Assembly Actions - Lowercase Senate Actions - UPPERCASE |
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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 |
Jun 08, 2021 | substituted by s671 rules report cal.533 reported |
Jun 07, 2021 | reported referred to rules |
May 19, 2021 | reported referred to ways and means |
Jan 13, 2021 | referred to banks |
assembly Bill A1935
Signed By GovernorSponsored By
PERRY
Archive: Last Bill Status Via S671 - Signed by Governor
- Introduced
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed by Governor
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A1935 (ACTIVE) - Details
A1935 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 1935 2021-2022 Regular Sessions I N A S S E M B L Y January 13, 2021 ___________ 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 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. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.