Bill Text: NY S05290 | 2019-2020 | 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 (Democrat 1-0)

Status: (Introduced) 2019-04-23 - REFERRED TO BANKS [S05290 Detail]

Download: New_York-2019-S05290-Introduced.html


                STATE OF NEW YORK
        ________________________________________________________________________
                                          5290
                               2019-2020 Regular Sessions
                    IN SENATE
                                     April 23, 2019
                                       ___________
        Introduced  by  Sen.  THOMAS -- 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    § 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.
                                                                   LBD00595-01-9
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