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NY A02801
Bill
Status
1/18/2013
Primary Sponsor
Keith Wright
Click for details
AI Summary
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Requires mortgage investing institutions to provide written notice to mortgagors when personal mortgage insurance is no longer required on one to four family residences in New York State
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Notice must be delivered within 30 days of the date when the mortgagor acquires sufficient equity to eliminate the necessity for personal mortgage insurance coverage
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Defines mortgage investing institutions to include banks, credit unions, mortgage bankers, and other entities that require mortgagors to maintain personal mortgage insurance
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Applies to mortgagors who have title to and occupy residential property in New York State subject to a mortgage
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Takes effect 30 days after the bill becomes 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
1/8/2014