Assembly Bill A372

Signed By Governor
2017-2018 Legislative Session

Relates to defining consummation of a mortgage loan

download bill text pdf

Sponsored By

Archive: Last Bill Status Via S982 - Signed by Governor

  • 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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2017-A372 (ACTIVE) - Details

See Senate Version of this Bill:
S982
Law Section:
Banking Law
Laws Affected:
Amd §2, Bank L (as proposed in S.7183 & A.9746)
Versions Introduced in 2015-2016 Legislative Session:
A10757, S8233

2017-A372 (ACTIVE) - Summary

Relates to defining consummation of a mortgage loan.

2017-A372 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    372
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              January 5, 2017
                                ___________
 
 Introduced  by  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.
   § 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.
                                                            LBD07076-01-7

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