NY A09686

New York Department of Financial Services superintendent must develop and post a "What Mortgage Applicants Need to Know" pamphlet on the department's website in English and the six most common non-English languages spoken by limited-English proficient individuals in the state.

Licensed lenders, mortgage bankers, and banking organizations must provide the pamphlet to each residential mortgage applicant in compliance with federal timing requirements (12 CFR § 1026.19(e)(1)(iii)), with delivery permitted via electronic mail or website hyperlink.

Pamphlet must outline 21 applicant rights including the right to compare lender charges, obtain loan estimates within three business days, receive closing disclosure three days before closing, cancel refinanced loans within three days, and file complaints with regulators.

Pamphlet must detail applicant rights regarding loan terms (fixed vs. adjustable rate, monthly payments, APR), prohibited practices (deceptive marketing, discrimination based on race, color, national origin, religion, sex, family status, sexual orientation, disability, or public assistance income), and access to credit counseling and independent property appraisals.

Act takes effect 180 days after enactment, with regulatory rule-making authorized immediately to ensure implementation readiness.