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NY A09746

Bill

Official Source

Status

Introduced

4/5/2016

Primary Sponsor

Diane Richardson

Click for details

Origin

Assembly

2015-2016 General Assembly

AI Summary

  • Amends Banking Law Section 2 by adding a new subdivision 30 defining "consummation of a mortgage loan"
  • Defines consummation as occurring when the applicant executes both the promissory note and mortgage
  • Applies this definition for purposes of the federal Truth in Lending Act and its regulations
  • Applies this definition for purposes of the federal Real Estate Settlement Procedures Act of 1974 and its regulations
  • Takes effect immediately upon enactment

Legislative Description

Relates to the definition of consummation of a mortgage loan.

Last Action

substituted by s7183

6/6/2016

Committee Referrals

Banks4/5/2016

Full Bill Text

No bill text available