senate Bill S99

2021-2022 Legislative Session

Relates to refinancing of an existing mortgage loan

download bill text pdf

Sponsored By

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

view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 05, 2022 referred to banks
Jan 06, 2021 referred to banks

S99 (ACTIVE) - Details

See Assembly Version of this Bill:
A5579
Current Committee:
Senate Banks
Law Section:
Banking Law
Laws Affected:
Amd §595-a, Bank L
Versions Introduced in Other Legislative Sessions:
2015-2016: A8112
2017-2018: A6393
2019-2020: S5290, A4565

S99 (ACTIVE) - Summary

Relates to refinancing of an existing mortgage loan; provides for a separate disclosure which compares monthly payments under the previous mortgage with the combined monthly payments for the new mortgage loan, property tax and insurance.

S99 (ACTIVE) - Sponsor Memo

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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