Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Nov 03, 2021 |
approval memo.29 signed chap.565 |
Oct 22, 2021 |
delivered to governor |
Jun 08, 2021 |
returned to senate passed assembly ordered to third reading rules cal.533 substituted for a1935 |
Mar 17, 2021 |
referred to banks delivered to assembly passed senate |
Feb 02, 2021 |
advanced to third reading |
Feb 01, 2021 |
2nd report cal. |
Jan 26, 2021 |
1st report cal.187 |
Jan 06, 2021 |
referred to banks |
Senate Bill S671
Signed By Governor2021-2022 Legislative Session
Sponsored By
(D) 10th Senate District
Archive: Last Bill Status - Signed by Governor
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
Votes
co-Sponsors
(D) 16th Senate District
2021-S671 (ACTIVE) - Details
2021-S671 (ACTIVE) - Sponsor Memo
BILL NUMBER: S671 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
2021-S671 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 671 2021-2022 Regular Sessions I N S E N A T E (PREFILED) January 6, 2021 ___________ Introduced by Sen. SANDERS -- read twice and ordered printed, and when printed to be committed to the Committee on Banks 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. LBD04015-01-1
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