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NY A05372
Bill
Status
2/8/2017
Primary Sponsor
Walter Mosley
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 licensed lenders and banking organizations provide the pamphlet to mortgage applicants before accepting any residential mortgage application and obtain written acknowledgment of receipt.
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Establishes 21 enumerated rights for residential mortgage applicants, including the right to compare lender charges, understand loan terms and compensation, obtain a good faith estimate, receive required documents, and file complaints with state agencies.
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Requires lenders to maintain written acknowledgments of pamphlet receipt with applicant mortgage loan documents.
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Takes effect 120 days after becoming law, with immediate authorization for implementation activities.
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