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NY A10757

Bill

Official Source

Status

Introduced

12/23/2016

Primary Sponsor

Diane Richardson

Click for details

Origin

Assembly

2015-2016 General Assembly

AI Summary

  • Amends the Banking Law definition of "consummation of a mortgage loan" to explicitly allow execution by electronic signature.

  • Applies the electronic signature provision to promissory notes and mortgages in compliance with applicable federal and state laws, rules, and regulations.

  • Aligns with the Truth in Lending Act and Real Estate Settlement Procedures Act of 1974 requirements for mortgage loan consummation.

  • Takes effect on the same date as related legislative bills S.7183 and A.9746 amending the Banking Law.

Legislative Description

Relates to defining consummation of a mortgage loan.

Last Action

referred to banks

12/23/2016

Committee Referrals

Banks12/23/2016

Full Bill Text

No bill text available