Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 18, 2011 |
referred to judiciary |
Senate Bill S2028
2011-2012 Legislative Session
Sponsored By
(D) Senate District
Archive: Last Bill Status - In Senate Committee Judiciary 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
2011-S2028 (ACTIVE) - Details
- Current Committee:
- Senate Judiciary
- Law Section:
- Real Property Law
- Laws Affected:
- Amd §254-c, RP L
- Versions Introduced in 2009-2010 Legislative Session:
-
S982
2011-S2028 (ACTIVE) - Sponsor Memo
BILL NUMBER:S2028 TITLE OF BILL: An act to amend the real property law, in relation to real property appraisals in certain cases SUMMARY: This bill would amend Real Property Law §254-C(1) to require that a copy of any real estate appraisal required by a lender as part of a mortgage application be available to the applicant at the closing, if requested in writing at least ten days prior to the closing. JUSTIFICATION: In 1983, the Legislature enacted Section 254-c of the Real Property Law to give residential mortgage applicants the right to a copy of any real estate appraisal of the property involved. Under this law, applicants are entitled to a copy of the real estate appraisal provided that: 1) the lender mandates an appraisal as part of the mortgage application process, 2) the applicant is required to pay for the appraisal and 3) the applicant requests a copy of the appraisal in writing. Chapter 245 of the Laws of 1983 was enacted in response to the failure of many lending institutions to provide borrowers with copies of real estate appraisals, even though the lender required them and required
2011-S2028 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2028 2011-2012 Regular Sessions I N S E N A T E January 18, 2011 ___________ Introduced by Sen. KRUGER -- read twice and ordered printed, and when printed to be committed to the Committee on Judiciary AN ACT to amend the real property law, in relation to real property appraisals in certain cases THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivision 1 of section 254-c of the real property law, as amended by chapter 80 of the laws of 1996, is amended to read as follows: 1. Any lender who requires an applicant for a loan or forbearance, which is to be secured primarily by an interest in real property, to bear the cost of either an appraisal of said property or the cost of obtaining a consumer report subject to the provisions of article twen- ty-five of the general business law as a condition to the processing of the application or the granting of the loan or forbearance, shall, upon the written request of such applicant, provide to him OR HER a copy of said appraisal or consumer report as the case may be, at no additional cost. IN THE EVENT SUCH WRITTEN REQUEST IS RECEIVED BY THE LENDER AT LEAST TEN DAYS PRIOR TO THE CLOSING, A COPY OF THE APPRAISAL SHALL BE AVAILABLE TO THE APPLICANT AT THE CLOSING. S 2. This act shall take effect on the one hundred twentieth day after it shall have become a law. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD06829-01-1
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