Assembly Bill A7513A

2019-2020 Legislative Session

Relates to modifying delinquent mortgage loans and single point of contact

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Archive: Last Bill Status Via S8761 - 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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Bill Amendments

2019-A7513 - Details

See Senate Version of this Bill:
S8761
Law Section:
Banking Law
Laws Affected:
Add §6-o, Bank L
Versions Introduced in 2021-2022 Legislative Session:
A1935, S671

2019-A7513 - Summary

Relates to modifying delinquent mortgage loans and single point of contact.

2019-A7513 - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7513
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                                May 8, 2019
                                ___________
 
 Introduced  by M. of A. PERRY -- read once and referred to the Committee
   on Banks
 
 AN ACT to amend the banking law, in  relation  to  modifying  delinquent
   mortgage loans and single point of contact
 
   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 96-e  to
 read as follows:
   §  96-E. SINGLE POINT OF CONTACT; MODIFYING DELINQUENT MORTGAGE LOANS.
 1. FOR THE PURPOSES OF THIS SECTION, "MORTGAGE SERVICER"  SHALL  MEAN  A
 PERSON OR ENTITY RESPONSIBLE FOR THE DAY TO DAY MANAGEMENT OF A MORTGAGE
 LOAN  ACCOUNT,  INCLUDING COLLECTING AND CREDITING PERIOD LOAN PAYMENTS,
 MANAGING ANY ESCROW ACCOUNT, OR ENFORCING MORTGAGE LOAN TERMS EITHER  AS
 THE HOLDER OF THE LOAN NOTE OR ON BEHALF OF THE HOLDER OF THE LOAN NOTE.
   2. IF A BORROWER IS SIXTY OR MORE DAYS DELINQUENT, THE MORTGAGE SERVI-
 CER  SHALL  INFORM  THE BORROWER THAT IF THE BORROWER WISHES TO PURSUE A
 LOAN MODIFICATION OR OTHER FORECLOSURE PREVENTION ALTERNATIVE, THE MORT-
 GAGE SERVICER SHALL ESTABLISH A SINGLE POINT OF CONTACT FOR THE  BORROW-
 ER.
   3.  UPON  WRITTEN  OR  TELEPHONIC COMMUNICATION FROM A BORROWER WHO IS
 SIXTY OR MORE DAYS DELINQUENT AND WHO REQUESTS LOSS  MITIGATION  ASSIST-
 ANCE,  THE  IDENTITY  OF  AND  CONTACT INFORMATION FOR A SINGLE POINT OF
 CONTACT SHALL BE PROVIDED TO THE BORROWER WITHIN TEN BUSINESS DAYS.  THE
 MORTGAGE  SERVICER  SHALL  PROVIDE  UPDATED  CONTACT  INFORMATION TO THE
 BORROWER IF THE DESIGNATED SINGLE POINT OF CONTACT IS CHANGED  NO  LATER
 THAN FIVE BUSINESS DAYS AFTER THE CHANGE.
   4.  THE  SINGLE  POINT  OF CONTACT SHALL BE RESPONSIBLE FOR ALL OF THE
 FOLLOWING:
   (A) COMMUNICATING THE OPTIONS AVAILABLE TO THE BORROWER,  THE  ACTIONS
 THE  BORROWER  MUST  TAKE  TO  BE  CONSIDERED FOR THOSE OPTIONS, AND THE
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD05333-01-9

2019-A7513A (ACTIVE) - Details

See Senate Version of this Bill:
S8761
Law Section:
Banking Law
Laws Affected:
Add §6-o, Bank L
Versions Introduced in 2021-2022 Legislative Session:
A1935, S671

2019-A7513A (ACTIVE) - Summary

Relates to modifying delinquent mortgage loans and single point of contact.

2019-A7513A (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  7513--A
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                                May 8, 2019
                                ___________
 
 Introduced  by M. of A. PERRY -- read once and referred to the Committee
   on Banks -- recommitted to the Committee on Banks in  accordance  with
   Assembly Rule 3, sec. 2 -- committee discharged, bill amended, ordered
   reprinted as amended and recommitted to said committee
 
 AN  ACT  to  amend  the banking law, in relation to modifying delinquent
   home loans and single point of contact
 
   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 6-o to
 read as follows:
   § 6-O. SINGLE POINT OF CONTACT FOR MODIFYING DELINQUENT HOME LOANS. 1.
 A LENDER SHALL PROVIDE TO A BORROWER WHO IS SIXTY OR  MORE  DAYS  DELIN-
 QUENT ON HIS OR HER HOME LOAN WITH SUCH LENDER AND WHO CHOOSES TO PURSUE
 A  LOAN  MODIFICATION  OR  OTHER  FORECLOSURE  PREVENTION ALTERNATIVE, A
 SINGLE POINT OF CONTACT FOR THE BORROWER TO REACH THE  LENDER  REGARDING
 PURSUING A LOAN MODIFICATION. THE BORROWER SHALL MAKE HIS OR HER REQUEST
 FOR  SUCH  CONTACT INFORMATION IN WRITING OR BY ELECTRONIC COMMUNICATION
 TO HIS OR HER LENDER AND SUCH LENDER SHALL PROVIDE THE CONTACT  INFORMA-
 TION  REQUIRED HEREIN WITHIN TEN BUSINESS DAYS OF RECEIVING SUCH BORROW-
 ER'S REQUEST. IF AT ANY TIME THE CONTACT  INFORMATION  PROVIDED  TO  THE
 BORROWER CHANGES, A NOTIFICATION OF SUCH CHANGE SHALL BE PROVIDED BY THE
 LENDER  TO  THE  BORROWER  WITHIN FIVE BUSINESS DAYS OF SUCH CHANGE. THE
 DUTIES IMPOSED ON A LENDER BY THIS SECTION MAY ALSO BE  PERFORMED  BY  A
 MORTGAGE SERVICER ACTING ON BEHALF OF SUCH LENDER.
   2. THE SINGLE POINT OF CONTACT REQUIRED BY THIS ACT SHALL BE RESPONSI-
 BLE FOR THE FOLLOWING:
   (A)  COMMUNICATING INFORMATION REGARDING OPTIONS THE BORROWER MAY HAVE
 FOR MODIFYING HIS OR HER DELINQUENT HOME LOAN;
   (B) ASSISTING THE BORROWER WITH IDENTIFYING  DOCUMENTS  NECESSARY  FOR
 PURSUING A LOAN MODIFICATION; AND
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD05333-04-0

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