Senate Bill S2590

2009-2010 Legislative Session

Requires the mortgage bill of rights, as proposed in a chapter of the laws of 2009, to be printed and posted on the internet in the 8 most spoken languages

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-S2590 (ACTIVE) - Details

Current Committee:
Senate Banks
Law Section:
Banking Law
Laws Affected:
Amd ยง35, Bank L
Versions Introduced in Other Legislative Sessions:
2011-2012: S1699
2013-2014: S254
2015-2016: S4017, S6339
2017-2018: S2654
2019-2020: S2765
2021-2022: S5837
2023-2024: S3022

2009-S2590 (ACTIVE) - Summary

Requires the mortgage bill of rights, as proposed in a chapter of the laws of 2009, to be printed and posted on the banking department website in the 8 languages that are most spoken in the state.

2009-S2590 (ACTIVE) - Sponsor Memo

2009-S2590 (ACTIVE) - Bill Text download pdf 

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

                                  2590

                       2009-2010 Regular Sessions

                            I N  S E N A T E

                            February 24, 2009
                               ___________

Introduced  by  Sen. SAMPSON -- 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 requiring  the  mortgage
  bill  of  rights  pamphlet  on  residential mortgages to be posted and
  printed in the eight languages which are most spoken in the state

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

  Section 1. Subdivision 1 of section 35 of the banking law, as added by
a  chapter  of  the laws of 2009, entitled "AN ACT" to amend the banking
law, in relation to directing licensed mortgage bankers  and  authorized
mortgage loan originators to provide mortgage applicants with a mortgage
bill  of rights pamphlet on residential mortgages, is amended to read as
follows:
  1. The superintendent [of banks] shall develop  a  pamphlet  known  as
"the  mortgage applicant's bill of rights" and post such pamphlet on the
[banking] department's website.   SUCH  PAMPHLET  SHALL  BE  POSTED  AND
PRINTED  IN  THE  EIGHT  LANGUAGES  WHICH ARE MOST SPOKEN IN THIS STATE.
Copies of such pamphlet shall be provided to all  licensed  lenders  and
banking organizations offering residential mortgage services.  A copy of
such  pamphlet  shall be provided by licensed lenders and banking organ-
ization to each person before such person enters into an application for
a loan secured by a mortgage upon residential real estate.  THE PAMPHLET
PROVIDED TO EACH SUCH PERSON SHALL BE PRINTED IN A  LANGUAGE  WHICH  THE
PERSON  IS  CAPABLE  OF  READING  AND  UNDERSTANDING.  Furthermore, such
licensed lender and banking organization shall not accept an application
for a residential mortgage until the person or persons  applying  for  a
mortgage  have  been  provided  a  copy  of the booklet and acknowledged
receipt of it in writing. Every licensed lender and banking organization
shall maintain such acknowledgement along with the applicant's  mortgage
loan documents.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD00035-01-9

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