Assembly Bill A2124

2023-2024 Legislative Session

Relates to penalties for certain violations committed by mortgage bankers and mortgage brokers

download bill text pdf

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Current Bill Status - In Assembly Committee

  • 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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2023-A2124 (ACTIVE) - Details

Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Amd §§595 & 595-a, Bank L
Versions Introduced in Other Legislative Sessions:
2019-2020: A10980
2021-2022: A2131

2023-A2124 (ACTIVE) - Summary

Relates to penalties for violations of article fifteen of the executive law committed by mortgage bankers and mortgage brokers; includes such violations as grounds for suspension or revocation of license or registration.

2023-A2124 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2124
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 23, 2023
                                ___________
 
 Introduced  by  M.  of  A.  JEAN-PIERRE -- read once and referred to the
   Committee on Banks
 
 AN ACT to amend the banking law, in relation to  penalties  for  certain
   violations committed by mortgage bankers and mortgage brokers
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Paragraph (a) of subdivision 1 of section 595 of the  bank-
 ing  law,  as  amended by chapter 291 of the laws of 2014, is amended to
 read as follows:
   (a) Through a course  of  conduct,  the  licensee  or  registrant  has
 violated any provisions of this article, OR ARTICLE FIFTEEN OF THE EXEC-
 UTIVE LAW COMMITTED IN HIS OR HER CAPACITY AS A MORTGAGE BANKER OR MORT-
 GAGE BROKER, or any rule or regulation promulgated by the superintendent
 of  financial services under and within the authority of this article or
 of any other law, rule or  regulation  of  this  state  or  the  federal
 government;
   §  2.  Paragraphs (g) and (h) of subdivision 1 of section 595-a of the
 banking law, paragraph (g) as amended and  paragraph  (h)  as  added  by
 chapter  308 of the laws of 2006, are amended and a new paragraph (i) is
 added to read as follows:
   (g) Violation of section six-j of this chapter; [and]
   (h) Making a mortgage loan, or indirectly or  directly  providing  for
 the  making  of  a  mortgage loan, to an equity purchaser, as defined in
 section two hundred sixty-five-a of the real property law, if the  mort-
 gage  banker,  mortgage broker or exempt organization had knowledge that
 the equity purchaser was not complying with the  provisions  of  section
 two  hundred  sixty-five-a of the real property law with respect to such
 transaction[.]; AND
   (I) VIOLATION OF ARTICLE FIFTEEN OF THE EXECUTIVE LAW COMMITTED IN HIS
 OR HER CAPACITY AS A MORTGAGE BANKER OR MORTGAGE BROKER.
   § 3. This act shall take effect immediately.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD02934-01-3

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