S07224 Summary:

BILL NOS07224
 
SAME ASSAME AS A09539
 
SPONSORFARLEY
 
COSPNSRGRIFFO, MAZIARZ
 
MLTSPNSR
 
Amd S6-m, Bank L
 
Relates to threshold rates for defining subprime home loans which are serviced by the federal housing administration.
Go to top    

S07224 Actions:

BILL NOS07224
 
05/06/2014REFERRED TO BANKS
05/21/20141ST REPORT CAL.911
05/28/20142ND REPORT CAL.
05/29/2014ADVANCED TO THIRD READING
06/11/2014PASSED SENATE
06/11/2014DELIVERED TO ASSEMBLY
06/11/2014referred to banks
06/12/2014substituted for a9539
06/12/2014ordered to third reading rules cal.204
06/12/2014passed assembly
06/12/2014returned to senate
11/10/2014DELIVERED TO GOVERNOR
11/21/2014SIGNED CHAP.469
Go to top

S07224 Floor Votes:

DATE:06/12/2014Assembly Vote  YEA/NAY: 132/4
Yes
Abbate
Yes
Curran
Yes
Hawley
Yes
Markey
Yes
Quart
Yes
Steck
Yes
Abinanti
Yes
Cusick
Yes
Heastie
Yes
Mayer
Yes
Ra
Yes
Stirpe
Yes
Arroyo
Yes
Cymbrowitz
Yes
Hennessey
Yes
McDonald
Yes
Raia
Yes
Sweeney
Yes
Aubry
Yes
Davila
Yes
Hevesi
Yes
McDonough
Yes
Ramos
Yes
Tedisco
Yes
Barclay
Yes
DenDekker
Yes
Hikind
Yes
McKevitt
Yes
Rivera
Yes
Tenney
Yes
Barrett
Yes
Dinowitz
Yes
Hooper
Yes
McLaughlin
Yes
Roberts
Yes
Thiele
Yes
Benedetto
No
DiPietro
Yes
Jacobs
Yes
Miller
Yes
Robinson
Yes
Titone
Yes
Blankenbush
Yes
Duprey
Yes
Jaffee
Yes
Millman
Yes
Rodriguez
Yes
Titus
No
Borelli
Yes
Englebright
Yes
Johns
No
Montesano
Yes
Rosa
Yes
Walter
Yes
Braunstein
Yes
Fahy
ER
Katz
Yes
Morelle
Yes
Rosenthal
Yes
Weinstein
Yes
Brennan
Yes
Farrell
Yes
Kavanagh
Yes
Mosley
Yes
Rozic
ER
Weisenberg
Yes
Brindisi
Yes
Finch
Yes
Kearns
Yes
Moya
Yes
Russell
Yes
Weprin
Yes
Bronson
No
Fitzpatrick
AB
Kellner
ER
Nojay
Yes
Ryan
Yes
Wright
Yes
Brook-Krasny
Yes
Friend
Yes
Kim
Yes
Nolan
Yes
Saladino
Yes
Zebrowski
Yes
Buchwald
Yes
Galef
Yes
Kolb
Yes
Oaks
Yes
Santabarbara
Yes
Mr. Speaker
Yes
Butler
Yes
Gantt
Yes
Lalor
Yes
O'Donnell
Yes
Scarborough
Yes
Cahill
Yes
Garbarino
Yes
Lavine
Yes
Ortiz
Yes
Schimel
Yes
Camara
Yes
Giglio
Yes
Lentol
Yes
Otis
Yes
Schimminger
Yes
Ceretto
Yes
Gjonaj
Yes
Lifton
Yes
Palmesano
Yes
Sepulveda
Yes
Clark
Yes
Glick
Yes
Lopez
Yes
Palumbo
Yes
Simanowitz
Yes
Colton
Yes
Goldfeder
Yes
Lupardo
Yes
Paulin
Yes
Simotas
Yes
Cook
Yes
Goodell
Yes
Lupinacci
Yes
Peoples-Stokes
Yes
Skartados
Yes
Corwin
Yes
Gottfried
Yes
Magee
Yes
Perry
Yes
Skoufis
Yes
Crespo
Yes
Graf
Yes
Magnarelli
Yes
Pichardo
Yes
Solages
Yes
Crouch
Yes
Gunther
Yes
Malliotakis
Yes
Pretlow
Yes
Stec

‡ Indicates voting via videoconference
Go to top

S07224 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          7224
 
                    IN SENATE
 
                                       May 6, 2014
                                       ___________
 
        Introduced  by  Sens.  FARLEY, GRIFFO -- read twice and ordered printed,
          and when printed to be committed to the Committee on Banks
 
        AN ACT to amend the banking law, in relation to subprime home loans
 
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
 
     1    Section  1. Paragraph (c) of subdivision 1 of section 6-m of the bank-

     2  ing law is amended by  adding  a  new  subparagraph  (iii)  to  read  as
     3  follows:
     4    (iii) Notwithstanding the thresholds set forth in this paragraph, if a
     5  home loan is insured by the federal housing administration, and if annu-
     6  al  mortgage  insurance  premiums  are  collected by the federal housing
     7  administration for the maximum duration permitted under federal statute,
     8  and if such loan is not a Title 1 home improvement loan nor a home equi-
     9  ty conversion mortgage, then the term "subprime home loan" means a  home
    10  loan  in  which  the  initial  interest  rate or the fully-indexed rate,
    11  whichever is higher, exceeds by more than  two  and  a  half  percentage
    12  points for a first-lien loan, or by more than four and a half percentage

    13  points  for  a  subordinate-lien  loan,  the average commitment rate for
    14  loans in the northeast region with a comparable duration to the duration
    15  of such home loan, as published by the Federal Home Loan Mortgage Corpo-
    16  ration (herein "Freddie Mac") in  its  weekly  Primary  Mortgage  Market
    17  Survey  (PMMS)  posted in the week prior to the week in which the lender
    18  provides the "good faith estimate" required under 12 USC §2601 et seq.
    19    § 2. This act shall take effect immediately.
 
 
 
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD14882-01-4
Go to top