NY A01111

Adds a new section 129-A to the New York Banking Law requiring banks and trust companies to disclose in writing any negative consequences an alternative payment schedule may have on a customer's credit score or rating

Disclosure must be provided at three specific times: when a loan application is made, when a loan is granted, and when a customer requests an alternative payment schedule, but before the schedule is established

Applies to any situation where a bank or trust company permits a customer to establish an alternative payment schedule for an existing loan

Takes effect 90 days after becoming law