Senate Bill S3277

2015-2016 Legislative Session

Requires banks to disclose negative consequences of establishing alternative payment schedule on a loan

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Rules 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-S3277 (ACTIVE) - Details

Current Committee:
Senate Rules
Law Section:
Banking Law
Laws Affected:
Add ยง129-a, Bank L
Versions Introduced in Other Legislative Sessions:
2013-2014: S7425
2017-2018: S3217
2019-2020: S2106
2021-2022: S1566

2015-S3277 (ACTIVE) - Summary

Requires banks to disclose any negative consequences of establishing an alternative payment schedule on a loan.

2015-S3277 (ACTIVE) - Sponsor Memo

2015-S3277 (ACTIVE) - Bill Text download pdf 

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

                                  3277

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                            February 4, 2015
                               ___________

Introduced  by  Sen. SANDERS -- 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  requiring  banks  to
  disclose  any negative consequences an alternative loan payment sched-
  ule may have on credit scores

  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 129-a to
read as follows:
  S  129-A. REQUIREMENT OF DISCLOSURE; ALTERNATIVE PAYMENT SCHEDULES. IN
THE EVENT THAT ANY BANK OR TRUST COMPANY  SHALL  PERMIT  A  CUSTOMER  TO
ESTABLISH AN ALTERNATIVE PAYMENT SCHEDULE FOR AN EXISTING LOAN, THE BANK
OR TRUST COMPANY SHALL PROVIDE WRITTEN DISCLOSURE OF ANY NEGATIVE CONSE-
QUENCES  SUCH  ALTERNATIVE  PAYMENT SCHEDULE MAY HAVE ON SUCH CUSTOMER'S
CREDIT SCORE OR RATING. SUCH DISCLOSURE SHALL BE PROVIDED AT THE TIME  A
LOAN  APPLICATION IS MADE, AT THE TIME A LOAN IS GRANTED AND AT THE TIME
A CUSTOMER REQUESTS THAT AN ALTERNATIVE PAYMENT SCHEDULE BE  ESTABLISHED
FOR  A  LOAN,  BUT  PRIOR  TO THE ACTUAL ESTABLISHMENT OF AN ALTERNATIVE
PAYMENT SCHEDULE.
  S 2. This act shall take effect on the ninetieth day  after  it  shall
have become a law.




 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08148-01-5

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