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NY A00424
Bill
Status
2/14/2025
Primary Sponsor
David Weprin
Click for details
AI Summary
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Requires the Department of Financial Services to notify mortgage bankers and banking organizations when the "What Mortgage Applicants Need to Know" pamphlet is posted online or updated, replacing the previous requirement to physically distribute copies to licensed lenders
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Removes references to "licensed lenders" throughout the statute, limiting the distribution requirement to mortgage bankers and banking organizations
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Changes the pamphlet's required content from a mandatory list to a template that must be "substantially in the following form," providing more flexibility
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Grants the superintendent authority to modify the pamphlet language to ensure accuracy and consistency with applicable law
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Takes effect on the same date as the 2024 law (S.5597-B/A.9686) that originally created the mortgage applicant information pamphlet requirement
Legislative Description
Relates to notice of the posting and modification of a pamphlet on residential mortgages of which such information shall be provided to mortgage bankers and banking organizations.
Last Action
signed chap.10
2/14/2025