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NY A11696
Bill
Status
Introduced
9/1/2010
Primary Sponsor
Carl Heastie
Click for details
AI Summary
- Amends New York Banking Law by adding Section 129-A to require banks and trust companies to provide written disclosure of any negative consequences alternative payment schedules may have on a customer's credit score or rating
- Disclosure must be provided at three specific times: when a loan application is made, when a loan is granted, and when a customer requests an alternative payment schedule, but before the schedule is actually established
- Applies to any bank or trust company that permits a customer to establish an alternative payment schedule for an existing loan
- Takes effect 90 days after becoming law
Legislative Description
Requires banks to disclose any negative consequences of establishing an alternative payment schedule on a loan.
Last Action
referred to banks
9/1/2010
Committee Referrals
Banks9/1/2010
Full Bill Text
No bill text available