Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Nov 28, 2016 |
approval memo.18 signed chap.491 |
Nov 16, 2016 |
delivered to governor |
Jun 06, 2016 |
returned to senate passed assembly ordered to third reading cal.837 substituted for a9746 |
May 18, 2016 |
referred to banks delivered to assembly passed senate |
May 17, 2016 |
advanced to third reading |
May 16, 2016 |
2nd report cal. |
May 11, 2016 |
1st report cal.818 |
Apr 06, 2016 |
referred to banks |
Senate Bill S7183
Signed By Governor2015-2016 Legislative Session
Sponsored By
(D, IP) Senate District
Archive: Last Bill Status - Signed by Governor
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
Votes
2015-S7183 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A9746
- Law Section:
- Banking Law
- Laws Affected:
- Amd ยง2, Bank L
2015-S7183 (ACTIVE) - Sponsor Memo
BILL NUMBER: S7183 TITLE OF BILL : An act to amend the banking law, in relation to the definition of consummation of a mortgage loan PURPOSE : To define the term "consummation of a mortgage loan." SUMMARY OF PROVISIONS : The bill amends the banking by adding a new subdivision 30, defining the term "consummation of a mortgage loan" as when the applicant for the mortgage loan executes the promissory note and mortgage. JUSTIFICATION : The Consumer Financial Protection Bureau is imposing new mortgage disclosure requirements tied to when a mortgage loan is "consummated" as defined by state law. These new requirements can only be properly implemented if lenders know when New York State considers a mortgage loan to be a consummated contract with binding obligations imposed on both the lender and the borrower. Unfortunately, it is not clear whether a loan is consummated at closing or much earlier in the
2015-S7183 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7183 I N S E N A T E April 6, 2016 ___________ Introduced by Sen. SAVINO -- 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 definition of consummation of a mortgage loan THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 2 of the banking law is amended by adding a new subdivision 30 to read as follows: 30. CONSUMMATION OF A MORTGAGE LOAN. THE TERM "CONSUMMATION OF A MORT- GAGE LOAN" MEANS, FOR PURPOSES OF THE ACT OF CONGRESS ENTITLED TRUTH IN LENDING ACT AND THE REGULATIONS THEREUNDER AND THE REAL ESTATE SETTLE- MENT PROCEDURES ACT OF 1974, AS AMENDED, AND THE REGULATIONS THEREUNDER, WHEN THE APPLICANT FOR THE MORTGAGE LOAN EXECUTES THE PROMISSORY NOTE AND MORTGAGE. S 2. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD14910-01-6
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