Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 04, 2012 |
referred to codes |
Jan 24, 2011 |
referred to codes |
Assembly Bill A3327
2011-2012 Legislative Session
Sponsored By
CLARK
Archive: Last Bill Status - In Assembly 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
Actions
multi-Sponsors
Brian F. Curran
2011-A3327 (ACTIVE) - Details
2011-A3327 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 3327 2011-2012 Regular Sessions I N A S S E M B L Y January 24, 2011 ___________ Introduced by M. of A. CLARK -- read once and referred to the Committee on Codes AN ACT to amend the penal law, in relation to a scheme to defraud in obtaining a credit loan secured by an interest in real property THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Legislative findings. The legislature has found that many senior citizens and minority homeowners in New York have been targeted by unethical home improvement contractors and finance companies who are selling them high interest and fraudulently obtained mortgages. In order to entice senior and minority homeowners to take these loans, the contractors and finance companies offer to refinance primary mortgages, consolidate loans and outstanding bills, and give the mortgagor cash at the loan's closing. In most instances the homeowner is unaware that he or she is taking out a mortgage on his or her house and that a default in payment will lead to a foreclosure. In addition, many of these senior and minority homeowners live on a fixed income and are unable to make any loan payments because the monthly payment exceeds his or her income. The legislature further finds that unethical finance companies have engaged in a pattern and practice of refinancing these mortgages, which further decreases the senior and minority homeowners equity in his or her home. These loans often contain exorbitant points, high interest rates, and have monthly payments that exceed the homeowners income. In most instances, senior and minority homeowners are unable to pay these mortgages and lose their home to foreclosure. The legislature further finds that communities that consist of predom- inantly senior and minority homeowners have been specifically targeted for this crime. S 2. The penal law is amended by adding a new section 190.62 to read as follows: EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD06539-01-1
Comments
Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.
Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.
Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.