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A09493 Summary:

BILL NOA09493A
 
SAME ASSAME AS S08670-A
 
SPONSORStern
 
COSPNSRThiele, Englebright, Ramos, Wallace, Giglio JA, Gandolfo, McDonough, Solages, Griffin, Sillitti, Lavine, Burdick, Morinello, Jones, Hevesi, DeStefano, Fitzpatrick, Durso, Brown K, Montesano, Smullen, Lawler, Ra, Mikulin
 
MLTSPNSR
 
Add §6-p, Bank L; add §354-f, Exec L; add §29-a, Veterans' Services L
 
Provides that a veteran seeking a housing loan under chapter 37 of title 38 of the United States Code be offered loan counseling services prior to the processing of such application by a banking institution or mortgage lender.
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A09493 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                         9493--A
 
                   IN ASSEMBLY
 
                                      March 7, 2022
                                       ___________
 
        Introduced  by  M.  of  A.  STERN,  THIELE, ENGLEBRIGHT, RAMOS, WALLACE,
          J. A. GIGLIO, GANDOLFO, McDONOUGH, SOLAGES, GRIFFIN, SILLITTI, LAVINE,
          BURDICK, MORINELLO, JONES, HEVESI -- read once  and  referred  to  the
          Committee  on  Banks  --  committee  discharged, bill amended, ordered
          reprinted as amended and recommitted to said committee

        AN ACT to amend the banking law and the executive law,  in  relation  to
          certain  notices  and services upon application for a mortgage guaran-
          teed under the "Servicemen's Readjustment Act of 1944""; and providing
          for the repeal of certain provisions upon expiration thereof
 
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
 
     1    Section  1.  The banking law is amended by adding a new section 6-p to
     2  read as follows:
     3    § 6-p. Loan counseling for mortgages guaranteed  by  the  Servicemen's
     4  Readjustment  Act  of 1944. Every mortgage lending institution and mort-
     5  gage banker which originates loans secured by  real  property  used  for
     6  residential  purposes  located  in this state which are to be guaranteed
     7  under the Servicemen's Readjustment Act of 1944 shall provide a separate
     8  disclosure form with each application stating that a veteran  seeking  a
     9  housing  loan under chapter 37 of title 38 of the United States Code has
    10  been offered loan counseling services.  Such  loan  counseling  services
    11  shall  be  provided  by the division of veterans' services under section
    12  three hundred fifty-four-f of the  executive  law  upon  request  of  an
    13  applicant.  The disclosure form required by this section shall be signed
    14  by  each applicant and shall include information detailing how to access
    15  such counseling services.
    16    § 2. The executive law is amended by adding a  new  section  354-f  to
    17  read as follows:
    18    §  354-f. Loan counseling for mortgages guaranteed by the Servicemen's
    19  Readjustment Act of 1944. Upon the request of any veteran, the  division
    20  shall  provide  counseling  and  assistance to applicants for a mortgage
    21  loan guaranteed by the Servicemen's Readjustment  Act  of  1944.    Such
    22  service  shall  be provided either directly or through a contract with a
    23  not-for-profit entity which  has  a  Commercial  and  Government  Entity
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD14376-02-2

        A. 9493--A                          2

     1  (CAGE)  code  assigned  by  the  federal System for Award Management and
     2  which is not owned by, affiliated with or operated by a mortgage  compa-
     3  ny.   Counselors shall be licensed in this state as either a real estate
     4  broker  or  a  mortgage  broker.    Loan counseling and assistance shall
     5  include a review of the terms and restrictions of the loan,  information
     6  determined by the state director to be appropriate for a veteran seeking
     7  a  housing  loan under chapter 37 of title 38 of the United States Code,
     8  and any other information which may be required under federal law,  rule
     9  or regulation.
    10    §  3.  The  veterans'  services law is amended by adding a new section
    11  29-a to read as follows:
    12    § 29-a. Loan counseling for mortgages guaranteed by  the  Servicemen's
    13  Readjustment  Act of 1944. Upon the request of any veteran, the division
    14  shall provide counseling and assistance to  applicants  for  a  mortgage
    15  loan  guaranteed  by  the  Servicemen's  Readjustment  Act of 1944. Such
    16  service shall be provided either directly or through a contract  with  a
    17  not-for-profit  entity  which  has  a  Commercial  and Government Entity
    18  (CAGE) code assigned by the federal  System  for  Award  Management  and
    19  which  is not owned by, affiliated with or operated by a mortgage compa-
    20  ny. Counselors shall be licensed in this state as either a  real  estate
    21  broker  or  a  mortgage  broker.  Loan  counseling  and assistance shall
    22  include a review of the terms and restrictions of the loan,  information
    23  determined by the state director to be appropriate for a veteran seeking
    24  a  housing  loan under chapter 37 of title 38 of the United States Code,
    25  and any other information which may be required under federal law,  rule
    26  or regulation.
    27    § 4. This act shall take effect on the one hundred twentieth day after
    28  it  shall  have  become  a law; provided, however, that section three of
    29  this act shall take effect on the same date and in the  same  manner  as
    30  section  2  of  part PP of chapter 56 of the laws of 2022, takes effect;
    31  and provided, further, that section two of this act shall expire and  be
    32  deemed repealed on the same date such chapter takes effect.
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