Senate Bill S1699

2011-2012 Legislative Session

Requires the mortgage bill of rights pamphlet on residential mortgages

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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2011-S1699 (ACTIVE) - Details

Current Committee:
Senate Banks
Law Section:
Banking Law
Laws Affected:
Add ยง35, Bank L
Versions Introduced in Other Legislative Sessions:
2009-2010: S2590
2013-2014: S254
2015-2016: S4017, S6339
2017-2018: S2654
2019-2020: S2765
2021-2022: S5837
2023-2024: S3022

2011-S1699 (ACTIVE) - Summary

Requires the mortgage bill of rights pamphlet on residential mortgages shall be in 8 most popularly spoken languages in the state.

2011-S1699 (ACTIVE) - Sponsor Memo

2011-S1699 (ACTIVE) - Bill Text download pdf

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

                                  1699

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                            January 11, 2011
                               ___________

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  the  mortgage  bill  of
  rights pamphlet on residential mortgages

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

  Section 1. The banking law is amended by adding a new  section  35  to
read as follows:
  S  35.  INFORMATION  PAMPHLET FOR RESIDENTIAL MORTGAGE APPLICANTS.  1.
THE SUPERINTENDENT SHALL DEVELOP  A  PAMPHLET  KNOWN  AS  "THE  MORTGAGE
APPLICANT'S  BILL  OF RIGHTS" AND POST SUCH PAMPHLET ON THE 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 ORGANIZATIONS 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  WRIT-
ING.  EVERY LICENSED LENDER AND BANKING ORGANIZATION SHALL MAINTAIN SUCH
ACKNOWLEDGEMENT ALONG WITH THE APPLICANT'S MORTGAGE LOAN DOCUMENTS.
  2. THE PAMPHLET AND WEBSITE NOTICE DEVELOPED PURSUANT TO THIS  SECTION
SHALL  INCLUDE  THE FOLLOWING, ALONG WITH OTHER INFORMATION ADDED AT THE
DISCRETION OF THE SUPERINTENDENT NOT  OTHERWISE  INCONSISTENT  WITH  THE
INFORMATION SET FORTH IN THE PAMPHLET:
  "BILL OF RIGHTS FOR RESIDENTIAL MORTGAGE APPLICANTS
  AS AN APPLICANT FOR A RESIDENTIAL MORTGAGE YOU HAVE THE RIGHT TO:

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD05977-01-1
              

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