Assembly Bill A7281

2013-2014 Legislative Session

Requires mortgage lenders and brokers to provide consumer with mortgage bill of rights pamphlet which must be signed by the consumer prior to mortgage application

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-A7281 (ACTIVE) - Details

See Senate Version of this Bill:
S73
Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Add ยง35, Bank L
Versions Introduced in Other Legislative Sessions:
2009-2010: A257, A10502, S7399
2011-2012: A1365, S132
2015-2016: A2536, A2493, S2228
2017-2018: A3435, A5372, S334, S7039
2019-2020: A2141, S3544
2021-2022: A3379, S5777
2023-2024: S2665

2013-A7281 (ACTIVE) - Summary

Requires mortgage lenders and brokers to provide consumers with a mortgage bill of rights pamphlet which must be read and signed by the consumer prior to applying for a mortgage.

2013-A7281 (ACTIVE) - Bill Text download pdf

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

                                  7281

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                              May 10, 2013
                               ___________

Introduced by M. of A. KIM -- read once and referred to the Committee on
  Banks

AN ACT to amend the banking law, in relation to directing licensed mort-
  gage bankers and authorized mortgage loan originators to provide mort-
  gage applicants with a 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
INTERNET WEBSITE. 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
PROPERTY.  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  WRITING.  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.
                                                           LBD01100-01-3

              

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