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NY A03379
Bill
Status
1/26/2021
Primary Sponsor
Ron Kim
Click for details
AI Summary
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Requires the superintendent of financial services to develop a "mortgage applicant's bill of rights" pamphlet and post it on the department's website.
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Mandates licensed lenders and banking organizations provide a copy of the pamphlet to each person before accepting a residential mortgage application and obtain written acknowledgement of receipt.
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Lenders must maintain the signed acknowledgement along with the applicant's mortgage loan documents.
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Pamphlet must include 21 specified borrower rights, including rights to compare lender charges, understand loan terms and APR, receive good faith estimates, obtain independent appraisals, and file complaints with state agencies.
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Takes effect 120 days after becoming law, with implementation activities authorized to begin immediately.
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
1/5/2022