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NY A05407
Bill
Status
Introduced
2/18/2011
Primary Sponsor
Darryl Towns
Click for details
AI Summary
- Prohibits mortgage brokers and mortgage lenders from receiving compensation that is based on or varies with the terms of any home loan in New York State
- Allows compensation to remain based on the principal balance of the loan
- Applies to all home loan arrangements, replacing previous regulations that only addressed "abusive" yield spread premiums in high-cost and subprime loans
- Removes disclosure requirements and yield spread premium provisions that previously allowed brokers to receive lender compensation exceeding their owed amount
- Takes effect immediately upon enactment
Legislative Description
Prohibits compensation based on home loan terms by mortgage brokers or mortgage lenders.
Last Action
enacting clause stricken
4/20/2011
Committee Referrals
Banks2/18/2011
Full Bill Text
No bill text available