Senate Bill S8761

2019-2020 Legislative Session

Relates to modifying delinquent mortgage loans and single point of contact

download bill text pdf

Sponsored By

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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2019-S8761 (ACTIVE) - Details

See Assembly Version of this Bill:
A7513
Law Section:
Banking Law
Laws Affected:
Add §6-o, Bank L
Versions Introduced in 2021-2022 Legislative Session:
S671, A1935

2019-S8761 (ACTIVE) - Summary

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

2019-S8761 (ACTIVE) - Sponsor Memo

2019-S8761 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8761
 
                             I N  S E N A T E
 
                               July 14, 2020
                                ___________
 
 Introduced  by  Sen. SANDERS -- read twice and ordered printed, and when
   printed to be committed to the Committee on Rules
 
 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
   (C) PROVIDING ACCURATE INFORMATION REGARDING THE STATUS OF  A  BORROW-
 ER'S  LOAN MODIFICATION APPLICATION SHOULD SUCH BORROWER CHOOSE TO APPLY
 FOR A MODIFICATION.
   3. THE SINGLE POINT OF CONTACT REQUIRED BY THIS SECTION  SHALL  REMAIN
 ASSIGNED  TO THE BORROWER'S ACCOUNT UNTIL SUCH TIME AS THE LENDER DETER-
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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