Bill Text: NY S06339 | 2015-2016 | General Assembly | Introduced

New York Senate Bill 6339 (Prior Session Legislation)

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