Loading chat...
NY S00982
Bill
Status
Passed
3/15/2017
Primary Sponsor
Diane Savino
Click for details
AI Summary
-
Amends the Banking Law definition of "consummation of a mortgage loan" to explicitly permit execution of the promissory note and mortgage by electronic signature.
-
Electronic signatures must comply with applicable federal and state laws, rules, and regulations.
-
Applies to the Truth in Lending Act, the Real Estate Settlement Procedures Act of 1974, and their implementing regulations.
-
Takes effect on the same date as related 2016 legislation (S.7183 and A.9746) that originally defined mortgage loan consummation.
Legislative Description
Relates to defining consummation of a mortgage loan.
Last Action
SIGNED CHAP.20
3/15/2017
Committee Referrals
Banks1/23/2017
Rules1/5/2017
Full Bill Text
No bill text available