Loading chat...
NY A07329
Bill
Status
Introduced
4/29/2011
Primary Sponsor
Inez Barron
Click for details
AI Summary
- Prohibits mortgage brokers and mortgage lenders from receiving any compensation that is based on or varies with the terms of a home loan in connection with making or brokering home loans
- Compensation based solely on the principal balance of the loan remains permitted
- Replaces existing provisions regarding "abusive yield spread premiums" in high-cost home loans and subprime home loans with an outright prohibition on term-based compensation
- Eliminates previous disclosure requirements and exceptions that allowed yield spread premiums under certain conditions
- Takes effect immediately upon enactment
Legislative Description
Prohibits compensation based on home loan terms by mortgage brokers or mortgage lenders.
Last Action
substituted by s886
6/19/2012
Committee Referrals
Rules6/18/2012
Codes3/27/2012
Banks4/29/2011
Full Bill Text
No bill text available