Assembly Bill A9686

2023-2024 Legislative Session

Requires what mortgage applicants need to know pamphlet on residential mortgages

download bill text pdf

Sponsored By

Current 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

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2023-A9686 (ACTIVE) - Details

See Senate Version of this Bill:
S5597
Law Section:
Banking Law
Laws Affected:
Add §35, Bank L
Versions Introduced in Other Legislative Sessions:
2013-2014: A3815
2015-2016: A997
2017-2018: A3322
2019-2020: A1845, S5390
2021-2022: S5512

2023-A9686 (ACTIVE) - Summary

Requires the development of a "what mortgage applicants need to know" pamphlet on residential mortgages; provides such pamphlet shall be posted and printed in the 6 most common non-English languages spoken by individuals with limited English proficiency in New York state.

2023-A9686 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9686
 
                           I N  A S S E M B L Y
 
                               April 3, 2024
                                ___________
 
 Introduced by M. of A. WEPRIN -- read once and referred to the Committee
   on Banks
 
 AN ACT to amend the banking law, in relation to what mortgage applicants
   need to know pamphlet on residential mortgages
 
   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  35  to
 read as follows:
   §  35.  INFORMATION  PAMPHLET FOR RESIDENTIAL MORTGAGE APPLICANTS.  1.
 THE SUPERINTENDENT SHALL DEVELOP A  PAMPHLET  KNOWN  AS  "WHAT  MORTGAGE
 APPLICANTS  NEED TO KNOW" AND POST SUCH PAMPHLET ON THE DEPARTMENT'S WEB
 SITE. SUCH PAMPHLET SHALL BE POSTED AND PRINTED IN THE SIX  MOST  COMMON
 NON-ENGLISH  LANGUAGES SPOKEN BY INDIVIDUALS WITH LIMITED-ENGLISH PROFI-
 CIENCY IN NEW YORK STATE AS BASED ON THE MOST RECENT CENSUS.  COPIES  OF
 SUCH  PAMPHLET  SHALL  BE  PROVIDED  TO ALL LICENSED LENDERS AND BANKING
 ORGANIZATIONS OFFERING RESIDENTIAL MORTGAGE SERVICES.  A  COPY  OF  SUCH
 PAMPHLET  SHALL  BE  PROVIDED  BY LICENSED LENDERS, MORTGAGE BANKERS AND
 OTHER BANKING ORGANIZATIONS TO EACH PERSON APPLYING FOR A  LOAN  SECURED
 BY  A  MORTGAGE    UPON  RESIDENTIAL  REAL ESTATE IN ACCORDANCE WITH THE
 TIMING REQUIREMENTS UNDER 12 CFR § 1026.19(E)(1)(III).  A LICENSED LEND-
 ER, MORTGAGE BANKER OR OTHER BANKING ORGANIZATION MAY PROVIDE THE APPLI-
 CANT WITH THE PAMPHLET VIA ELECTRONIC COMMUNICATIONS, INCLUDING BUT  NOT
 LIMITED TO, ELECTRONIC MAIL OR A HYPERLINK TO THE PAMPHLET POSTED ON THE
 DEPARTMENT'S WEB SITE.
   2. THE PAMPHLET AND WEB SITE NOTICE DEVELOPED PURSUANT TO THIS SECTION
 SHALL  INCLUDE  THE FOLLOWING, ALONG WITH OTHER INFORMATION ADDED AT THE
 DISCRETION OF THE SUPERINTENDENT NOT  OTHERWISE  INCONSISTENT  WITH  THE
 INFORMATION SET FORTH IN THE PAMPHLET:
   ""WHAT MORTGAGE APPLICANTS NEED TO KNOW"
   AS AN APPLICANT FOR A RESIDENTIAL MORTGAGE YOU HAVE THE RIGHT TO:
   1. COMPARE AND NEGOTIATE THE CHARGES OF DIFFERENT MORTGAGE BROKERS AND
 LENDERS TO OBTAIN THE BEST LOAN POSSIBLE.
   2.  ASK YOUR MORTGAGE BROKER TO EXPLAIN SUCH PERSON'S RESPONSIBILITIES
 WITHIN THE MORTGAGE LENDING PROCESS.
   3. KNOW HOW MUCH THE MORTGAGE BROKER IS COMPENSATED  BY  YOU  AND  THE
 LENDER FOR YOUR LOAN.
 
              

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