates to penalties for violations of article fifteen of the executive law committed by mortgage bankers and mortgage brokers; includes such violations as grounds for suspension or revocation of license or registration.

2019-A10980 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10980
 
                           I N  A S S E M B L Y
 
                             September 9, 2020
                                ___________
 
 Introduced by COMMITTEE ON RULES -- (at request of M. of A. Jean-Pierre)
   -- read once and referred to the Committee on Banks
 
 AN  ACT  to  amend the banking law, in relation to penalties for certain
   violations committed by mortgage bankers and mortgage brokers
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section  1. Paragraph (a) of subdivision 1 of section 595 of the bank-
 ing law, as amended by chapter 291 of the laws of 2014,  is  amended  to
 read as follows:
   (a)  Through  a  course  of  conduct,  the  licensee or registrant has
 violated any provisions of this article, OR ARTICLE FIFTEEN OF THE EXEC-
 UTIVE LAW COMMITTED IN HIS OR HER CAPACITY AS A MORTGAGE BANKER OR MORT-
 GAGE BROKER, or any rule or regulation promulgated by the superintendent
 of financial services under and within the authority of this article  or
 of  any  other  law,  rule  or  regulation  of this state or the federal
 government;
   § 2. Paragraphs (g) and (h) of subdivision 1 of section 595-a  of  the
 banking  law,  paragraph  (g)  as  amended and paragraph (h) as added by
 chapter 308 of the laws of 2006, are amended and a new paragraph (i)  is
 added to read as follows:
   (g) Violation of section six-j of this chapter; [and]
   (h)  Making  a  mortgage loan, or indirectly or directly providing for
 the making of a mortgage loan, to an equity  purchaser,  as  defined  in
 section  two hundred sixty-five-a of the real property law, if the mort-
 gage banker, mortgage broker or exempt organization had  knowledge  that
 the  equity  purchaser  was not complying with the provisions of section
 two hundred sixty-five-a of the real property law with respect  to  such
 transaction[.]; AND
   (I) VIOLATION OF ARTICLE FIFTEEN OF THE EXECUTIVE LAW COMMITTED IN HIS
 OR HER CAPACITY AS A MORTGAGE BANKER OR MORTGAGE BROKER.
   § 3. This act shall take effect immediately.
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD17170-01-0

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