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NY A03240
Bill
Status
Introduced
1/24/2011
Primary Sponsor
Carl Heastie
Click for details
AI Summary
- Adds Section 129-A to New York Banking Law requiring banks and trust companies to provide written disclosure of any negative consequences an alternative payment schedule may have on a customer's credit score or rating
- Disclosure must be provided at three key points: when a loan application is made, when a loan is granted, and when a customer requests an alternative payment schedule be established
- Disclosure must be provided prior to the actual establishment of any alternative payment schedule
- 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
1/4/2012
Committee Referrals
Banks1/24/2011
Full Bill Text
No bill text available