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S01934 Summary:

BILL NO    S01934 

SAME AS    No Same as 




Add S5-603, Gen Ob L

Provides that a mortgage investing institution that maintains a mortgage on any
real property in the state of New York shall give ten days written notice prior
to requiring payment of an increase in the amount of escrow if the dollar
amount of such increase is more than five percent of the total monthly payment;
provides that no service charge shall be imposed for the giving of such notice;
defines that term "mortgage investing institutions" as any banking organization
or other entity engaged in the business of offering mortgage financing to the
public or investing in mortgages.
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