NY A06845

Attorney General must create a tracking system requiring all mortgage officers at banks and lending institutions and all mortgage brokers in New York to report mortgage applications every six months

Reports must include lender and borrower names and addresses, property owner information, appraised property value, mortgage amount, appraiser details, application date, whether mortgage was approved, and other information deemed appropriate by the Attorney General

Attorney General must submit tracking system results to the Governor, Senate Temporary President, and Assembly Speaker on January 31, 2015 and annually thereafter on January 31

Attorney General is immediately authorized to promulgate rules and regulations necessary to implement the tracking system before the effective date

Act takes effect 90 days after becoming law