Bill Text: NY S02028 | 2011-2012 | General Assembly | Introduced

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Bill Title: Requires a lender to provide a real property loan applicant with a copy of the appraisal required by law to be available at time of closing if requested in writing at least 10 days prior thereto.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2011-01-18 - REFERRED TO JUDICIARY [S02028 Detail]

Download: New_York-2011-S02028-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         2028
                              2011-2012 Regular Sessions
                                   I N  S E N A T E
                                   January 18, 2011
                                      ___________
       Introduced  by  Sen.  KRUGER -- read twice and ordered printed, and when
         printed to be committed to the Committee on Judiciary
       AN ACT to amend the real property law,  in  relation  to  real  property
         appraisals in certain cases
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1.  Subdivision 1 of section 254-c of the real  property  law,
    2  as  amended  by  chapter  80  of the laws of 1996, is amended to read as
    3  follows:
    4    1. Any lender who requires an applicant for  a  loan  or  forbearance,
    5  which  is  to  be  secured primarily by an interest in real property, to
    6  bear the cost of either an appraisal of said property  or  the  cost  of
    7  obtaining  a  consumer report subject to the provisions of article twen-
    8  ty-five of the general business law as a condition to the processing  of
    9  the  application or the granting of the loan or forbearance, shall, upon
   10  the written request of such applicant, provide to him OR HER a  copy  of
   11  said  appraisal  or consumer report as the case may be, at no additional
   12  cost.  IN THE EVENT SUCH WRITTEN REQUEST IS RECEIVED BY  THE  LENDER  AT
   13  LEAST  TEN  DAYS  PRIOR TO THE CLOSING, A COPY OF THE APPRAISAL SHALL BE
   14  AVAILABLE TO THE APPLICANT AT THE CLOSING.
   15    S 2. This act shall take effect on the one hundred twentieth day after
   16  it shall have become a law.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD06829-01-1