STATE OF NEW YORK
        ________________________________________________________________________
                                          4618
                               2019-2020 Regular Sessions
                   IN ASSEMBLY
                                    February 4, 2019
                                       ___________
        Introduced by M. of A. WRIGHT, JEAN-PIERRE, ORTIZ, AUBRY, DICKENS, WALK-
          ER,  GOTTFRIED, ABINANTI, CRESPO, RIVERA, MOSLEY -- Multi-Sponsored by
          -- M. of A. COOK, DE LA ROSA, GALEF, HYNDMAN,  NOLAN,  SIMON  --  read
          once and referred to the Committee on Banks
        AN  ACT  to  amend  the  banking  law, in relation to requiring banks to
          disclose any negative consequences an alternative loan payment  sched-
          ule may have on credit scores
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. The banking law is amended by adding a new section 129-a to
     2  read as follows:
     3    § 129-a. Requirement of disclosure; alternative payment schedules.  In
     4  the  event  that  any  bank  or trust company shall permit a customer to
     5  establish an alternative payment schedule for an existing loan, the bank
     6  or trust company shall provide written disclosure of any negative conse-
     7  quences such alternative payment schedule may have  on  such  customer's
     8  credit  score or rating. Such disclosure shall be provided at the time a
     9  loan application is made, at the time a loan is granted and at the  time
    10  a  customer requests that an alternative payment schedule be established
    11  for a loan, but prior to the  actual  establishment  of  an  alternative
    12  payment schedule.
    13    §  2.  This  act shall take effect on the ninetieth day after it shall
    14  have become a law.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD00597-01-9