STATE OF NEW YORK
        ________________________________________________________________________
                                         2106--A
                               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  --
          committee  discharged,  bill amended, ordered reprinted as amended and
          recommitted to said committee
        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  application is made, at the time a loan is granted and at the time
    10  a customer requests that an alternative payment schedule be  established
    11  for  a  loan,  but  prior  to the actual establishment of an alternative
    12  payment schedule.
    13    § 2. This act shall take effect on the ninetieth day  after  it  shall
    14  have become a law.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD00597-04-9