A08112 Summary:

BILL NOA08112
 
SAME ASSAME AS S02919
 
SPONSORRobinson
 
COSPNSR
 
MLTSPNSR
 
Amd S595-a, Bank L
 
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.
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A08112 Actions:

BILL NOA08112
 
06/09/2015referred to banks
01/06/2016referred to banks
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A08112 Committee Votes:

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A08112 Floor Votes:

There are no votes for this bill in this legislative session.
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A08112 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          8112
 
                               2015-2016 Regular Sessions
 
                   IN ASSEMBLY
 
                                      June 9, 2015
                                       ___________
 
        Introduced by M. of A. ROBINSON -- read once and referred to the Commit-
          tee 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.
                                                                   LBD08613-01-5
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