NY State Assembly Bill 2019-A1845B

Archive: Last Bill Status - On Floor Calendar

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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Actions

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 08, 2020	ordered to third reading cal.85
Jun 13, 2019	ordered to third reading rules cal.242 rules report cal.242 reported
Jun 11, 2019	reported referred to rules
Jun 06, 2019	print number 1845b
Jun 06, 2019	amend and recommit to codes
May 29, 2019	print number 1845a
May 29, 2019	amend and recommit to codes
May 07, 2019	reported referred to codes
Jan 17, 2019	referred to banks

Bill Amendments

Original

B (Active)

co-Sponsors

2019-A1845 - Details

Law Section:: Banking Law
Laws Affected:: Add §35, Bank L
Versions Introduced in Other Legislative Sessions:: 2013-2014: A3815
2015-2016: A997
2017-2018: A3322
2023-2024: A9686

2019-A1845 - Summary

Requires the development of a "what mortgage applicants need to know" pamphlet on residential mortgages and provides such pamphlet shall be posted and printed in the 6 most common non-English languages spoken by individuals with limited English proficiency in New York state.

2019-A1845 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1845
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 17, 2019
                                ___________
 
 Introduced  by  M.  of  A. M. G. MILLER -- read once and referred to the
   Committee on Banks
 
 AN ACT to amend the banking law, in relation  to  what  mortgage  appli-
   cant's need to know 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:
   §  35.  INFORMATION  PAMPHLET FOR RESIDENTIAL MORTGAGE APPLICANTS.  1.
 THE SUPERINTENDENT SHALL DEVELOP A  PAMPHLET  KNOWN  AS  "WHAT  MORTGAGE
 APPLICANT'S NEED TO KNOW" AND POST SUCH PAMPHLET ON THE DEPARTMENT'S WEB
 SITE.  SUCH  PAMPHLET SHALL BE POSTED AND PRINTED IN THE SIX MOST COMMON
 NON-ENGLISH LANGUAGES SPOKEN BY INDIVIDUALS WITH LIMITED-ENGLISH  PROFI-
 CIENCY  IN  NEW YORK STATE AS BASED ON THE MOST RECENT CENSUS. 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,  MORTGAGE  BANKERS  AND
 OTHER  BANKING  ORGANIZATIONS  TO  EACH PERSON BEFORE SUCH PERSON ENTERS
 INTO AN APPLICATION FOR A LOAN SECURED BY A MORTGAGE   UPON  RESIDENTIAL
 REAL  ESTATE.  SHOULD  SUCH  APPLICANT  APPLY FOR A MORTGAGE ONLINE, THE
 LICENSED LENDER, MORTGAGE BANKER OR  OTHER  BANKING  ORGANIZATION  SHALL
 PROVIDE  THE  APPLICANT WITH THE PAMPHLET VIA ELECTRONIC COMMUNICATIONS,
 INCLUDING BUT NOT LIMITED TO, ELECTRONIC MAIL  OR  A  HYPERLINK  TO  THE
 PAMPHLET POSTED ON THE DEPARTMENT'S WEB SITE.
   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:
   "WHAT MORTGAGE APPLICANTS NEED TO KNOW
   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.
                                                            LBD00371-01-9

 A. 1845                             2
 
   1.  COMPARE  THE  CHARGES OF DIFFERENT MORTGAGE BROKERS AND LENDERS TO
 OBTAIN THE BEST LOAN POSSIBLE.
   2.  ASK  YOUR  MORTGAGE  BROKER TO EXPLAIN HIS OR HER RESPONSIBILITIES
 WITHIN THE MORTGAGE LENDING PROCESS.
   3. KNOW HOW MUCH THE MORTGAGE BROKER IS COMPENSATED  BY  YOU  AND  THE
 LENDER FOR YOUR LOAN.
   4. A CLEAR AND TRUTHFUL EXPLANATION OF THE TERMS AND CONDITIONS OF THE
 LOAN.
   5.  KNOW IF THE LOAN BEING OFFERED IS A FIXED OR ADJUSTABLE RATE MORT-
 GAGE LOAN, KNOW THE EXACT AMOUNT OF YOUR MONTHLY LOAN PAYMENTS,  INCLUD-
 ING ANY PROJECTED ESCROW PAYMENTS, KNOW THE FINAL ANNUAL PERCENTAGE RATE
 (APR) AND THE AMOUNT OF REGULAR PAYMENTS AT THE LOAN'S CLOSING.
   6.  ASK  FOR  A GOOD FAITH ESTIMATE OF ALL LOAN AND SETTLEMENT CHARGES
 BEFORE YOU AGREE TO THE LOAN AND PAY ANY FEES, SUCH AS LOAN  APPLICATION
 FEES,  TITLE SEARCH AND INSURANCE FEES, LENDER'S ATTORNEY FEES, PROPERTY
 APPRAISAL CHARGES, INSPECTIONS, RECORDING FEES,  TRANSFER  TAXES,  POINT
 AND ORIGINATION FEES, AND ESCROW ACCOUNT BALANCES.
   7. OBTAIN CREDIT COUNSELING BEFORE CLOSING A LOAN.
   8. DECIDE WHETHER OR NOT TO FINANCE ANY PORTION OF THE POINTS OR FEES.
   9. REFUSE TO PURCHASE CREDIT INSURANCE FOR ANY MORTGAGE LOAN.
   10.  HAVE  YOUR  PROPERTY APPRAISED BY AN INDEPENDENT LICENSED PROFES-
 SIONAL AND TO RECEIVE A COPY OF THE APPRAISAL.
   11. NOT BE SUBJECT TO DECEPTIVE MARKETING PRACTICES.
   12. ASK FOR THE HUD SETTLEMENT COSTS BOOKLET, "BUYING YOUR HOME".
   13. RECEIVE THE FOLLOWING  DOCUMENTS,  AND  EVERY  DOCUMENT  OTHERWISE
 REQUIRED  TO BE GIVEN TO YOU AT CLOSING UNDER FEDERAL AND NEW YORK STATE
 LAW:
   A. GOOD FAITH ESTIMATE
   B. TRUTH IN LENDING
   C. HUD-1 STATEMENT.
   14. KNOW WHAT FEES ARE NOT REFUNDABLE IF YOU DECIDE TO CANCEL THE LOAN
 AGREEMENT.
   15. RECEIVE IN WRITING  THE  REASON  FOR  THE  DENIAL  OR  CONDITIONAL
 APPROVAL OF YOUR LOAN APPLICATION.
   16.  IF  REFINANCING,  YOU  MAY CANCEL A LOAN WITHIN THREE DAYS OF THE
 CLOSING  BY  PROVIDING  WRITTEN  NOTIFICATION  OF  CANCELLATION  TO  THE
 LICENSED LENDER OR BANKING INSTITUTION.
   17. RECEIVE THE HUD-1 DOCUMENT ONE DAY BEFORE THE CLOSING TAKES PLACE.
   18. HAVE ANY LENDING DISPUTES RESOLVED IN A FAIR AND EQUITABLE MANNER.
   19.  A  CREDIT  DECISION  THAT  IS  NOT  BASED  UPON YOUR RACE, COLOR,
 NATIONAL ORIGIN, RELIGION, SEX, FAMILY STATUS, SEXUAL ORIENTATION, DISA-
 BILITY OR WHETHER ANY INCOME IS FROM PUBLIC ASSISTANCE.
   20. FILE A COMPLAINT WITH THE DEPARTMENT IF YOU BELIEVE THAT  A  MORT-
 GAGE  BROKER OR ANY OTHER ENTITY LICENSED BY THE DEPARTMENT HAS VIOLATED
 ANY RULES, REGULATIONS OR LAWS WHICH GOVERN HIS OR HER CONDUCT IN  WORK-
 ING WITH YOU TO GET OR PROCESS A MORTGAGE LOAN.
   21.  FILE  A  COMPLAINT WITH THE NEW YORK STATE DEPARTMENT OF STATE IF
 YOU BELIEVE THAT A REAL ESTATE BROKER  HAS  VIOLATED  ANY  RULES,  REGU-
 LATIONS  OR  LAWS WHICH GOVERN HIS OR HER CONDUCT IN WORKING WITH YOU TO
 PURCHASE A HOME."
   § 2. This act shall take effect on the one hundred eightieth day after
 it shall have become a law.  Effective immediately, the addition, amend-
 ment and/or repeal of any rule or regulation necessary for the implemen-
 tation of this act on its effective date are authorized to be  made  and
 completed on or before such effective date.

co-Sponsors

2019-A1845A - Details

Law Section:: Banking Law
Laws Affected:: Add §35, Bank L
Versions Introduced in Other Legislative Sessions:: 2013-2014: A3815
2015-2016: A997
2017-2018: A3322
2023-2024: A9686

2019-A1845A - Summary

2019-A1845A - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  1845--A
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 17, 2019
                                ___________
 
 Introduced  by M. of A. M. G. MILLER, BLAKE -- read once and referred to
   the Committee on Banks -- reported and referred to  the  Committee  on
   Codes  --  committee  discharged,  bill  amended, ordered reprinted as
   amended and recommitted to said committee
 
 AN ACT to amend the banking law, in relation  to  what  mortgage  appli-
   cant's need to know 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:
   §  35.  INFORMATION  PAMPHLET FOR RESIDENTIAL MORTGAGE APPLICANTS.  1.
 THE SUPERINTENDENT SHALL DEVELOP A  PAMPHLET  KNOWN  AS  "WHAT  MORTGAGE
 APPLICANT'S NEED TO KNOW" AND POST SUCH PAMPHLET ON THE DEPARTMENT'S WEB
 SITE.  SUCH  PAMPHLET SHALL BE POSTED AND PRINTED IN THE SIX MOST COMMON
 NON-ENGLISH LANGUAGES SPOKEN BY INDIVIDUALS WITH LIMITED-ENGLISH  PROFI-
 CIENCY  IN  NEW YORK STATE AS BASED ON THE MOST RECENT CENSUS. 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,  MORTGAGE  BANKERS  AND
 OTHER  BANKING  ORGANIZATIONS  TO  EACH PERSON BEFORE SUCH PERSON ENTERS
 INTO AN APPLICATION FOR A LOAN SECURED BY A MORTGAGE   UPON  RESIDENTIAL
 REAL  ESTATE.  SHOULD  SUCH  APPLICANT  APPLY FOR A MORTGAGE ONLINE, THE
 LICENSED LENDER, MORTGAGE BANKER OR  OTHER  BANKING  ORGANIZATION  SHALL
 PROVIDE  THE  APPLICANT WITH THE PAMPHLET VIA ELECTRONIC COMMUNICATIONS,
 INCLUDING BUT NOT LIMITED TO, ELECTRONIC MAIL  OR  A  HYPERLINK  TO  THE
 PAMPHLET POSTED ON THE DEPARTMENT'S WEB SITE.
   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:
   "WHAT MORTGAGE APPLICANTS NEED TO KNOW
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

                                                            LBD00371-03-9

 A. 1845--A                          2
 
   AS AN APPLICANT FOR A RESIDENTIAL MORTGAGE YOU HAVE THE RIGHT TO:
   1.  COMPARE  THE  CHARGES OF DIFFERENT MORTGAGE BROKERS AND LENDERS TO
 OBTAIN THE BEST LOAN POSSIBLE.
   2. ASK YOUR MORTGAGE BROKER TO EXPLAIN  HIS  OR  HER  RESPONSIBILITIES
 WITHIN THE MORTGAGE LENDING PROCESS.
   3.  KNOW  HOW  MUCH  THE MORTGAGE BROKER IS COMPENSATED BY YOU AND THE
 LENDER FOR YOUR LOAN.
   4. A CLEAR AND TRUTHFUL EXPLANATION OF THE TERMS AND CONDITIONS OF THE
 LOAN.
   5. KNOW IF THE LOAN BEING OFFERED IS A FIXED OR ADJUSTABLE RATE  MORT-
 GAGE  LOAN, KNOW THE EXACT AMOUNT OF YOUR MONTHLY LOAN PAYMENTS, INCLUD-
 ING ANY PROJECTED ESCROW PAYMENTS, KNOW THE FINAL ANNUAL PERCENTAGE RATE
 (APR) AND THE AMOUNT OF REGULAR PAYMENTS AT THE LOAN'S CLOSING.
   6. ASK FOR A GOOD FAITH ESTIMATE OF ALL LOAN  AND  SETTLEMENT  CHARGES
 BEFORE  YOU AGREE TO THE LOAN AND PAY ANY FEES, SUCH AS LOAN APPLICATION
 FEES, TITLE SEARCH AND INSURANCE FEES, LENDER'S ATTORNEY FEES,  PROPERTY
 APPRAISAL  CHARGES,  INSPECTIONS,  RECORDING FEES, TRANSFER TAXES, POINT
 AND ORIGINATION FEES, AND ESCROW ACCOUNT BALANCES.
   7. OBTAIN CREDIT COUNSELING BEFORE CLOSING A LOAN.
   8. DECIDE WHETHER OR NOT TO FINANCE ANY PORTION OF THE POINTS OR FEES.
   9. REFUSE TO PURCHASE CREDIT INSURANCE FOR ANY MORTGAGE LOAN.
   10. HAVE YOUR PROPERTY APPRAISED BY AN  INDEPENDENT  LICENSED  PROFES-
 SIONAL AND TO RECEIVE A COPY OF THE APPRAISAL.
   11. NOT BE SUBJECT TO DECEPTIVE MARKETING PRACTICES.
   12. ASK FOR THE HUD SETTLEMENT COSTS BOOKLET, "BUYING YOUR HOME".
   13.  RECEIVE  THE  FOLLOWING  DOCUMENTS,  AND EVERY DOCUMENT OTHERWISE
 REQUIRED TO BE GIVEN TO YOU AT CLOSING UNDER FEDERAL AND NEW YORK  STATE
 LAW:
   A. GOOD FAITH ESTIMATE
   B. TRUTH IN LENDING
   C. HUD-1 STATEMENT.
   14. KNOW WHAT FEES ARE NOT REFUNDABLE IF YOU DECIDE TO CANCEL THE LOAN
 AGREEMENT.
   15.  RECEIVE  IN  WRITING  THE  REASON  FOR  THE DENIAL OR CONDITIONAL
 APPROVAL OF YOUR LOAN APPLICATION.
   16. IF REFINANCING WITH A NEW LENDER, YOU MAY  CANCEL  A  LOAN  WITHIN
 THREE DAYS OF THE CLOSING BY PROVIDING WRITTEN NOTIFICATION OF CANCELLA-
 TION TO THE LICENSED LENDER OR BANKING INSTITUTION.
   17. RECEIVE THE HUD-1 DOCUMENT ONE DAY BEFORE THE CLOSING TAKES PLACE.
   18. HAVE ANY LENDING DISPUTES RESOLVED IN A FAIR AND EQUITABLE MANNER.
   19.  A  CREDIT  DECISION  THAT  IS  NOT  BASED  UPON YOUR RACE, COLOR,
 NATIONAL ORIGIN, RELIGION, SEX, FAMILY STATUS, SEXUAL ORIENTATION, DISA-
 BILITY OR WHETHER ANY INCOME IS FROM PUBLIC ASSISTANCE.
   20. FILE A COMPLAINT WITH THE DEPARTMENT IF YOU BELIEVE THAT  A  MORT-
 GAGE  BROKER OR ANY OTHER ENTITY LICENSED BY THE DEPARTMENT HAS VIOLATED
 ANY RULES, REGULATIONS OR LAWS WHICH GOVERN HIS OR HER CONDUCT IN  WORK-
 ING WITH YOU TO GET OR PROCESS A MORTGAGE LOAN.
   21.  FILE  A  COMPLAINT WITH THE NEW YORK STATE DEPARTMENT OF STATE IF
 YOU BELIEVE THAT A REAL ESTATE BROKER  HAS  VIOLATED  ANY  RULES,  REGU-
 LATIONS  OR  LAWS WHICH GOVERN HIS OR HER CONDUCT IN WORKING WITH YOU TO
 PURCHASE A HOME."
   § 2. This act shall take effect on the one hundred eightieth day after
 it shall have become a law.  Effective immediately, the addition, amend-
 ment and/or repeal of any rule or regulation necessary for the implemen-
 tation of this act on its effective date are authorized to be  made  and
 completed on or before such effective date.

co-Sponsors

2019-A1845B (ACTIVE) - Details

Law Section:: Banking Law
Laws Affected:: Add §35, Bank L
Versions Introduced in Other Legislative Sessions:: 2013-2014: A3815
2015-2016: A997
2017-2018: A3322
2023-2024: A9686

2019-A1845B (ACTIVE) - Summary

2019-A1845B (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  1845--B
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 17, 2019
                                ___________
 
 Introduced  by M. of A. M. G. MILLER, BLAKE -- read once and referred to
   the Committee on Banks -- reported and referred to  the  Committee  on
   Codes  --  committee  discharged,  bill  amended, ordered reprinted as
   amended and recommitted to said committee -- again reported from  said
   committee  with amendments, ordered reprinted as amended and recommit-
   ted to said committee
 
 AN ACT to amend the banking law, in relation  to  what  mortgage  appli-
   cant's need to know 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:
   §  35.  INFORMATION  PAMPHLET FOR RESIDENTIAL MORTGAGE APPLICANTS.  1.
 THE SUPERINTENDENT SHALL DEVELOP A  PAMPHLET  KNOWN  AS  "WHAT  MORTGAGE
 APPLICANT'S NEED TO KNOW" AND POST SUCH PAMPHLET ON THE DEPARTMENT'S WEB
 SITE.  SUCH  PAMPHLET SHALL BE POSTED AND PRINTED IN THE SIX MOST COMMON
 NON-ENGLISH LANGUAGES SPOKEN BY INDIVIDUALS WITH LIMITED-ENGLISH  PROFI-
 CIENCY  IN  NEW YORK STATE AS BASED ON THE MOST RECENT CENSUS. 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,  MORTGAGE  BANKERS  AND
 OTHER  BANKING  ORGANIZATIONS  TO  EACH PERSON BEFORE SUCH PERSON ENTERS
 INTO AN APPLICATION FOR A LOAN SECURED BY A MORTGAGE   UPON  RESIDENTIAL
 REAL  ESTATE.  SHOULD  SUCH  APPLICANT  APPLY FOR A MORTGAGE ONLINE, THE
 LICENSED LENDER, MORTGAGE BANKER OR  OTHER  BANKING  ORGANIZATION  SHALL
 PROVIDE  THE  APPLICANT WITH THE PAMPHLET VIA ELECTRONIC COMMUNICATIONS,
 INCLUDING BUT NOT LIMITED TO, ELECTRONIC MAIL  OR  A  HYPERLINK  TO  THE
 PAMPHLET POSTED ON THE DEPARTMENT'S WEB SITE.
   2. THE PAMPHLET AND WEB SITE NOTICE DEVELOPED PURSUANT TO THIS SECTION
 SHALL  INCLUDE  THE FOLLOWING, ALONG WITH OTHER INFORMATION ADDED AT THE
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD00371-05-9

 A. 1845--B                          2
 
 DISCRETION OF THE SUPERINTENDENT NOT  OTHERWISE  INCONSISTENT  WITH  THE
 INFORMATION SET FORTH IN THE PAMPHLET:
   "WHAT MORTGAGE APPLICANTS NEED TO KNOW
   AS AN APPLICANT FOR A RESIDENTIAL MORTGAGE YOU HAVE THE RIGHT TO:
   1.  COMPARE  THE  CHARGES OF DIFFERENT MORTGAGE BROKERS AND LENDERS TO
 OBTAIN THE BEST LOAN POSSIBLE.
   2. ASK YOUR MORTGAGE BROKER TO EXPLAIN  HIS  OR  HER  RESPONSIBILITIES
 WITHIN THE MORTGAGE LENDING PROCESS.
   3.  KNOW  HOW  MUCH  THE MORTGAGE BROKER IS COMPENSATED BY YOU AND THE
 LENDER FOR YOUR LOAN.
   4. A CLEAR AND TRUTHFUL EXPLANATION OF THE TERMS AND CONDITIONS OF THE
 LOAN.
   5. KNOW IF THE LOAN BEING OFFERED IS A FIXED OR ADJUSTABLE RATE  MORT-
 GAGE  LOAN, KNOW THE EXACT AMOUNT OF YOUR MONTHLY LOAN PAYMENTS, INCLUD-
 ING ANY PROJECTED ESCROW PAYMENTS, KNOW THE FINAL ANNUAL PERCENTAGE RATE
 (APR) AND THE AMOUNT OF REGULAR PAYMENTS AT THE LOAN'S CLOSING.
   6. ASK FOR A GOOD FAITH ESTIMATE OF ALL LOAN  AND  SETTLEMENT  CHARGES
 BEFORE  YOU AGREE TO THE LOAN AND PAY ANY FEES, SUCH AS LOAN APPLICATION
 FEES, TITLE SEARCH AND INSURANCE FEES, LENDER'S ATTORNEY FEES,  PROPERTY
 APPRAISAL  CHARGES,  INSPECTIONS,  RECORDING FEES, TRANSFER TAXES, POINT
 AND ORIGINATION FEES, AND ESCROW ACCOUNT BALANCES.
   7. OBTAIN CREDIT COUNSELING BEFORE CLOSING A LOAN.
   8. DECIDE WHETHER OR NOT TO FINANCE ANY PORTION OF THE POINTS OR FEES.
   9. REFUSE TO PURCHASE CREDIT INSURANCE FOR ANY MORTGAGE LOAN.
   10. HAVE YOUR PROPERTY APPRAISED BY AN  INDEPENDENT  LICENSED  PROFES-
 SIONAL AND TO RECEIVE A COPY OF THE APPRAISAL.
   11. NOT BE SUBJECT TO DECEPTIVE MARKETING PRACTICES.
   12. ASK FOR THE HUD SETTLEMENT COSTS BOOKLET, "BUYING YOUR HOME".
   13.  RECEIVE  THE  FOLLOWING  DOCUMENTS,  AND EVERY DOCUMENT OTHERWISE
 REQUIRED TO BE GIVEN TO YOU AT CLOSING UNDER FEDERAL AND NEW YORK  STATE
 LAW:
   A. GOOD FAITH ESTIMATE
   B. TRUTH IN LENDING
   C. HUD-1 STATEMENT.
   14. KNOW WHAT FEES ARE NOT REFUNDABLE IF YOU DECIDE TO CANCEL THE LOAN
 AGREEMENT.
   15.  RECEIVE  IN  WRITING  THE  REASON  FOR  THE DENIAL OR CONDITIONAL
 APPROVAL OF YOUR LOAN APPLICATION.
   16. IF REFINANCING WITH A NEW LENDER, YOU MAY  CANCEL  A  LOAN  WITHIN
 THREE DAYS OF THE CLOSING BY PROVIDING WRITTEN NOTIFICATION OF CANCELLA-
 TION TO THE LICENSED LENDER OR BANKING INSTITUTION. IF YOU ARE REFINANC-
 ING WITH THE SAME LENDER, YOUR RIGHT TO CANCEL MAY BE DIFFERENT.
   17. RECEIVE THE HUD-1 DOCUMENT ONE DAY BEFORE THE CLOSING TAKES PLACE.
   18. HAVE ANY LENDING DISPUTES RESOLVED IN A FAIR AND EQUITABLE MANNER.
   19.  A  CREDIT  DECISION  THAT  IS  NOT  BASED  UPON YOUR RACE, COLOR,
 NATIONAL ORIGIN, RELIGION, SEX, FAMILY STATUS, SEXUAL ORIENTATION, DISA-
 BILITY OR WHETHER ANY INCOME IS FROM PUBLIC ASSISTANCE.
   20. FILE A COMPLAINT WITH THE DEPARTMENT IF YOU BELIEVE THAT  A  MORT-
 GAGE  BROKER OR ANY OTHER ENTITY LICENSED BY THE DEPARTMENT HAS VIOLATED
 ANY RULES, REGULATIONS OR LAWS WHICH GOVERN HIS OR HER CONDUCT IN  WORK-
 ING WITH YOU TO GET OR PROCESS A MORTGAGE LOAN.
   21.  FILE  A  COMPLAINT WITH THE NEW YORK STATE DEPARTMENT OF STATE IF
 YOU BELIEVE THAT A REAL ESTATE BROKER  HAS  VIOLATED  ANY  RULES,  REGU-
 LATIONS  OR  LAWS WHICH GOVERN HIS OR HER CONDUCT IN WORKING WITH YOU TO
 PURCHASE A HOME."

 A. 1845--B                          3
 
   § 2. This act shall take effect on the one hundred eightieth day after
 it shall have become a law.  Effective immediately, the addition, amend-
 ment and/or repeal of any rule or regulation necessary for the implemen-
 tation of this act on its effective date are authorized to be  made  and
 completed on or before such effective date.

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Assembly Bill A1845B

Sponsored By

Archive: Last Bill Status - On Floor Calendar

Bill Amendments

co-Sponsors

2019-A1845 - Details

2019-A1845 - Summary

2019-A1845 - Bill Text download pdf

co-Sponsors

2019-A1845A - Details

2019-A1845A - Summary

2019-A1845A - Bill Text download pdf

co-Sponsors

2019-A1845B (ACTIVE) - Details

2019-A1845B (ACTIVE) - Summary

2019-A1845B (ACTIVE) - Bill Text download pdf

Comments

Assembly Bill A1845B

Share this bill

Sponsored By

MILLER MG

Archive: Last Bill Status - On Floor Calendar

Bill Amendments

co-Sponsors

Michael Blake

2019-A1845 - Details

2019-A1845 - Summary

2019-A1845 - Bill Text download pdf

co-Sponsors

Michael Blake

2019-A1845A - Details

2019-A1845A - Summary

2019-A1845A - Bill Text download pdf

co-Sponsors

Michael Blake

2019-A1845B (ACTIVE) - Details

2019-A1845B (ACTIVE) - Summary

2019-A1845B (ACTIVE) - Bill Text download pdf

Comments