Bill Text: NY S02106 | 2019-2020 | General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Requires banks to disclose any negative consequences of establishing an alternative payment schedule on a loan.

Spectrum: Partisan Bill (Democrat 3-0)

Status: (Engrossed - Dead) 2020-07-21 - referred to banks [S02106 Detail]

Download: New_York-2019-S02106-Introduced.html


                STATE OF NEW YORK
        ________________________________________________________________________
                                          2106
                               2019-2020 Regular Sessions
                    IN SENATE
                                    January 22, 2019
                                       ___________
        Introduced  by Sens. SANDERS, SEPULVEDA -- read twice and ordered print-
          ed, and when printed to be committed to the Committee on Banks
        AN ACT to amend the banking law,  in  relation  to  requiring  banks  to
          disclose  any negative consequences an alternative loan payment sched-
          ule may have on credit scores
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section 1. The banking law is amended by adding a new section 129-a to
     2  read as follows:
     3    §  129-a. Requirement of disclosure; alternative payment schedules. In
     4  the event that any bank or trust company  shall  permit  a  customer  to
     5  establish an alternative payment schedule for an existing loan, the bank
     6  or trust company shall provide written disclosure of any negative conse-
     7  quences  such  alternative  payment schedule may have on such customer's
     8  credit score or rating. Such disclosure shall be provided at the time  a
     9  loan is granted.
    10    §  2.  This  act shall take effect on the ninetieth day after it shall
    11  have become a law.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD00597-02-9
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