Senate Bill S8670

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 Via A9493 - Passed Senate

  • 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

co-Sponsors

2021-S8670 - Details

Law Section:
Banking Law
Laws Affected:
Add §6-p, Bank L; add §354-f, Exec L; add §29-a, Veterans' Services L

2021-S8670 - 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-S8670 - Sponsor Memo

2021-S8670 - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8670
 
                             I N  S E N A T E
 
                              March 29, 2022
                                ___________
 
 Introduced  by  Sen.  BROOKS -- read twice and ordered printed, and when
   printed to be committed 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-S8670A (ACTIVE) - Details

Law Section:
Banking Law
Laws Affected:
Add §6-p, Bank L; add §354-f, Exec L; add §29-a, Veterans' Services L

2021-S8670A (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-S8670A (ACTIVE) - Sponsor Memo

2021-S8670A (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  8670--A
 
                             I N  S E N A T E
 
                              March 29, 2022
                                ___________
 
 Introduced  by  Sens. BROOKS, MAY -- read twice and ordered printed, and
   when printed to be committed to the Committee  on  Banks  --  reported
   favorably  from  said  committee  and  committed  to  the Committee on
   Finance -- 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.

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