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NY A03435
Bill
Status
1/27/2017
Primary Sponsor
Ron Kim
Click for details
AI Summary
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Requires the Department of Financial Services superintendent to develop a "mortgage applicant's bill of rights" pamphlet and post it on the department's website.
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Mandates that all licensed mortgage lenders and banking organizations provide a copy of the pamphlet to applicants before accepting any residential mortgage application and obtain written acknowledgment of receipt.
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Requires lenders to maintain the signed acknowledgment with the applicant's mortgage loan documents.
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Establishes 21 enumerated rights for residential mortgage applicants, including comparing lender charges, understanding loan terms and APR, receiving good faith estimates, obtaining independent property appraisals, and protection against discriminatory lending practices.
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Becomes effective 120 days after enactment, with implementation actions authorized to begin immediately.
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
1/3/2018