| 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 |
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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Bill Amendments
A7513 - Details
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
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