Bill Text: NY A00372 | 2017-2018 | General Assembly | Introduced
Bill Title: Relates to defining consummation of a mortgage loan.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Introduced - Dead) 2017-03-01 - substituted by s982 [A00372 Detail]
Download: New_York-2017-A00372-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 372 2017-2018 Regular Sessions IN ASSEMBLY January 5, 2017 ___________ Introduced by M. of A. RICHARDSON -- read once and referred to the Committee on Banks AN ACT to amend the banking law, in relation to allowing execution of a mortgage loan by electronic signature The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Subdivision 30 of section 2 of the banking law, as added by 2 a chapter of the laws of 2016, amending the banking law relating to the 3 definition of consummation of a mortgage loan, as proposed in legisla- 4 tive bills numbers S.7183 and A.9746, is amended to read as follows: 5 30. Consummation of a mortgage loan. The term "consummation of a mort- 6 gage loan" means, for purposes of the act of congress entitled Truth in 7 Lending Act and the regulations thereunder and the Real Estate Settle- 8 ment Procedures Act of 1974, as amended, and the regulations thereunder, 9 when the applicant for the mortgage loan executes the promissory note 10 and mortgage including by electronic signature, in accordance with 11 applicable federal and state laws, rules, and regulations. 12 § 2. This act shall take effect on the same date and in the same 13 manner as a chapter of the laws of 2016, amending the banking law relat- 14 ing to the definition of consummation of a mortgage loan, as proposed in 15 legislative bills numbers S.7183 and A.9746, takes effect. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD07076-01-7
