NY A04618

Amends New York Banking Law by adding Section 129-a to require banks and trust companies to provide written disclosure of negative consequences that alternative loan payment schedules may have on a customer's credit score or rating.

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 actually established.

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