Assembly Bill A1845B

2019-2020 Legislative Session

Requires what mortgage applicant's need to know pamphlet on residential mortgages

download bill text pdf

Sponsored By

Archive: Last Bill Status - On Floor Calendar


  • 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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Bill Amendments

co-Sponsors

2019-A1845 - Details

Law Section:
Banking Law
Laws Affected:
Add §35, Bank L
Versions Introduced in Other Legislative Sessions:
2013-2014: A3815
2015-2016: A997
2017-2018: A3322
2023-2024: A9686

2019-A1845 - Summary

Requires the development of a "what mortgage applicants need to know" pamphlet on residential mortgages and provides such pamphlet shall be posted and printed in the 6 most common non-English languages spoken by individuals with limited English proficiency in New York state.

2019-A1845 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1845
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 17, 2019
                                ___________
 
 Introduced  by  M.  of  A. M. G. MILLER -- read once and referred to the
   Committee on Banks
 
 AN ACT to amend the banking law, in relation  to  what  mortgage  appli-
   cant's need to know pamphlet on residential mortgages
 
   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  35  to
 read as follows:
   §  35.  INFORMATION  PAMPHLET FOR RESIDENTIAL MORTGAGE APPLICANTS.  1.
 THE SUPERINTENDENT SHALL DEVELOP A  PAMPHLET  KNOWN  AS  "WHAT  MORTGAGE
 APPLICANT'S NEED TO KNOW" AND POST SUCH PAMPHLET ON THE DEPARTMENT'S WEB
 SITE.  SUCH  PAMPHLET SHALL BE POSTED AND PRINTED IN THE SIX MOST COMMON
 NON-ENGLISH LANGUAGES SPOKEN BY INDIVIDUALS WITH LIMITED-ENGLISH  PROFI-
 CIENCY  IN  NEW YORK STATE AS BASED ON THE MOST RECENT CENSUS. COPIES OF
 SUCH PAMPHLET SHALL BE PROVIDED TO  ALL  LICENSED  LENDERS  AND  BANKING
 ORGANIZATIONS  OFFERING  RESIDENTIAL  MORTGAGE  SERVICES. A COPY OF SUCH
 PAMPHLET SHALL BE PROVIDED BY LICENSED  LENDERS,  MORTGAGE  BANKERS  AND
 OTHER  BANKING  ORGANIZATIONS  TO  EACH PERSON BEFORE SUCH PERSON ENTERS
 INTO AN APPLICATION FOR A LOAN SECURED BY A MORTGAGE   UPON  RESIDENTIAL
 REAL  ESTATE.  SHOULD  SUCH  APPLICANT  APPLY FOR A MORTGAGE ONLINE, THE
 LICENSED LENDER, MORTGAGE BANKER OR  OTHER  BANKING  ORGANIZATION  SHALL
 PROVIDE  THE  APPLICANT WITH THE PAMPHLET VIA ELECTRONIC COMMUNICATIONS,
 INCLUDING BUT NOT LIMITED TO, ELECTRONIC MAIL  OR  A  HYPERLINK  TO  THE
 PAMPHLET POSTED ON THE DEPARTMENT'S WEB SITE.
   2. THE PAMPHLET AND WEB SITE NOTICE DEVELOPED PURSUANT TO THIS SECTION
 SHALL  INCLUDE  THE FOLLOWING, ALONG WITH OTHER INFORMATION ADDED AT THE
 DISCRETION OF THE SUPERINTENDENT NOT  OTHERWISE  INCONSISTENT  WITH  THE
 INFORMATION SET FORTH IN THE PAMPHLET:
   "WHAT MORTGAGE APPLICANTS NEED TO KNOW
   AS AN APPLICANT FOR A RESIDENTIAL MORTGAGE YOU HAVE THE RIGHT TO:
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD00371-01-9
              

co-Sponsors

2019-A1845A - Details

Law Section:
Banking Law
Laws Affected:
Add §35, Bank L
Versions Introduced in Other Legislative Sessions:
2013-2014: A3815
2015-2016: A997
2017-2018: A3322
2023-2024: A9686

2019-A1845A - Summary

Requires the development of a "what mortgage applicants need to know" pamphlet on residential mortgages and provides such pamphlet shall be posted and printed in the 6 most common non-English languages spoken by individuals with limited English proficiency in New York state.

2019-A1845A - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  1845--A
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 17, 2019
                                ___________
 
 Introduced  by M. of A. M. G. MILLER, BLAKE -- read once and referred to
   the Committee on Banks -- reported and referred to  the  Committee  on
   Codes  --  committee  discharged,  bill  amended, ordered reprinted as
   amended and recommitted to said committee
 
 AN ACT to amend the banking law, in relation  to  what  mortgage  appli-
   cant's need to know pamphlet on residential mortgages
 
   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  35  to
 read as follows:
   §  35.  INFORMATION  PAMPHLET FOR RESIDENTIAL MORTGAGE APPLICANTS.  1.
 THE SUPERINTENDENT SHALL DEVELOP A  PAMPHLET  KNOWN  AS  "WHAT  MORTGAGE
 APPLICANT'S NEED TO KNOW" AND POST SUCH PAMPHLET ON THE DEPARTMENT'S WEB
 SITE.  SUCH  PAMPHLET SHALL BE POSTED AND PRINTED IN THE SIX MOST COMMON
 NON-ENGLISH LANGUAGES SPOKEN BY INDIVIDUALS WITH LIMITED-ENGLISH  PROFI-
 CIENCY  IN  NEW YORK STATE AS BASED ON THE MOST RECENT CENSUS. COPIES OF
 SUCH PAMPHLET SHALL BE PROVIDED TO  ALL  LICENSED  LENDERS  AND  BANKING
 ORGANIZATIONS  OFFERING  RESIDENTIAL  MORTGAGE  SERVICES. A COPY OF SUCH
 PAMPHLET SHALL BE PROVIDED BY LICENSED  LENDERS,  MORTGAGE  BANKERS  AND
 OTHER  BANKING  ORGANIZATIONS  TO  EACH PERSON BEFORE SUCH PERSON ENTERS
 INTO AN APPLICATION FOR A LOAN SECURED BY A MORTGAGE   UPON  RESIDENTIAL
 REAL  ESTATE.  SHOULD  SUCH  APPLICANT  APPLY FOR A MORTGAGE ONLINE, THE
 LICENSED LENDER, MORTGAGE BANKER OR  OTHER  BANKING  ORGANIZATION  SHALL
 PROVIDE  THE  APPLICANT WITH THE PAMPHLET VIA ELECTRONIC COMMUNICATIONS,
 INCLUDING BUT NOT LIMITED TO, ELECTRONIC MAIL  OR  A  HYPERLINK  TO  THE
 PAMPHLET POSTED ON THE DEPARTMENT'S WEB SITE.
   2. THE PAMPHLET AND WEB SITE NOTICE DEVELOPED PURSUANT TO THIS SECTION
 SHALL  INCLUDE  THE FOLLOWING, ALONG WITH OTHER INFORMATION ADDED AT THE
 DISCRETION OF THE SUPERINTENDENT NOT  OTHERWISE  INCONSISTENT  WITH  THE
 INFORMATION SET FORTH IN THE PAMPHLET:
   "WHAT MORTGAGE APPLICANTS NEED TO KNOW
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

co-Sponsors

2019-A1845B (ACTIVE) - Details

Law Section:
Banking Law
Laws Affected:
Add §35, Bank L
Versions Introduced in Other Legislative Sessions:
2013-2014: A3815
2015-2016: A997
2017-2018: A3322
2023-2024: A9686

2019-A1845B (ACTIVE) - Summary

Requires the development of a "what mortgage applicants need to know" pamphlet on residential mortgages and provides such pamphlet shall be posted and printed in the 6 most common non-English languages spoken by individuals with limited English proficiency in New York state.

2019-A1845B (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  1845--B
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 17, 2019
                                ___________
 
 Introduced  by M. of A. M. G. MILLER, BLAKE -- read once and referred to
   the Committee on Banks -- reported and referred to  the  Committee  on
   Codes  --  committee  discharged,  bill  amended, ordered reprinted as
   amended and recommitted to said committee -- again reported from  said
   committee  with amendments, ordered reprinted as amended and recommit-
   ted to said committee
 
 AN ACT to amend the banking law, in relation  to  what  mortgage  appli-
   cant's need to know pamphlet on residential mortgages
 
   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  35  to
 read as follows:
   §  35.  INFORMATION  PAMPHLET FOR RESIDENTIAL MORTGAGE APPLICANTS.  1.
 THE SUPERINTENDENT SHALL DEVELOP A  PAMPHLET  KNOWN  AS  "WHAT  MORTGAGE
 APPLICANT'S NEED TO KNOW" AND POST SUCH PAMPHLET ON THE DEPARTMENT'S WEB
 SITE.  SUCH  PAMPHLET SHALL BE POSTED AND PRINTED IN THE SIX MOST COMMON
 NON-ENGLISH LANGUAGES SPOKEN BY INDIVIDUALS WITH LIMITED-ENGLISH  PROFI-
 CIENCY  IN  NEW YORK STATE AS BASED ON THE MOST RECENT CENSUS. COPIES OF
 SUCH PAMPHLET SHALL BE PROVIDED TO  ALL  LICENSED  LENDERS  AND  BANKING
 ORGANIZATIONS  OFFERING  RESIDENTIAL  MORTGAGE  SERVICES. A COPY OF SUCH
 PAMPHLET SHALL BE PROVIDED BY LICENSED  LENDERS,  MORTGAGE  BANKERS  AND
 OTHER  BANKING  ORGANIZATIONS  TO  EACH PERSON BEFORE SUCH PERSON ENTERS
 INTO AN APPLICATION FOR A LOAN SECURED BY A MORTGAGE   UPON  RESIDENTIAL
 REAL  ESTATE.  SHOULD  SUCH  APPLICANT  APPLY FOR A MORTGAGE ONLINE, THE
 LICENSED LENDER, MORTGAGE BANKER OR  OTHER  BANKING  ORGANIZATION  SHALL
 PROVIDE  THE  APPLICANT WITH THE PAMPHLET VIA ELECTRONIC COMMUNICATIONS,
 INCLUDING BUT NOT LIMITED TO, ELECTRONIC MAIL  OR  A  HYPERLINK  TO  THE
 PAMPHLET POSTED ON THE DEPARTMENT'S WEB SITE.
   2. THE PAMPHLET AND WEB SITE NOTICE DEVELOPED PURSUANT TO THIS SECTION
 SHALL  INCLUDE  THE FOLLOWING, ALONG WITH OTHER INFORMATION ADDED AT THE
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD00371-05-9
              

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