Assembly Bill A1796

2023-2024 Legislative Session

Relates to refinancing of an existing mortgage loan

download bill text pdf

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Current Bill Status - Stricken

  • 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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2023-A1796 (ACTIVE) - Details

Law Section:
Banking Law
Laws Affected:
Amd §595-a, Bank L
Versions Introduced in Other Legislative Sessions:
2015-2016: A8112
2017-2018: A6393
2019-2020: A4565
2021-2022: A5579

2023-A1796 (ACTIVE) - Summary

Relates to refinancing of an existing mortgage loan; provides for a separate disclosure which compares monthly payments under the previous mortgage with the combined monthly payments for the new mortgage loan, property tax and insurance.

2023-A1796 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1796
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 23, 2023
                                ___________
 
 Introduced  by  M.  of  A.  ZINERMAN,  DICKENS,  GONZALEZ-ROJAS, LAVINE,
   SILLITTI -- read once and referred to the Committee on Banks
 
 AN ACT to amend the banking law, in relation to refinancing of an exist-
   ing mortgage loan
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section  1.  Subdivision  3  of  section  595-a  of the banking law is
 amended by adding a new paragraph (e) to read as follows:
   (E) FOR ANY REFINANCING OF AN EXISTING MORTGAGE LOAN, WHERE THE  MORT-
 GAGOR  WILL  NO LONGER BE PAYING PROPERTY TAX OR INSURANCE PAYMENTS INTO
 AN ESCROW ACCOUNT, EACH MORTGAGE  BROKER,  MORTGAGE  BANKER  AND  EXEMPT
 ORGANIZATION  SHALL,  PRIOR  TO  CLOSING,  PROVIDE A SEPARATE DISCLOSURE
 WHICH COMPARES THE TOTAL MONTHLY PAYMENTS UNDER  THE  PREVIOUS  MORTGAGE
 WITH THE COMBINED MONTHLY PAYMENTS FOR THE NEW MORTGAGE LOAN, REAL PROP-
 ERTY  TAXES  AND INSURANCE. THE SUPERINTENDENT OF FINANCIAL SERVICES MAY
 SPECIFY THE FORM, CONTENT AND TIMING OF SUCH DISCLOSURE.
   § 2. This act shall take effect on the one hundred eightieth day after
 it shall have become a law.
 
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD00005-01-3

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