Bill Text: NY A10980 | 2019-2020 | General Assembly | Introduced

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Bill Title: Relates to penalties for violations of article fifteen of the executive law committed by mortgage bankers and mortgage brokers; includes such violations as grounds for suspension or revocation of license or registration.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2020-09-09 - referred to banks [A10980 Detail]

Download: New_York-2019-A10980-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          10980

                   IN ASSEMBLY

                                    September 9, 2020
                                       ___________

        Introduced by COMMITTEE ON RULES -- (at request of M. of A. Jean-Pierre)
          -- read once and referred to the Committee on Banks

        AN  ACT  to  amend the banking law, in relation to penalties for certain
          violations committed by mortgage bankers and mortgage brokers

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:

     1    Section  1. Paragraph (a) of subdivision 1 of section 595 of the bank-
     2  ing law, as amended by chapter 291 of the laws of 2014,  is  amended  to
     3  read as follows:
     4    (a)  Through  a  course  of  conduct,  the  licensee or registrant has
     5  violated any provisions of this article, or article fifteen of the exec-
     6  utive law committed in his or her capacity as a mortgage banker or mort-
     7  gage broker, or any rule or regulation promulgated by the superintendent
     8  of financial services under and within the authority of this article  or
     9  of  any  other  law,  rule  or  regulation  of this state or the federal
    10  government;
    11    § 2. Paragraphs (g) and (h) of subdivision 1 of section 595-a  of  the
    12  banking  law,  paragraph  (g)  as  amended and paragraph (h) as added by
    13  chapter 308 of the laws of 2006, are amended and a new paragraph (i)  is
    14  added to read as follows:
    15    (g) Violation of section six-j of this chapter; [and]
    16    (h)  Making  a  mortgage loan, or indirectly or directly providing for
    17  the making of a mortgage loan, to an equity  purchaser,  as  defined  in
    18  section  two hundred sixty-five-a of the real property law, if the mort-
    19  gage banker, mortgage broker or exempt organization had  knowledge  that
    20  the  equity  purchaser  was not complying with the provisions of section
    21  two hundred sixty-five-a of the real property law with respect  to  such
    22  transaction[.]; and
    23    (i) Violation of article fifteen of the executive law committed in his
    24  or her capacity as a mortgage banker or mortgage broker.
    25    § 3. This act shall take effect immediately.


         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD17170-01-0