Assembly Bill A1935

Signed By Governor
2021-2022 Legislative Session

Relates to modifying delinquent mortgage loans and single point of contact

download bill text pdf

Sponsored By

Archive: Last Bill Status Via S671 - 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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2021-A1935 (ACTIVE) - Details

See Senate Version of this Bill:
S671
Law Section:
Banking Law
Laws Affected:
Add §6-o, Bank L
Versions Introduced in 2019-2020 Legislative Session:
A7513, S8761

2021-A1935 (ACTIVE) - Summary

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

2021-A1935 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1935
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 13, 2021
                                ___________
 
 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
   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.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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