STATE OF NEW YORK
________________________________________________________________________
372
2017-2018 Regular Sessions
IN ASSEMBLY
January 5, 2017
___________
Introduced by M. of A. RICHARDSON -- read once and referred to the
Committee on Banks
AN ACT to amend the banking law, in relation to allowing execution of a
mortgage loan by electronic signature
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Subdivision 30 of section 2 of the banking law, as added by
2 a chapter of the laws of 2016, amending the banking law relating to the
3 definition of consummation of a mortgage loan, as proposed in legisla-
4 tive bills numbers S.7183 and A.9746, is amended to read as follows:
5 30. Consummation of a mortgage loan. The term "consummation of a mort-
6 gage loan" means, for purposes of the act of congress entitled Truth in
7 Lending Act and the regulations thereunder and the Real Estate Settle-
8 ment Procedures Act of 1974, as amended, and the regulations thereunder,
9 when the applicant for the mortgage loan executes the promissory note
10 and mortgage including by electronic signature, in accordance with
11 applicable federal and state laws, rules, and regulations.
12 § 2. This act shall take effect on the same date and in the same
13 manner as a chapter of the laws of 2016, amending the banking law relat-
14 ing to the definition of consummation of a mortgage loan, as proposed in
15 legislative bills numbers S.7183 and A.9746, takes effect.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD07076-01-7
