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S01934 Summary:

BILL NOS01934
 
SAME ASNo Same As
 
SPONSORPARKER
 
COSPNSR
 
MLTSPNSR
 
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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