Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Apr 03, 2024 |
referred to banks |
Assembly Bill A9686
2023-2024 Legislative Session
Sponsored By
WEPRIN
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
Actions
2023-A9686 (ACTIVE) - Details
2023-A9686 (ACTIVE) - Summary
Requires the development of a "what mortgage applicants need to know" pamphlet on residential mortgages; provides such pamphlet shall be posted and printed in the 6 most common non-English languages spoken by individuals with limited English proficiency in New York state.
2023-A9686 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 9686 I N A S S E M B L Y April 3, 2024 ___________ Introduced by M. of A. WEPRIN -- read once and referred to the Committee on Banks AN ACT to amend the banking law, in relation to what mortgage applicants need to know pamphlet on residential mortgages 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 35 to read as follows: § 35. INFORMATION PAMPHLET FOR RESIDENTIAL MORTGAGE APPLICANTS. 1. THE SUPERINTENDENT SHALL DEVELOP A PAMPHLET KNOWN AS "WHAT MORTGAGE APPLICANTS NEED TO KNOW" AND POST SUCH PAMPHLET ON THE DEPARTMENT'S WEB SITE. SUCH PAMPHLET SHALL BE POSTED AND PRINTED IN THE SIX MOST COMMON NON-ENGLISH LANGUAGES SPOKEN BY INDIVIDUALS WITH LIMITED-ENGLISH PROFI- CIENCY IN NEW YORK STATE AS BASED ON THE MOST RECENT CENSUS. COPIES OF SUCH PAMPHLET SHALL BE PROVIDED TO ALL LICENSED LENDERS AND BANKING ORGANIZATIONS OFFERING RESIDENTIAL MORTGAGE SERVICES. A COPY OF SUCH PAMPHLET SHALL BE PROVIDED BY LICENSED LENDERS, MORTGAGE BANKERS AND OTHER BANKING ORGANIZATIONS TO EACH PERSON APPLYING FOR A LOAN SECURED BY A MORTGAGE UPON RESIDENTIAL REAL ESTATE IN ACCORDANCE WITH THE TIMING REQUIREMENTS UNDER 12 CFR § 1026.19(E)(1)(III). A LICENSED LEND- ER, MORTGAGE BANKER OR OTHER BANKING ORGANIZATION MAY PROVIDE THE APPLI- CANT WITH THE PAMPHLET VIA ELECTRONIC COMMUNICATIONS, INCLUDING BUT NOT LIMITED TO, ELECTRONIC MAIL OR A HYPERLINK TO THE PAMPHLET POSTED ON THE DEPARTMENT'S WEB SITE. 2. THE PAMPHLET AND WEB SITE NOTICE DEVELOPED PURSUANT TO THIS SECTION SHALL INCLUDE THE FOLLOWING, ALONG WITH OTHER INFORMATION ADDED AT THE DISCRETION OF THE SUPERINTENDENT NOT OTHERWISE INCONSISTENT WITH THE INFORMATION SET FORTH IN THE PAMPHLET: ""WHAT MORTGAGE APPLICANTS NEED TO KNOW" AS AN APPLICANT FOR A RESIDENTIAL MORTGAGE YOU HAVE THE RIGHT TO: 1. COMPARE AND NEGOTIATE THE CHARGES OF DIFFERENT MORTGAGE BROKERS AND LENDERS TO OBTAIN THE BEST LOAN POSSIBLE. 2. ASK YOUR MORTGAGE BROKER TO EXPLAIN SUCH PERSON'S RESPONSIBILITIES WITHIN THE MORTGAGE LENDING PROCESS. 3. KNOW HOW MUCH THE MORTGAGE BROKER IS COMPENSATED BY YOU AND THE LENDER FOR YOUR LOAN.
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