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Assembly Bill A5579

2021-2022 Legislative Session

Relates to refinancing of an existing mortgage loan

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Archive: Last Bill Status - In Assembly Committee

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2021-A5579 (ACTIVE) - Details

See Senate Version of this Bill:
S99
Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Amd §595-a, Bank L
Versions Introduced in Other Legislative Sessions:
2015-2016: A8112
2017-2018: A6393
2019-2020: A4565, S5290
2023-2024: A1796

2021-A5579 (ACTIVE) - Summary

Relates to refinancing of an existing mortgage loan; provides for a separate disclosure which compares monthly payments under the previous mortgage with the combined monthly payments for the new mortgage loan, property tax and insurance.

2021-A5579 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5579
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 22, 2021
                                ___________
 
 Introduced  by  M.  of  A. ZINERMAN, ABINANTI, SILLITTI, LAVINE, BARRON,
   TAYLOR, DICKENS, NOLAN -- read once and referred to the  Committee  on
   Banks
 
 AN ACT to amend the banking law, in relation to refinancing of an exist-
   ing mortgage loan
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subdivision 3 of  section  595-a  of  the  banking  law  is
 amended by adding a new paragraph (e) to read as follows:
   (E)  FOR ANY REFINANCING OF AN EXISTING MORTGAGE LOAN, WHERE THE MORT-
 GAGOR WILL NO LONGER BE PAYING PROPERTY TAX OR INSURANCE  PAYMENTS  INTO
 AN  ESCROW  ACCOUNT,  EACH  MORTGAGE  BROKER, MORTGAGE BANKER AND EXEMPT
 ORGANIZATION SHALL, PRIOR TO  CLOSING,  PROVIDE  A  SEPARATE  DISCLOSURE
 WHICH  COMPARES  THE  TOTAL MONTHLY PAYMENTS UNDER THE PREVIOUS MORTGAGE
 WITH THE COMBINED MONTHLY PAYMENTS FOR THE NEW MORTGAGE LOAN, REAL PROP-
 ERTY TAXES AND INSURANCE. THE SUPERINTENDENT OF FINANCIAL  SERVICES  MAY
 SPECIFY THE FORM, CONTENT AND TIMING OF SUCH DISCLOSURE.
   § 2. This act shall take effect on the one hundred eightieth day after
 it shall have become a law.
 
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD02323-01-1

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