Assembly Bill A3815

2013-2014 Legislative Session

Requires the mortgage bill of rights pamphlet on residential mortgages

download bill text pdf

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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

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2013-A3815 (ACTIVE) - Details

See Senate Version of this Bill:
S254
Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Add ยง35, Bank L
Versions Introduced in Other Legislative Sessions:
2009-2010: S2590
2011-2012: S1699
2015-2016: A997, S4017, S6339
2017-2018: A3322, S2654
2019-2020: A1845, S2765
2021-2022: S5837
2023-2024: A9686, S3022

2013-A3815 (ACTIVE) - Summary

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

2013-A3815 (ACTIVE) - Bill Text download pdf

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

                                  3815

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                            January 29, 2013
                               ___________

Introduced by M. of A. MILLER -- read once and referred 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
WEB  SITE.  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 WEB SITE 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.
                                                           LBD02182-01-3
              

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