Bill Text: NY S07183 | 2015-2016 | General Assembly | Introduced

---

Bill Title: Relates to defining consummation of a mortgage loan.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Passed) 2016-11-28 - APPROVAL MEMO.18 [S07183 Detail]

Download: New_York-2015-S07183-Introduced.html

---

                STATE OF NEW YORK
        ________________________________________________________________________
                                          7183
                    IN SENATE
                                      April 6, 2016
                                       ___________
        Introduced  by  Sen.  SAVINO -- 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  the  definition  of
          consummation of a mortgage loan
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. Section 2 of the banking law is amended  by  adding  a  new
     2  subdivision 30 to read as follows:
     3    30. Consummation of a mortgage loan. The term "consummation of a mort-
     4  gage  loan" means, for purposes of the act of congress entitled Truth in
     5  Lending Act and the regulations thereunder and the Real  Estate  Settle-
     6  ment Procedures Act of 1974, as amended, and the regulations thereunder,
     7  when  the  applicant  for the mortgage loan executes the promissory note
     8  and mortgage.
     9    § 2. This act shall take effect immediately.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD14910-01-6