Assembly Actions - Lowercase Senate Actions - UPPERCASE |
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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 |
senate Bill S8761
Sponsored By
James Sanders Jr.
(D) 10th Senate District
Archive: Last Bill Status - Passed Senate
- Introduced
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
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Co-Sponsors
John C. Liu
(D) 16th Senate District
S8761 (ACTIVE) - Details
S8761 (ACTIVE) - Sponsor Memo
BILL NUMBER: S8761 SPONSOR: SANDERS TITLE OF BILL: An act to amend the banking law, in relation to modifying delinquent home loans and single point of contact PURPOSE: The bill requires creditors to provide a single point of contact to borrowers in the foreclosure process who will be responsible for provid- ing accurate account and other information related to the foreclosure process and loss mitigation efforts. The bill requires creditors to provide a dedicated electronic mail address, facsimile number and mail- ing address for borrowers to submit information requested as part of a loan modification, short sale or other loss mitigation option. SUMMARY OF PROVISIONS: Section one of the bill adds § 6-o to the banking law. Subdivision one
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.
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