Bill Text: NY S08233 | 2015-2016 | General Assembly | Introduced

New York Senate Bill 8233 (Prior Session Legislation)

Introduced

Bill Title: Relates to defining consummation of a mortgage loan.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2016-12-23 - REFERRED TO RULES [S08233 Detail]

Download: New_York-2015-S08233-Introduced.html



                STATE OF NEW YORK
        ________________________________________________________________________
                                          8233
                    IN SENATE
                                    December 23, 2016
                                       ___________
        Introduced  by  Sen.  SAVINO -- read twice and ordered printed, and when
          printed to be committed to the Committee on Rules
        AN ACT to amend the banking law, in relation to allowing execution of  a
          mortgage loan by electronic signature
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. Subdivision 30 of section 2 of the banking law, as added by
     2  a chapter of the laws of 2016, amending the banking law relating to  the
     3  definition  of  consummation of a mortgage loan, as proposed in legisla-
     4  tive bills numbers S.7183 and A.9746, is amended to read as follows:
     5    30. Consummation of a mortgage loan. The term "consummation of a mort-
     6  gage loan" means, for purposes of the act of congress entitled Truth  in
     7  Lending  Act  and the regulations thereunder and the Real Estate Settle-
     8  ment Procedures Act of 1974, as amended, and the regulations thereunder,
     9  when the applicant for the mortgage loan executes  the  promissory  note
    10  and  mortgage  including  by  electronic  signature,  in accordance with
    11  applicable federal and state laws, rules, and regulations.
    12    § 2. This act shall take effect on the  same  date  and  in  the  same
    13  manner as a chapter of the laws of 2016, amending the banking law relat-
    14  ing to the definition of consummation of a mortgage loan, as proposed in
    15  legislative bills numbers S.7183 and A.9746, takes effect.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD14851-02-6