Assembly Bill A10757

2015-2016 Legislative Session

Relates to defining consummation of a mortgage loan

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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2015-A10757 (ACTIVE) - Details

See Senate Version of this Bill:
S8233
Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Amd ยง2, Bank L (as proposed in S.7183 & A.9746)
Versions Introduced in 2017-2018 Legislative Session:
A372, S982

2015-A10757 (ACTIVE) - Summary

Relates to defining consummation of a mortgage loan.

2015-A10757 (ACTIVE) - Bill Text download pdf 

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

                                  10757

                          I N  A S S E M B L Y

                            December 23, 2016
                               ___________

Introduced  by COMMITTEE ON RULES -- (at request of M. of A. Richardson)
  -- read once and referred to the Committee on Banks

AN ACT to amend the banking law, in relation to allowing execution of  a
  mortgage loan by electronic signature

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

  Section 1. Subdivision 30 of section 2 of the banking law, as added by
a chapter of the laws of 2016, amending the banking law relating to  the
definition  of  consummation of a mortgage loan, as proposed in legisla-
tive bills numbers S.7183 and A.9746, is amended to read as follows:
  30. Consummation of a mortgage loan. The term "consummation of a mort-
gage loan" means, for purposes of the act of congress entitled Truth  in
Lending  Act  and the regulations thereunder and the Real Estate Settle-
ment Procedures Act of 1974, as amended, and the regulations thereunder,
when the applicant for the mortgage loan executes  the  promissory  note
and  mortgage  INCLUDING  BY  ELECTRONIC  SIGNATURE,  IN ACCORDANCE WITH
APPLICABLE FEDERAL AND STATE LAWS, RULES, AND REGULATIONS.
  S 2. This act shall take effect on the  same  date  and  in  the  same
manner as a chapter of the laws of 2016, amending the banking law relat-
ing to the definition of consummation of a mortgage loan, as proposed in
legislative bills numbers S.7183 and A.9746, takes effect.





 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD14851-02-6

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