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NY A05330
Bill
Status
2/22/2013
Primary Sponsor
Walter Mosley
Click for details
AI Summary
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Requires the Superintendent of Financial Services to develop a "Mortgage Applicant's Bill of Rights" pamphlet and post it on the department's website
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Mandates licensed mortgage lenders and banking organizations provide the pamphlet to all residential mortgage applicants before accepting an application, with written acknowledgment of receipt required
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Lenders must maintain written acknowledgment of receipt with the applicant's mortgage loan documents
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Pamphlet must include 21 specified consumer rights including comparing lenders, understanding loan terms and compensation, receiving good faith estimates, obtaining credit counseling, receiving required closing documents, and filing complaints
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Takes effect 120 days after enactment, with immediate authorization for implementing actions
Legislative Description
Requires mortgage lenders and brokers to provide consumers with a mortgage bill of rights pamphlet which must be read and signed by the consumer prior to applying for a mortgage.
Last Action
referred to banks
1/8/2014