New York Senate Bill 4684

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on February 13 2023 - 25% progression
Action: 2024-01-03 - REFERRED TO JUDICIARY
Pending: Senate Judiciary Committee
Text: Latest bill text (Introduced) [HTML]

Provides that a mortgage investing institution that maintains a mortgage on any real property in the state of New York shall give ten days written notice prior to requiring payment of an increase in the amount of escrow if the dollar amount of such increase is more than five percent of the total monthly payment; provides that no service charge shall be imposed for the giving of such notice; defines that term "mortgage investing institutions" as any banking organization or other entity engaged in the business of offering mortgage financing to the public or investing in mortgages.

Provides that a mortgage investing institution that maintains a mortgage on any real property in the state of New York shall give ten days written notice prior to requiring payment of an increase in the amount of escrow if the dollar amount of such increase is more than five percent of the total monthly payment; provides that no service charge shall be imposed for the giving of such notice; defines that term "mortgage investing institutions" as any banking organization or other entity engaged in the business of offering mortgage financing to the public or investing in mortgages.

Sen. Kevin Parker [D]

Date	Chamber	Action
2024-01-03	Senate	REFERRED TO JUDICIARY
2023-02-13	Senate	REFERRED TO JUDICIARY

Type	Source
Summary	https://www.nysenate.gov/legislation/bills/2023/S4684
Text	https://assembly.state.ny.us/leg/?default_fld=&bn=S04684&term=2023&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#S04684