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NY A06393
Bill
Status
3/6/2017
Primary Sponsor
Tremaine Wright
Click for details
AI Summary
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Requires mortgage brokers, mortgage bankers, and exempt organizations to provide a separate disclosure prior to closing for any mortgage refinancing where the mortgagor will no longer pay property taxes or insurance into an escrow account.
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The disclosure must compare total monthly payments under the previous mortgage with combined monthly payments for the new mortgage loan, real property taxes, and insurance.
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Authorizes the banking board to specify the form, content, and timing of the required disclosure.
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Takes effect 180 days after becoming law.
Legislative Description
Relates to refinancing of an existing mortgage loan; provides for a separate disclosure which compares monthly payments under the previous mortgage with the combined monthly payments for the new mortgage loan, property tax and insurance.
Last Action
referred to banks
1/3/2018