Bill Text: NY S00099 | 2021-2022 | General Assembly | Introduced
Bill Title: 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.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2022-01-05 - REFERRED TO BANKS [S00099 Detail]
Download: New_York-2021-S00099-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 99 2021-2022 Regular Sessions IN SENATE (Prefiled) January 6, 2021 ___________ Introduced by Sen. THOMAS -- read twice and ordered printed, and when printed to be committed to the Committee on Banks AN ACT to amend the banking law, in relation to refinancing of an exist- ing mortgage loan The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Subdivision 3 of section 595-a of the banking law is 2 amended by adding a new paragraph (e) to read as follows: 3 (e) For any refinancing of an existing mortgage loan, where the mort- 4 gagor will no longer be paying property tax or insurance payments into 5 an escrow account, each mortgage broker, mortgage banker and exempt 6 organization shall, prior to closing, provide a separate disclosure 7 which compares the total monthly payments under the previous mortgage 8 with the combined monthly payments for the new mortgage loan, real prop- 9 erty taxes and insurance. The superintendent of financial services may 10 specify the form, content and timing of such disclosure. 11 § 2. This act shall take effect on the one hundred eightieth day after 12 it shall have become a law. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD02323-01-1
