NY A03815

Superintendent shall develop a "Mortgage Applicant's Bill of Rights" pamphlet and post it on the Department's website in the eight most spoken languages in New York State.

Licensed lenders and banking organizations must provide a copy of the pamphlet in the applicant's language before accepting any residential mortgage application, and applicants must acknowledge receipt in writing.

Lenders must maintain written acknowledgement of pamphlet receipt with the applicant's mortgage loan documents.

Pamphlet shall include 21 enumerated rights for mortgage applicants, including rights to compare lender charges, receive good faith estimates, obtain independent property appraisals, receive specific closing documents, and file complaints with regulatory agencies.

Act takes effect 180 days after becoming law, with implementation actions authorized immediately upon passage.