Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Oct 25, 2023 |
signed chap.540 |
Oct 13, 2023 |
delivered to governor |
May 10, 2023 |
returned to assembly passed senate 3rd reading cal.83 substituted for s1144a |
May 10, 2023 |
substituted by a1153a |
Mar 16, 2023 |
amended on third reading (t) 1144a |
Mar 16, 2023 |
vote reconsidered - restored to third reading returned to senate recalled from assembly |
Jan 18, 2023 |
referred to banks delivered to assembly passed senate |
Jan 17, 2023 |
ordered to third reading cal.83 reported and committed to rules |
Jan 10, 2023 |
referred to banks |
Senate Bill S1144A
Signed By Governor2023-2024 Legislative Session
Sponsored By
(D) 10th Senate District
Current Bill Status Via A1153 - 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
Actions
Votes
Bill Amendments
co-Sponsors
(D) 50th Senate District
2023-S1144 - Details
2023-S1144 - Sponsor Memo
BILL NUMBER: S1144 SPONSOR: SANDERS TITLE OF BILL: An act to amend the banking law and the penal law, in relation to unau- thorized entities, unregistered mortgage brokers and mortgage fraud PURPOSE: The financial frauds and consumer protection unit of the department of financial services shall refer any instances of a person, partnership, association, corporation or other entity which is operating without being chartered, licensed or registered as required under this chapter to the attorney general and to any other federal, state or local agency or entity for appropriate enforcement action SUMMARY OF PROVISIONS: Relates to unauthorized entities, unregistered mortgage brokers and mortgage fraud
2023-S1144 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 1144 2023-2024 Regular Sessions I N S E N A T E January 10, 2023 ___________ Introduced by Sens. SANDERS, MANNION -- read twice and ordered printed, and when printed to be committed to the Committee on Banks AN ACT to amend the banking law and the penal law, in relation to unau- thorized entities, unregistered mortgage brokers and mortgage fraud 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 78-a to read as follows: § 78-A. UNAUTHORIZED ENTITIES. THE FINANCIAL FRAUDS AND CONSUMER PROTECTION UNIT OF THE DEPARTMENT OF FINANCIAL SERVICES SHALL REFER ANY INSTANCES OF A PERSON, PARTNERSHIP, ASSOCIATION, CORPORATION OR OTHER ENTITY WHICH IS OPERATING WITHOUT BEING CHARTERED, LICENSED OR REGIS- TERED AS REQUIRED UNDER THIS CHAPTER TO THE ATTORNEY GENERAL AND TO ANY OTHER FEDERAL, STATE OR LOCAL AGENCY OR ENTITY FOR APPROPRIATE ENFORCE- MENT ACTION. AT LEAST EVERY SIX MONTHS, THE ATTORNEY GENERAL SHALL PROVIDE THE UNIT WITH A WRITTEN UPDATE OF THE STATUS OF ANY ENFORCEMENT ACTIONS IT HAS TAKEN AGAINST SUCH PERSONS OR ENTITIES. § 2. Paragraph (e) of subdivision 5 of section 590 of the banking law is relettered paragraph (f) and a new paragraph (e) is added to read as follows: (E) NO MORTGAGE BANKER, MORTGAGE BROKER OR EXEMPT ORGANIZATION SHALL CONDUCT BUSINESS WITH ANY PERSON, PARTNERSHIP, ASSOCIATION, CORPORATION OR OTHER ENTITY WHICH IT KNOWS OR SHOULD HAVE KNOWN IS ACTING AS A MORT- GAGE BANKER OR A MORTGAGE BROKER WITHOUT BEING LICENSED OR REGISTERED AS REQUIRED BY THIS ARTICLE. A MORTGAGE BANKER, MORTGAGE BROKER OR EXEMPT ORGANIZATION SHALL PROMPTLY NOTIFY THE DEPARTMENT OF ANY SUCH UNLICENSED OR UNREGISTERED OPERATIONS. § 3. Subdivision 5 of section 598 of the banking law, as added by chapter 571 of the laws of 1986, is amended to read as follows: 5. Civil penalties assessable against unlicensed or unregistered persons or entities. If any non-exempt unlicensed or unregistered person EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD03777-01-3
co-Sponsors
(D) 50th Senate District
2023-S1144A (ACTIVE) - Details
2023-S1144A (ACTIVE) - Sponsor Memo
BILL NUMBER: S1144A SPONSOR: SANDERS TITLE OF BILL: An act to amend the banking law, in relation to unregistered and unli- censed mortgage brokers PURPOSE OR GENERAL IDEA OF BILL: Prohibits mortgage lenders from conducting business with any individual or entity which it knows or should have known is acting as a mortgage banker or a mortgage broker without being licensed or registered. SUMMARY OF PROVISIONS: Section one: Prohibits mortgage bankers, mortgage brokers or exempt organizations, who are not registered or licensed by DFS, from perform- ing or executing mortgages. Entities who provide mezzanine mortgages would be exempt from this section. Section two: Provides that if a non-exempt unlicensed or unregistered
2023-S1144A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 1144--A Cal. No. 83 2023-2024 Regular Sessions I N S E N A T E January 10, 2023 ___________ Introduced by Sens. SANDERS, MANNION -- read twice and ordered printed, and when printed to be committed to the Committee on Banks -- reported favorably from said committee and committed to the Committee on Rules -- reported favorably from said committee, ordered to a third reading, passed by Senate and delivered to the Assembly, recalled, vote recon- sidered, restored to third reading, amended and ordered reprinted, retaining its place in the order of third reading AN ACT to amend the banking law, in relation to unregistered and unli- censed mortgage brokers THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph (e) of subdivision 5 of section 590 of the bank- ing law is relettered paragraph (f) and a new paragraph (e) is added to read as follows: (E) NO MORTGAGE BANKER, MORTGAGE BROKER OR EXEMPT ORGANIZATION SHALL CONDUCT BUSINESS WITH ANY PERSON, PARTNERSHIP, ASSOCIATION, CORPORATION OR OTHER ENTITY WHICH IT KNOWS OR SHOULD HAVE KNOWN IS ACTING AS A MORT- GAGE BANKER OR A MORTGAGE BROKER WITHOUT BEING LICENSED OR REGISTERED AS REQUIRED BY THIS ARTICLE. A PERSON, PARTNERSHIP, ASSOCIATION, CORPO- RATION OR OTHER ENTITY WHO PROVIDES NON-RESIDENTIAL SUBORDINATE LOANS SHALL BE EXEMPT FROM THIS PARAGRAPH. A MORTGAGE BANKER, MORTGAGE BROKER OR EXEMPT ORGANIZATION SHALL PROMPTLY NOTIFY THE DEPARTMENT OF ANY SUCH UNLICENSED OR UNREGISTERED OPERATIONS. § 2. Subdivision 5 of section 598 of the banking law, as added by chapter 571 of the laws of 1986, is amended to read as follows: 5. Civil penalties assessable against unlicensed or unregistered persons or entities. If any non-exempt unlicensed or unregistered person or entity engages in activities encompassed by this article, he shall be liable to any person or entity affected by such activities for a sum of money of not less than the amount of money paid to an affected person or entity in connection with such activities, nor more than four times such EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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