Bill Text: NY S03217 | 2017-2018 | General Assembly | Amended
Bill Title: Requires banks to disclose any negative consequences of establishing an alternative payment schedule on a loan.
Sponsorship: Partisan Bill (Democrat 2)
Status: (Engrossed - Dead) 2018-06-11 - referred to banks [S03217 Detail]
Download: New_York-2017-S03217-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 3217--A Cal. No. 674 2017-2018 Regular Sessions IN SENATE January 20, 2017 ___________ Introduced by Sen. SANDERS -- read twice and ordered printed, and when printed to be committed to the Committee on Banks -- recommitted to the Committee on Banks in accordance with Senate Rule 6, sec. 8 -- reported favorably from said committee, ordered to first and second report, ordered to a 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 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. LBD01699-02-8
