assembly Bill A7513A

2019-2020 Legislative Session

Relates to modifying delinquent mortgage loans and single point of contact

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Archive: Last Bill Status Via S8761 - Passed Senate


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (12)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jul 23, 2020 ordered to third reading rules cal.305
substituted for a7513a
Jul 23, 2020 substituted by s8761
Jul 22, 2020 ordered to third reading rules cal.305
rules report cal.305
reported
reported referred to rules
Jul 21, 2020 reference changed to ways and means
Jul 08, 2020 print number 7513a
Jul 08, 2020 amend (t) and recommit to banks
Jan 08, 2020 referred to banks
May 08, 2019 referred to banks

Votes

view votes

Jul 22, 2020 - Rules committee Vote

S8761
12
6
committee
12
Aye
6
Nay
1
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show committee vote details

Jul 21, 2020 - Banks committee Vote

S8761
7
4
committee
7
Aye
4
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show committee vote details

Committee Vote: Jul 21, 2020

A7513 - Details

See Senate Version of this Bill:
S8761
Law Section:
Banking Law
Laws Affected:
Add §6-o, Bank L
Versions Introduced in 2021-2022 Legislative Session:
A1935, S671

A7513 - Summary

Relates to modifying delinquent mortgage loans and single point of contact.

A7513 - Bill Text download pdf


                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  7513

                       2019-2020 Regular Sessions

                          I N  A S S E M B L Y

                               May 8, 2019
                               ___________

Introduced  by M. of A. PERRY -- read once and referred to the Committee
  on Banks

AN ACT to amend the banking law, in  relation  to  modifying  delinquent
  mortgage loans and single point of contact

  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 96-e  to
read as follows:
  §  96-E. SINGLE POINT OF CONTACT; MODIFYING DELINQUENT MORTGAGE LOANS.
1. FOR THE PURPOSES OF THIS SECTION, "MORTGAGE SERVICER"  SHALL  MEAN  A
PERSON OR ENTITY RESPONSIBLE FOR THE DAY TO DAY MANAGEMENT OF A MORTGAGE
LOAN  ACCOUNT,  INCLUDING COLLECTING AND CREDITING PERIOD LOAN PAYMENTS,
MANAGING ANY ESCROW ACCOUNT, OR ENFORCING MORTGAGE LOAN TERMS EITHER  AS
THE HOLDER OF THE LOAN NOTE OR ON BEHALF OF THE HOLDER OF THE LOAN NOTE.
  2. IF A BORROWER IS SIXTY OR MORE DAYS DELINQUENT, THE MORTGAGE SERVI-
CER  SHALL  INFORM  THE BORROWER THAT IF THE BORROWER WISHES TO PURSUE A
LOAN MODIFICATION OR OTHER FORECLOSURE PREVENTION ALTERNATIVE, THE MORT-
GAGE SERVICER SHALL ESTABLISH A SINGLE POINT OF CONTACT FOR THE  BORROW-
ER.
  3.  UPON  WRITTEN  OR  TELEPHONIC COMMUNICATION FROM A BORROWER WHO IS
SIXTY OR MORE DAYS DELINQUENT AND WHO REQUESTS LOSS  MITIGATION  ASSIST-
ANCE,  THE  IDENTITY  OF  AND  CONTACT INFORMATION FOR A SINGLE POINT OF
CONTACT SHALL BE PROVIDED TO THE BORROWER WITHIN TEN BUSINESS DAYS.  THE
MORTGAGE  SERVICER  SHALL  PROVIDE  UPDATED  CONTACT  INFORMATION TO THE
BORROWER IF THE DESIGNATED SINGLE POINT OF CONTACT IS CHANGED  NO  LATER
THAN FIVE BUSINESS DAYS AFTER THE CHANGE.
  4.  THE  SINGLE  POINT  OF CONTACT SHALL BE RESPONSIBLE FOR ALL OF THE
FOLLOWING:
  (A) COMMUNICATING THE OPTIONS AVAILABLE TO THE BORROWER,  THE  ACTIONS
THE  BORROWER  MUST  TAKE  TO  BE  CONSIDERED FOR THOSE OPTIONS, AND THE

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD05333-01-9

A7513A (ACTIVE) - Details

See Senate Version of this Bill:
S8761
Law Section:
Banking Law
Laws Affected:
Add §6-o, Bank L
Versions Introduced in 2021-2022 Legislative Session:
A1935, S671

A7513A (ACTIVE) - Summary

Relates to modifying delinquent mortgage loans and single point of contact.

A7513A (ACTIVE) - Bill Text download pdf


                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 7513--A

                       2019-2020 Regular Sessions

                          I N  A S S E M B L Y

                               May 8, 2019
                               ___________

Introduced  by M. of A. PERRY -- read once and referred to the Committee
  on Banks -- recommitted to the Committee on Banks in  accordance  with
  Assembly Rule 3, sec. 2 -- committee discharged, bill amended, ordered
  reprinted as amended and recommitted to said committee

AN  ACT  to  amend  the banking law, in relation to modifying delinquent
  home loans and single point of contact

  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 6-o to
read as follows:
  § 6-O. SINGLE POINT OF CONTACT FOR MODIFYING DELINQUENT HOME LOANS. 1.
A LENDER SHALL PROVIDE TO A BORROWER WHO IS SIXTY OR  MORE  DAYS  DELIN-
QUENT ON HIS OR HER HOME LOAN WITH SUCH LENDER AND WHO CHOOSES TO PURSUE
A  LOAN  MODIFICATION  OR  OTHER  FORECLOSURE  PREVENTION ALTERNATIVE, A
SINGLE POINT OF CONTACT FOR THE BORROWER TO REACH THE  LENDER  REGARDING
PURSUING A LOAN MODIFICATION. THE BORROWER SHALL MAKE HIS OR HER REQUEST
FOR  SUCH  CONTACT INFORMATION IN WRITING OR BY ELECTRONIC COMMUNICATION
TO HIS OR HER LENDER AND SUCH LENDER SHALL PROVIDE THE CONTACT  INFORMA-
TION  REQUIRED HEREIN WITHIN TEN BUSINESS DAYS OF RECEIVING SUCH BORROW-
ER'S REQUEST. IF AT ANY TIME THE CONTACT  INFORMATION  PROVIDED  TO  THE
BORROWER CHANGES, A NOTIFICATION OF SUCH CHANGE SHALL BE PROVIDED BY THE
LENDER  TO  THE  BORROWER  WITHIN FIVE BUSINESS DAYS OF SUCH CHANGE. THE
DUTIES IMPOSED ON A LENDER BY THIS SECTION MAY ALSO BE  PERFORMED  BY  A
MORTGAGE SERVICER ACTING ON BEHALF OF SUCH LENDER.
  2. THE SINGLE POINT OF CONTACT REQUIRED BY THIS ACT SHALL BE RESPONSI-
BLE FOR THE FOLLOWING:
  (A)  COMMUNICATING INFORMATION REGARDING OPTIONS THE BORROWER MAY HAVE
FOR MODIFYING HIS OR HER DELINQUENT HOME LOAN;
  (B) ASSISTING THE BORROWER WITH IDENTIFYING  DOCUMENTS  NECESSARY  FOR
PURSUING A LOAN MODIFICATION; AND

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD05333-04-0