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NY A07281
Bill
Status
5/10/2013
Primary Sponsor
Ron Kim
Click for details
AI Summary
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Requires the superintendent of financial services to develop and post a "Mortgage Applicant's Bill of Rights" pamphlet on the department's website and distribute it to all licensed lenders and banking organizations
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Mandates that lenders and banking organizations provide the pamphlet to mortgage applicants before accepting any residential mortgage loan application and obtain written acknowledgment of receipt
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Requires lenders to maintain written acknowledgement of receipt with the applicant's mortgage loan documents
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Specifies the pamphlet must include 21 enumerated rights for mortgage applicants, including the right to compare lender charges, understand loan terms, receive good faith estimates, obtain credit counseling, and file complaints with state regulators
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Takes effect 120 days after becoming law, with immediate authorization for all necessary implementation 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