senate Bill S8761

2019-2020 Legislative Session

Relates to modifying delinquent mortgage loans and single point of contact

download bill text pdf

Sponsored By

Archive: Last Bill Status - Passed Senate


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

Your Voice

do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.

Actions

view actions (9)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jul 23, 2020 ordered to third reading rules cal.305
substituted for a7513a
referred to ways and means
delivered to assembly
passed senate
Jul 22, 2020 ordered to third reading cal.959
Jul 21, 2020 reported and committed to rules
Jul 14, 2020 committee discharged and committed to banks
referred to rules

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 Rules 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 Banks committee vote details

Banks Committee Vote: Jul 21, 2020

Co-Sponsors

S8761 (ACTIVE) - Details

See Assembly Version of this Bill:
A7513
Law Section:
Banking Law
Laws Affected:
Add §6-o, Bank L
Versions Introduced in 2021-2022 Legislative Session:
S671, A1935

S8761 (ACTIVE) - Summary

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

S8761 (ACTIVE) - Sponsor Memo

S8761 (ACTIVE) - Bill Text download pdf


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

                                  8761

                            I N  S E N A T E

                              July 14, 2020
                               ___________

Introduced  by  Sen. SANDERS -- 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  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
  (C) PROVIDING ACCURATE INFORMATION REGARDING THE STATUS OF  A  BORROW-
ER'S  LOAN MODIFICATION APPLICATION SHOULD SUCH BORROWER CHOOSE TO APPLY
FOR A MODIFICATION.
  3. THE SINGLE POINT OF CONTACT REQUIRED BY THIS SECTION  SHALL  REMAIN
ASSIGNED  TO THE BORROWER'S ACCOUNT UNTIL SUCH TIME AS THE LENDER DETER-

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

Comments

Open Legislation comments facilitate discussion of New York State legislation. All comments are subject to moderation. Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity or hate speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Comment moderation is generally performed Monday through Friday.

By contributing or voting you agree to the Terms of Participation and verify you are over 13.