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NY A08112
Bill
Status
6/9/2015
Primary Sponsor
Annette Robinson
Click for details
AI Summary
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Requires mortgage brokers, mortgage bankers, and exempt organizations to provide a separate disclosure before closing on any mortgage refinancing where the borrower will no longer pay property taxes or insurance into an escrow account.
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Disclosure must compare total monthly payments under the previous mortgage with combined monthly payments for the new mortgage loan, real property taxes, and insurance.
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Authorizes the Banking Board to specify the form, content, and timing requirements for the disclosure.
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Takes effect 180 days after becoming law.
Legislative Description
Relates to refinancing of an existing mortgage loan; provides for a separate disclosure which compares monthly payments under the previous mortgage with the combined monthly payments for the new mortgage loan, property tax and insurance.
Last Action
referred to banks
1/6/2016