A03318 Summary:

BILL NO    A03318 

SAME AS    Same as S 2590

SPONSOR    Peralta

COSPNSR    

MLTSPNSR   

Amd S35, Bank L

Requires the mortgage bill of rights, as proposed in a chapter of the laws of
2009, to be printed and posted on the banking department website in the 8
languages that are most spoken in the state.

A03318 Actions:

BILL NO    A03318 

01/26/2009 referred to banks
01/06/2010 referred to banks

A03318 Votes:

A03318 Memo:

 BILL NUMBER:  A3318

 TITLE OF BILL :  An act to amend the banking law, in relation to
requiring the mortgage bill of rights pamphlet on residential
mortgages to be posted and printed in the eight languages which are
most spoken in the state

 PURPOSE OR GENERAL IDEA OF BILL : Requires information to consumers
of the mortgage bill of rights that are provided by mortgage lenders
and bankers to be published in the eight most spoken languages in New
York State.

 SUMMARY OF SPECIFIC PROVISIONS : Section 1.  Subdivision 1 of section
35 of the banking law is amended to read as follows: The
superintendent of banks shall develop a pamphlet known as "the
mortgage applicant's bill of rights" and post such pamphlet on the
banking website. Such pamphlet shall be posted and printed in the
eight languages which are most spoken in New York State.

 JUSTIFICATION : This legislation ensures the public's awareness of
the "mortgage bill of rights" by making information accessible in
their native tongue. The increase of diversity among constituents
makes it vital for information to be translated in multiple languages.
Having this information only in English can only benefit those fluent
in the English language and not the public as a whole.

 PRIOR LEGISLATIVE HISTORY : 2007-2008 - A11232 5/22/08 - Referred to
Banks

 FISCAL IMPLICATIONS : To be determined

 EFFECTIVE DATE : This act shall take effect on the same date and in
the same manner as a chapter of the laws of 2009 amending the banking
law relating to directing licensed mortgage bankers and authorized
mortgage load originators to provide mortgage applicants with a
mortgage bill of rights pamphlet on residential mortgages, as proposed
in legislative bill number A. 257, takes effect.