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NY S07183

Bill

Official Source

Status

Passed

11/28/2016

Primary Sponsor

Diane Savino

Click for details

Origin

Senate

2015-2016 General Assembly

AI Summary

  • Adds a new definition to Section 2 of the New York Banking Law establishing that "consummation of a mortgage loan" occurs when the applicant executes both the promissory note and mortgage.

  • Applies this definition for purposes of compliance with the federal Truth in Lending Act and its regulations.

  • Applies this definition for purposes of compliance with the federal Real Estate Settlement Procedures Act of 1974 and its regulations.

  • Takes effect immediately upon enactment.

Legislative Description

Relates to defining consummation of a mortgage loan.

Last Action

APPROVAL MEMO.18

11/28/2016

Committee Referrals

Banks5/18/2016
Banks4/6/2016

Full Bill Text

No bill text available