Loading chat...
NY A02141
Bill
Status
1/22/2019
Primary Sponsor
Ron Kim
Click for details
AI Summary
-
Superintendent of Financial Services must develop a "mortgage applicant's bill of rights" pamphlet and post it on the department website for distribution to licensed lenders and mortgage brokers
-
Licensed lenders and banking organizations must provide the pamphlet to mortgage applicants before accepting any residential mortgage loan application and obtain written acknowledgment of receipt
-
Lenders must maintain the signed acknowledgment with the applicant's mortgage loan documents
-
Pamphlet must include 21 specific consumer rights including the right to compare lender charges, receive good faith estimates, obtain independent property appraisals, receive required federal and state closing documents, cancel refinanced loans within three days, and file complaints with state regulators
-
Bill takes effect 120 days after becoming law, with immediate authorization for implementing actions to be completed by that date
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
1/8/2020