Bill Text: NY S06339 | 2015-2016 | General Assembly | Introduced
Bill Title: Requires the development of a mortgage bill of rights pamphlet on residential mortgages and provides such pamphlet shall be posted and printed in the 8 most popularly spoken languages in the state.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Introduced - Dead) 2016-01-06 - REFERRED TO BANKS [S06339 Detail]
Download: New_York-2015-S06339-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 6339 IN SENATE (Prefiled) January 6, 2016 ___________ Introduced by Sen. HAMILTON -- read twice and ordered printed, and when printed to be committed to the Committee on Banks AN ACT to amend the banking law, in relation to the mortgage bill of rights pamphlet on residential mortgages 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 35 to 2 read as follows: 3 § 35. Information pamphlet for residential mortgage applicants. 1. 4 The superintendent shall develop a pamphlet known as "the mortgage 5 applicant's bill of rights" and post such pamphlet on the department's 6 web site. Such pamphlet shall be posted and printed in the eight 7 languages which are most spoken in this state. Copies of such pamphlet 8 shall be provided to all licensed lenders and banking organizations 9 offering residential mortgage services. A copy of such pamphlet shall be 10 provided by licensed lenders and banking organizations to each person 11 before such person enters into an application for a loan secured by a 12 mortgage upon residential real estate. The pamphlet provided to each 13 such person shall be printed in a language which the person is capable 14 of reading and understanding. Furthermore, such licensed lender and 15 banking organization shall not accept an application for a residential 16 mortgage until the person or persons applying for a mortgage have been 17 provided a copy of the booklet and acknowledged receipt of it in writ- 18 ing. Every licensed lender and banking organization shall maintain such 19 acknowledgement along with the applicant's mortgage loan documents. 20 2. The pamphlet and web site notice developed pursuant to this section 21 shall include the following, along with other information added at the 22 discretion of the superintendent not otherwise inconsistent with the 23 information set forth in the pamphlet: 24 "BILL OF RIGHTS FOR RESIDENTIAL MORTGAGE APPLICANTS 25 As an applicant for a residential mortgage you have the right to: 26 1. Compare the charges of different mortgage brokers and lenders to 27 obtain the best loan possible. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD02807-01-5