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NY A02493
Bill
Status
1/16/2015
Primary Sponsor
Walter Mosley
Click for details
AI Summary
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Requires the New York Department of Financial Services to develop a "Mortgage Applicant's Bill of Rights" pamphlet and post it on the department's website, with copies provided to all licensed mortgage lenders and banking organizations
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Mandates that lenders and banking organizations provide the pamphlet to applicants before accepting a residential mortgage application and obtain written acknowledgment of receipt from the applicant
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Requires lenders to maintain written acknowledgments of the pamphlet receipt with applicants' mortgage loan documents
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Establishes 21 enumerated rights for residential mortgage applicants, including the right to compare lender charges, receive clear loan explanations, obtain good faith estimates, have independent property appraisals, receive HUD-1 statements one day before closing, and file complaints with state regulators
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Takes effect 120 days after enactment, with implementation actions authorized to begin immediately upon passage
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
1/6/2016