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NY A05302
Bill
Status
Introduced
2/15/2011
Primary Sponsor
Keith Wright
Click for details
AI Summary
- Amends New York Banking Law to require mortgage investing institutions to provide written notice to mortgagors when personal mortgage insurance is no longer required
- Notice must be delivered within 30 days of the date the mortgagor acquires sufficient equity to eliminate the necessity for personal mortgage insurance
- Applies to mortgagors of one to four family residences located in New York State
- Defines mortgage investing institutions to include banks, credit unions, mortgage bankers, and other entities that require mortgagors to maintain personal mortgage insurance
- Takes effect 30 days after becoming law
Legislative Description
Requires mortgagee banks to provide written notice to mortgagor when such mortgagor is no longer required to maintain personal mortgage insurance coverage; provides such notice shall be delivered to the mortgagor within thirty days of the date upon which the mortgagor shall have acquired sufficient equity in real property subject to the mortgage so as to eliminate the necessity for personal mortgage insurance.
Last Action
referred to banks
1/4/2012
Committee Referrals
Banks2/15/2011
Full Bill Text
No bill text available