Loading chat...
NY A05915
Bill
Status
3/2/2021
Primary Sponsor
Stefani Zinerman
Click for details
AI Summary
-
Requires banks and trust companies to provide written notification that accepting an alternative payment schedule for an existing loan may negatively impact a customer's credit score or rating.
-
Notification 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 schedule is established.
-
Amends the New York Banking Law by adding a new section 129-a.
-
Takes effect ninety days after becoming law.
Legislative Description
Requires banks to provide written notification that accepting an alternative loan payment schedule may have a negative impact on credit scores; makes related provisions.
Last Action
substituted by s1566a
6/1/2021