NY A07228

Amends New York banking law by adding section 129-a requiring banks and trust companies to provide written disclosure of negative consequences that alternative loan payment schedules may have on credit scores or ratings.

Disclosure must be provided at three specific times: when a loan application is made, when a loan is granted, and when a customer requests an alternative payment schedule, but before the alternative schedule is established.

Takes effect on the ninetieth day after the bill becomes law.