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NY A02536
Bill
Status
1/16/2015
Primary Sponsor
Ron Kim
Click for details
AI Summary
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Requires New York State Banking Superintendent to develop and post a "Mortgage Applicant's Bill of Rights" pamphlet on the Department's website and distribute copies to all licensed lenders and banking organizations
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Mandates that licensed lenders and banking organizations provide applicants with the pamphlet and obtain written acknowledgment of receipt before accepting any residential mortgage application
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Requires lenders to maintain written acknowledgments of receipt with the applicant's mortgage loan documents
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Pamphlet must inform applicants of 21 specific rights including comparing lender charges, understanding loan terms, receiving good faith estimates, obtaining independent appraisals, and receiving required closing documents
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Takes effect 120 days after enactment, with immediate authorization for implementing actions to be completed by the effective date
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