NY A09588

Prohibits banks, mortgage brokers, mortgage bankers, and other financial institutions regulated under New York banking law from charging fees to change mortgage payment frequency between monthly, semi-monthly, and biweekly schedules

Bans additional costs, penalties, premiums, or requirements to make extra payments as a condition of switching payment frequencies

Requires financial institutions to provide customers with amortization schedules showing potential interest savings under different payment frequencies and instructions for changing schedules

Applies to all banking organizations and interstate branches operating under New York's banking law

Takes effect 180 days after becoming law and includes a severability clause if any provision is found invalid