Senate Bill S340

2009-2010 Legislative Session

Makes provision regarding credit needs of local communities

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-S340 (ACTIVE) - Details

Current Committee:
Senate Banks
Law Section:
Banking Law
Laws Affected:
Amd ยง28-b, Bank L
Versions Introduced in 2011-2012 Legislative Session:
S2290

2009-S340 (ACTIVE) - Summary

Directs the superintendent of banks to consider a banking institution's origination history for certain reverse mortgage loans to a mortgagor or mortgagors whose income does not exceed 80% of the median income of the county of residence when assessing its performance records in meeting credit needs of local communities.

2009-S340 (ACTIVE) - Sponsor Memo

2009-S340 (ACTIVE) - Bill Text download pdf 

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

                                   340

                       2009-2010 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 7, 2009
                               ___________

Introduced  by  Sen.  KRUGER -- 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  assessment  of  banking
  institution's record regarding credit needs of local communities

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

  Section 1. Subparagraph 9 of paragraph (a) of subdivision 3 of section
28-b of the banking law, as amended by chapter 315 of the laws of  2008,
is amended to read as follows:
  (9)  The  banking  institution's  origination  of residential mortgage
loans, REVERSE MORTGAGE LOANS WHEN ISSUED TO A MORTGAGOR  OR  MORTGAGORS
WHOSE  INCOME DOES NOT EXCEED EIGHTY PERCENT OF THE MEDIAN INCOME OF THE
COUNTY OF RESIDENCE,  housing  rehabilitation  loans,  home  improvement
loans and small business or small farm loans within its community or the
purchase of such loans originated in its community;
  S 2. This act shall take effect immediately.





 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD03856-01-9

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