Senate Bill S4875

2009-2010 Legislative Session

Relates to refinancing of an existing mortgage loan

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Banks Committee

  • 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

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2009-S4875 (ACTIVE) - Details

Current Committee:
Senate Banks
Law Section:
Banking Law
Laws Affected:
Amd ยง595-a, Bank L
Versions Introduced in Other Legislative Sessions:
2011-2012: S3651
2013-2014: S2867
2015-2016: S2919

2009-S4875 (ACTIVE) - Summary

Relates to refinancing of an existing mortgage loan; provides for a separate disclosure which compares monthly payments under the previous mortgage with the combined monthly payments for the new mortgage loan, property tax and insurance.

2009-S4875 (ACTIVE) - Sponsor Memo

2009-S4875 (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  4875

                       2009-2010 Regular Sessions

                            I N  S E N A T E

                             April 27, 2009
                               ___________

Introduced  by  Sen.  FOLEY  -- 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 refinancing of an exist-
  ing mortgage loan

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  Subdivision  3  of  section  595-a  of the banking law is
amended by adding a new paragraph (e) to read as follows:
  (E) FOR ANY REFINANCING OF AN EXISTING MORTGAGE LOAN, WHERE THE  MORT-
GAGOR  WILL  NO LONGER BE PAYING PROPERTY TAX OR INSURANCE PAYMENTS INTO
AN ESCROW ACCOUNT, EACH MORTGAGE  BROKER,  MORTGAGE  BANKER  AND  EXEMPT
ORGANIZATION  SHALL,  PRIOR  TO  CLOSING,  PROVIDE A SEPARATE DISCLOSURE
WHICH COMPARES THE TOTAL MONTHLY PAYMENTS UNDER  THE  PREVIOUS  MORTGAGE
WITH THE COMBINED MONTHLY PAYMENTS FOR THE NEW MORTGAGE LOAN, REAL PROP-
ERTY  TAXES  AND  INSURANCE.  THE  BANKING  BOARD  MAY SPECIFY THE FORM,
CONTENT AND TIMING OF SUCH DISCLOSURE.
  S 2. This act shall take effect on the one hundred eightieth day after
it shall have become a law.





 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11552-01-9

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