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NY S00886
Bill
Status
Passed
8/17/2012
Primary Sponsor
Liz Krueger
Click for details
AI Summary
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Prohibits mortgage brokers and mortgage lenders from receiving any compensation that is based on or varies with the terms of a home loan, applying to all home loans under banking law section 590-b.
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Allows compensation to continue being based on the principal balance of the loan, which is exempt from the prohibition.
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Replaces previous "yield spread premium" language in sections governing high-cost and subprime home loans with the broader compensation restriction.
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Takes effect immediately upon enactment.
Legislative Description
Prohibits compensation based on home loan terms by mortgage brokers or mortgage lenders.
Last Action
SIGNED CHAP.404
8/17/2012
Committee Referrals
Banks3/21/2012
Banks1/5/2011
Full Bill Text
No bill text available