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NY A01365
Bill
Status
1/5/2011
Primary Sponsor
Hakeem Jeffries
Click for details
AI Summary
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Superintendent of Banks shall develop a "Mortgage Applicant's Bill of Rights" pamphlet and post it on the Banking Department's website, with copies provided to all licensed lenders and banking organizations offering residential mortgages.
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Licensed lenders and banking organizations must provide the pamphlet to each person before they submit a residential mortgage application and cannot accept an application until the applicant receives the pamphlet and provides written acknowledgment of receipt.
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Lenders must maintain written acknowledgments with the applicant's mortgage loan documents.
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The pamphlet must include 21 specified rights for mortgage applicants, including the right to compare lender charges, understand loan terms and compensation, receive good faith estimates, obtain credit counseling, have independent property appraisals, receive required closing documents one day before closing, and file complaints with regulatory agencies.
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The act takes effect 120 days after becoming law, with all implementation actions authorized to be completed by that date.
Legislative Description
Requires mortgage lenders and brokers to provide consumers with a mortgage bill of rights pamphlet which must be read and signed by the consumer prior to applying for a mortgage.
Last Action
referred to banks
1/4/2012