A7738 Summary

• Allows superintendent to make confidential informational presentations to the banking board without public notice, provided no business is conducted and information remains confidential

• Expands grounds for suspension or revocation of mortgage banker and broker licenses to include failure to pay assessments, file required reports, maintain surety bonds, or upon bankruptcy filings, with automatic license termination after 90 days if deficiencies are not cured

• Prohibits inclusion of provisions in residential mortgage loans (1-6 family homes and cooperative housing) that increase interest rates upon default, except for variable rate loans where rate changes are not triggered by default

• Modifies assessment and fee collection procedures, allowing overpayments to be applied against next quarterly assessment or refunded, and simplifies payment schedules for banking organizations

• Eliminates outdated language and provisions throughout the banking law, including repealing requirements for three-fifths board vote on certain matters and updating terminology regarding banking institutions and credit unions