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NY A00997
Bill
Status
1/8/2015
Primary Sponsor
Michael Miller
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 in the eight most spoken languages in New York State.
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Mandates that all licensed lenders and banking organizations provide a copy of the pamphlet to each residential mortgage applicant in a language they can understand before accepting a loan application.
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Requires applicants to acknowledge receipt of the pamphlet in writing, and lenders must maintain this acknowledgement with the applicant's mortgage loan documents.
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Lists 21 specific rights for residential mortgage applicants, including the right to compare lender charges, receive a good faith estimate, obtain credit counseling, and file complaints with the Department.
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Takes effect 180 days after becoming law, with immediate authorization for all necessary implementation actions.
Legislative Description
Requires the development of a mortgage bill of rights pamphlet on residential mortgages and provides such pamphlet shall be posted and printed in the 8 most popularly spoken languages in the state.
Last Action
referred to banks
1/6/2016