| Assembly Actions - Lowercase Senate Actions - UPPERCASE |
|
|---|---|
| Jan 05, 2022 | referred to banks |
| Jan 06, 2021 | referred to banks |
senate Bill S99
2021-2022 Legislative Session
Sponsored By
Kevin Thomas
(D) 6th Senate District
Current Bill Status - In Senate Committee Banks Committee
- Introduced
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
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Actions
S99 (ACTIVE) - Details
S99 (ACTIVE) - Sponsor Memo
BILL NUMBER: S99 SPONSOR: THOMAS TITLE OF BILL: An act to amend the banking law, in relation to refinancing of an exist- ing mortgage loan PURPOSE: To ensure that consumers are appropriately informed when refinancing a mortgage and have the ability to compare the total monthly costs of the previous loan with the total monthly costs of the new loan. SUMMARY OF PROVISIONS: Section 1 of the bill amends subdivision 3 of section 595-a of the bank- ing law and adds a new paragraph (e). Paragraph (e) requires mortgage brokers, mortgage bankers, or exempt organizations to provide a special disclosure for any mortgage refinancing where the mortgagor will no longer be paying property tax or insurance premiums into an escrow
S99 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
99
2021-2022 Regular Sessions
I N S E N A T E
(PREFILED)
January 6, 2021
___________
Introduced by Sen. THOMAS -- 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 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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