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NY A01796
Bill
Status
1/23/2023
Primary Sponsor
Stefani Zinerman
Click for details
AI Summary
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Requires mortgage brokers, mortgage bankers, and exempt organizations to provide a separate disclosure prior to closing when refinancing an existing mortgage loan where the mortgagor will no longer pay property tax or insurance into an escrow account.
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The disclosure must compare the total monthly payments under the previous mortgage with the combined monthly payments for the new mortgage loan, real property taxes, and insurance.
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Authorizes the Superintendent of Financial Services to specify the form, content, and timing of the required disclosure.
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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
enacting clause stricken
3/21/2024