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NY A01238

Bill

Official Source

Status

Introduced

1/7/2009

Primary Sponsor

Rory Lancman

Click for details

Origin

Assembly

2009-2010 General Assembly

AI Summary

  • Establishes the "Financially Literate Borrowers Act" requiring the Department of Banking to create guidelines for approved "home loan borrower counseling sessions" provided by not-for-profit organizations
  • Grants a one-time $250 real property tax credit to borrowers who complete a Department-approved home loan counseling session before closing on their loan
  • Authorizes the Department of Banking to promulgate rules and regulations necessary for implementation
  • Takes effect immediately upon enactment

Legislative Description

Enacts the "financially literate borrowers act"; provides a one-time, two hundred fifty dollar tax credit shall be granted to borrowers who participate in a banking department approved home loan borrower counseling session provided by a not-for-profit counseling organization prior to closing on such borrower's loan.

Last Action

referred to banks

1/6/2010

Committee Referrals

Banks1/7/2009

Full Bill Text

No bill text available