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NY A05579
Bill
Status
Introduced
2/22/2021
Primary Sponsor
Stefani Zinerman
Click for details
AI Summary
- Requires mortgage brokers, mortgage bankers, and exempt organizations to provide a separate disclosure prior to closing for any refinancing where the borrower will no longer pay property taxes or insurance into an escrow account
- Disclosure must compare total monthly payments under the previous mortgage with combined monthly payments for the new mortgage loan, real property taxes, and insurance
- Authorizes the superintendent of financial services to specify the form, content, and timing of the disclosure
- Takes effect 180 days after becoming law
Legislative Description
Relates to refinancing of an existing mortgage loan; provides for a separate disclosure which compares monthly payments under the previous mortgage with the combined monthly payments for the new mortgage loan, property tax and insurance.
Last Action
referred to banks
1/5/2022
Committee Referrals
Banks2/22/2021
Full Bill Text
No bill text available