senate Bill S671

2021-2022 Legislative Session

Relates to modifying delinquent mortgage loans and single point of contact

download bill text pdf

Sponsored By

Current Bill Status - Delivered to Governor


  • 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 (12)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
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

Co-Sponsors

S671 (ACTIVE) - Details

See Assembly Version of this Bill:
A1935
Law Section:
Banking Law
Laws Affected:
Add §6-o, Bank L
Versions Introduced in 2019-2020 Legislative Session:
S8761, A7513

S671 (ACTIVE) - Summary

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

S671 (ACTIVE) - Sponsor Memo

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

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.