Bill Text: NY A04565 | 2019-2020 | General Assembly | Introduced

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Bill Title: 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.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2020-01-08 - referred to banks [A04565 Detail]

Download: New_York-2019-A04565-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          4565
                               2019-2020 Regular Sessions
                   IN ASSEMBLY
                                    February 4, 2019
                                       ___________
        Introduced by M. of A. WRIGHT -- read once and referred 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:
     1    Section 1. Subdivision 3 of  section  595-a  of  the  banking  law  is
     2  amended by adding a new paragraph (e) to read as follows:
     3    (e)  For any refinancing of an existing mortgage loan, where the mort-
     4  gagor will no longer be paying property tax or insurance  payments  into
     5  an  escrow  account,  each  mortgage  broker, mortgage banker and exempt
     6  organization shall, prior to  closing,  provide  a  separate  disclosure
     7  which  compares  the  total monthly payments under the previous mortgage
     8  with the combined monthly payments for the new mortgage loan, real prop-
     9  erty taxes and insurance.  The  banking  board  may  specify  the  form,
    10  content and timing of such disclosure.
    11    § 2. This act shall take effect on the one hundred eightieth day after
    12  it shall have become a law.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD00595-01-9