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.
              

                                                            LBD14376-02-2
 A. 9493--A                          2

 (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
 INCLUDE A REVIEW OF THE TERMS AND RESTRICTIONS OF THE LOAN,  INFORMATION
 DETERMINED BY THE STATE DIRECTOR TO BE APPROPRIATE FOR A VETERAN SEEKING
 A  HOUSING  LOAN UNDER CHAPTER 37 OF TITLE 38 OF THE UNITED STATES CODE,
 AND ANY OTHER INFORMATION WHICH MAY BE REQUIRED UNDER FEDERAL LAW,  RULE
 OR REGULATION.
   §  3.  The  veterans'  services law is amended by adding a new section
 29-a to read as follows:
   § 29-A. 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
 INCLUDE A REVIEW OF THE TERMS AND RESTRICTIONS OF THE LOAN,  INFORMATION
 DETERMINED BY THE STATE DIRECTOR TO BE APPROPRIATE FOR A VETERAN SEEKING
 A  HOUSING  LOAN UNDER CHAPTER 37 OF TITLE 38 OF THE UNITED STATES CODE,
 AND ANY OTHER INFORMATION WHICH MAY BE REQUIRED UNDER FEDERAL LAW,  RULE
 OR REGULATION.
   § 4. This act shall take effect on the one hundred twentieth day after
 it  shall  have  become  a law; provided, however, that section three of
 this act shall take effect on the same date and in the  same  manner  as
 section  2  of  part PP of chapter 56 of the laws of 2022, takes effect;
 and provided, further, that section two of this act shall expire and  be
 deemed repealed on the same date such chapter takes effect.