Assembly Bill A4565

2019-2020 Legislative Session

Relates to refinancing of an existing mortgage loan

download bill text pdf

Sponsored By

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

Do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.
Actions

2019-A4565 (ACTIVE) - Details

See Senate Version of this Bill:
S5290
Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Amd §595-a, Bank L
Versions Introduced in Other Legislative Sessions:
2015-2016: A8112
2017-2018: A6393
2021-2022: A5579, S99
2023-2024: A1796

2019-A4565 (ACTIVE) - Summary

Relates to refinancing of an existing mortgage loan; provides for a separate disclosure which compares monthly payments under the previous mortgage with the combined monthly payments for the new mortgage loan, property tax and insurance.

2019-A4565 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4565
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 4, 2019
                                ___________
 
 Introduced by M. of A. WRIGHT -- read once and referred to the Committee
   on Banks
 
 AN ACT to amend the banking law, in relation to refinancing of an exist-
   ing mortgage loan
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. Subdivision 3 of  section  595-a  of  the  banking  law  is
 amended by adding a new paragraph (e) to read as follows:
   (E)  FOR ANY REFINANCING OF AN EXISTING MORTGAGE LOAN, WHERE THE MORT-
 GAGOR WILL NO LONGER BE PAYING PROPERTY TAX OR INSURANCE  PAYMENTS  INTO
 AN  ESCROW  ACCOUNT,  EACH  MORTGAGE  BROKER, MORTGAGE BANKER AND EXEMPT
 ORGANIZATION SHALL, PRIOR TO  CLOSING,  PROVIDE  A  SEPARATE  DISCLOSURE
 WHICH  COMPARES  THE  TOTAL MONTHLY PAYMENTS UNDER THE PREVIOUS MORTGAGE
 WITH THE COMBINED MONTHLY PAYMENTS FOR THE NEW MORTGAGE LOAN, REAL PROP-
 ERTY TAXES AND INSURANCE.  THE  BANKING  BOARD  MAY  SPECIFY  THE  FORM,
 CONTENT AND TIMING OF SUCH DISCLOSURE.
   § 2. This act shall take effect on the one hundred eightieth day after
 it shall have become a law.
 
 

 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD00595-01-9

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.