Assembly Bill A9493A

2021-2022 Legislative Session

Relates to loan counseling services for a mortgage guaranteed under the "Servicemen's Readjustment Act of 1944"

download bill text pdf

Sponsored By

Archive: Last Bill Status - Passed Senate & Assembly

  • 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
Votes

Bill Amendments

co-Sponsors

2021-A9493 - Details

See Senate Version of this Bill:
S8670
Law Section:
Banking Law
Laws Affected:
Add §6-p, Bank L; add §354-f, Exec L; add §29-a, Veterans' Services L

2021-A9493 - Summary

Provides that a veteran seeking a housing loan under chapter 37 of title 38 of the United States Code be offered loan counseling services prior to the processing of such application by a banking institution or mortgage lender.

2021-A9493 - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9493
 
                           I N  A S S E M B L Y
 
                               March 7, 2022
                                ___________
 
 Introduced  by M. of A. STERN -- read once and referred to the Committee
   on Banks
 
 AN ACT to amend the banking law and the executive law,  in  relation  to
   certain  notices  and services upon application for a mortgage guaran-
   teed under the "Servicemen's Readjustment Act of 1944"
 
   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-p to
 read as follows:
   § 6-P. LOAN COUNSELING FOR MORTGAGES GUARANTEED  BY  THE  SERVICEMEN'S
 READJUSTMENT  ACT  OF 1944. EVERY MORTGAGE LENDING INSTITUTION AND MORT-
 GAGE BANKER WHICH ORIGINATES LOANS SECURED BY  REAL  PROPERTY  USED  FOR
 RESIDENTIAL  PURPOSES  LOCATED  IN THIS STATE WHICH ARE TO BE GUARANTEED
 UNDER THE SERVICEMEN'S READJUSTMENT ACT OF 1944 SHALL PROVIDE A SEPARATE
 DISCLOSURE FORM WITH EACH APPLICATION STATING THAT A VETERAN  SEEKING  A
 HOUSING  LOAN UNDER CHAPTER 37 OF TITLE 38 OF THE UNITED STATES CODE HAS
 BEEN OFFERED LOAN COUNSELING SERVICES.  SUCH  LOAN  COUNSELING  SERVICES
 SHALL  BE  PROVIDED  BY THE DIVISION OF VETERANS' SERVICES UNDER SECTION
 THREE HUNDRED FIFTY-FOUR-F OF THE  EXECUTIVE  LAW  UPON  REQUEST  OF  AN
 APPLICANT.  THE DISCLOSURE FORM REQUIRED BY THIS SECTION SHALL BE SIGNED
 BY  EACH APPLICANT AND SHALL INCLUDE INFORMATION DETAILING HOW TO ACCESS
 SUCH COUNSELING SERVICES.
   § 2. The executive law is amended by adding a  new  section  354-f  to
 read as follows:
   §  354-F. LOAN COUNSELING FOR MORTGAGES GUARANTEED BY THE SERVICEMEN'S
 READJUSTMENT ACT OF 1944. UPON THE REQUEST OF ANY VETERAN, THE  DIVISION
 SHALL  PROVIDE  COUNSELING  AND  ASSISTANCE TO APPLICANTS FOR A MORTGAGE
 LOAN GUARANTEED BY THE SERVICEMEN'S READJUSTMENT  ACT  OF  1944.    SUCH
 SERVICE  SHALL  BE PROVIDED EITHER DIRECTLY OR THROUGH A CONTRACT WITH A
 NOT-FOR-PROFIT ENTITY WHICH  HAS  A  COMMERCIAL  AND  GOVERNMENT  ENTITY
 (CAGE)  CODE  ASSIGNED  BY  THE  FEDERAL SYSTEM FOR AWARD MANAGEMENT AND
 WHICH IS NOT OWNED BY, AFFILIATED WITH OR OPERATED BY A MORTGAGE  COMPA-
 NY.   COUNSELORS SHALL BE LICENSED IN THIS STATE AS EITHER A REAL ESTATE
 BROKER OR A MORTGAGE BROKER.    LOAN  COUNSELING  AND  ASSISTANCE  SHALL
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

co-Sponsors

2021-A9493A (ACTIVE) - Details

See Senate Version of this Bill:
S8670
Law Section:
Banking Law
Laws Affected:
Add §6-p, Bank L; add §354-f, Exec L; add §29-a, Veterans' Services L

2021-A9493A (ACTIVE) - Summary

Provides that a veteran seeking a housing loan under chapter 37 of title 38 of the United States Code be offered loan counseling services prior to the processing of such application by a banking institution or mortgage lender.

2021-A9493A (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  9493--A
 
                           I N  A S S E M B L Y
 
                               March 7, 2022
                                ___________
 
 Introduced  by  M.  of  A.  STERN,  THIELE, ENGLEBRIGHT, RAMOS, WALLACE,
   J. A. GIGLIO, GANDOLFO, McDONOUGH, SOLAGES, GRIFFIN, SILLITTI, LAVINE,
   BURDICK, MORINELLO, JONES, HEVESI -- read once  and  referred  to  the
   Committee  on  Banks  --  committee  discharged, bill amended, ordered
   reprinted as amended and recommitted to said committee

 AN ACT to amend the banking law and the executive law,  in  relation  to
   certain  notices  and services upon application for a mortgage guaran-
   teed under the "Servicemen's Readjustment Act of 1944""; and providing
   for the repeal of certain provisions upon expiration thereof
 
   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-p to
 read as follows:
   § 6-P. LOAN COUNSELING FOR MORTGAGES GUARANTEED  BY  THE  SERVICEMEN'S
 READJUSTMENT  ACT  OF 1944. EVERY MORTGAGE LENDING INSTITUTION AND MORT-
 GAGE BANKER WHICH ORIGINATES LOANS SECURED BY  REAL  PROPERTY  USED  FOR
 RESIDENTIAL  PURPOSES  LOCATED  IN THIS STATE WHICH ARE TO BE GUARANTEED
 UNDER THE SERVICEMEN'S READJUSTMENT ACT OF 1944 SHALL PROVIDE A SEPARATE
 DISCLOSURE FORM WITH EACH APPLICATION STATING THAT A VETERAN  SEEKING  A
 HOUSING  LOAN UNDER CHAPTER 37 OF TITLE 38 OF THE UNITED STATES CODE HAS
 BEEN OFFERED LOAN COUNSELING SERVICES.  SUCH  LOAN  COUNSELING  SERVICES
 SHALL  BE  PROVIDED  BY THE DIVISION OF VETERANS' SERVICES UNDER SECTION
 THREE HUNDRED FIFTY-FOUR-F OF THE  EXECUTIVE  LAW  UPON  REQUEST  OF  AN
 APPLICANT.  THE DISCLOSURE FORM REQUIRED BY THIS SECTION SHALL BE SIGNED
 BY  EACH APPLICANT AND SHALL INCLUDE INFORMATION DETAILING HOW TO ACCESS
 SUCH COUNSELING SERVICES.
   § 2. The executive law is amended by adding a  new  section  354-f  to
 read as follows:
   §  354-F. LOAN COUNSELING FOR MORTGAGES GUARANTEED BY THE SERVICEMEN'S
 READJUSTMENT ACT OF 1944. UPON THE REQUEST OF ANY VETERAN, THE  DIVISION
 SHALL  PROVIDE  COUNSELING  AND  ASSISTANCE TO APPLICANTS FOR A MORTGAGE
 LOAN GUARANTEED BY THE SERVICEMEN'S READJUSTMENT  ACT  OF  1944.    SUCH
 SERVICE  SHALL  BE PROVIDED EITHER DIRECTLY OR THROUGH A CONTRACT WITH A
 NOT-FOR-PROFIT ENTITY WHICH  HAS  A  COMMERCIAL  AND  GOVERNMENT  ENTITY
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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.