Bill Text: NY S02919 | 2015-2016 | 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 (Republican 1-0)
Status: (Introduced - Dead) 2016-01-06 - REFERRED TO BANKS [S02919 Detail]
Download: New_York-2015-S02919-Introduced.html
S T A T E O F N E W Y O R K
________________________________________________________________________
2919
2015-2016 Regular Sessions
I N S E N A T E
January 30, 2015
___________
Introduced by Sen. FUNKE -- 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 BANKING BOARD MAY SPECIFY THE FORM,
10 CONTENT AND TIMING OF SUCH DISCLOSURE.
11 S 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.
LBD08613-01-5
