Senate Bill S7793

Signed By Governor
2021-2022 Legislative Session

Relates to modifying delinquent mortgage loans and single point of contact

download bill text pdf

Sponsored By

Archive: Last Bill Status Via A8771 - 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

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2021-S7793 (ACTIVE) - Details

See Assembly Version of this Bill:
A8771
Law Section:
Banking Law
Laws Affected:
Amd §6-o, Bank L (as proposed in S.671 & A.1935)

2021-S7793 (ACTIVE) - Summary

Relates to modifying delinquent home loans and single point of contact; provides such point of contact shall be provided to a borrower who is 30 days or more delinquent.

2021-S7793 (ACTIVE) - Sponsor Memo

2021-S7793 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7793
 
                             I N  S E N A T E
 
                             January 11, 2022
                                ___________
 
 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  authorizing  rules  and regulations for single point
   contact
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section  1.  Subdivision 1 of section 6-o of the banking law, as added
 by a chapter of the laws of 2021, amending the banking law  relating  to
 modifying delinquent home loans and single point of contact, as proposed
 in  legislative  bills  numbers S. 671 and A. 1935, is amended and a new
 subdivision 5 is added to read as follows:
   1. A lender shall provide to a borrower who is [sixty] THIRTY or  more
 days delinquent on his or her home loan with such lender and who chooses
 to  pursue  a loan modification or other foreclosure prevention alterna-
 tive, 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 information required herein within ten business days of  receiv-
 ing  such  borrower'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.
   5.  THE  SUPERINTENDENT  OF FINANCIAL SERVICES IS HEREBY AUTHORIZED TO
 ESTABLISH RULES AND REGULATIONS AS HE OR SHE MAY DEEM NECESSARY FOR  THE
 SINGLE POINT CONTACT REQUIRED BY THIS SECTION.
   §  2.  This  act  shall  take  effect on the same date and in the same
 manner as a chapter of the laws of 2021, amending the banking law relat-
 ing to modifying delinquent home loans and single point of  contact,  as
 proposed in legislative bills numbers S. 671 and A. 1935, takes effect.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD04015-02-2

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