New York State Assembly

 
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A01153 Summary:

A01153 Actions:

A01153 Committee Votes:

Committee:BANKS   Chair:Hunter      
DATE:02/14/2023AYE/NAY:25/1  Action: Favorable refer to committee Codes        
Hunter
Aye
Curran
Excused
Weprin
Aye
Mikulin
Aye
Jean-Pierre
Aye
Smullen
Aye
Seawright
Aye
Fitzpatrick
Aye
Dickens
Aye
Lemondes
Aye
Vanel
Aye
DiPietro
Excused
Taylor
Aye
Jensen
Aye
Stern
Aye
Chang
Aye
Hevesi
Excused
Flood
Aye
Sayegh
Aye
Burke
Excused
Buttenschon
Aye
Anderson
Aye
Mitaynes
Aye
Septimo
Excused
Tapia
Aye
De Los Santos
Aye
Cunningham
Nay
Rivera
Aye
Lee
Aye
Raga
Aye
Burdick
Aye

Committee:CODES   Chair:Dinowitz      
DATE:02/28/2023AYE/NAY:21/0  Action: Favorable         
Dinowitz
Aye
Morinello
Aye
Pretlow
Aye
Reilly
Aye
Cook
Aye
Mikulin
Aye
O'Donnell
Excused
Tannousis
Aye
Lavine
Aye
Curran
Aye
Weprin
Aye
Angelino
Aye
Hevesi
Aye
Flood
Aye
Seawright
Aye
Rosenthal
Aye
Walker
Aye
Vanel
Aye
Cruz
Aye
Carroll
Aye
Simon
Aye
Epstein
Aye

A01153 Floor Votes:

A01153 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                         1153--A
 
                               2023-2024 Regular Sessions
 
                   IN ASSEMBLY
 
                                    January 13, 2023
                                       ___________
 
        Introduced  by M. of A. VANEL -- 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, in relation to unregistered and unli-
          censed mortgage brokers

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
 
     1    Section  1. Paragraph (e) of subdivision 5 of section 590 of the bank-
     2  ing law is relettered paragraph (f) and a new paragraph (e) is added  to
     3  read as follows:
     4    (e)  No  mortgage banker, mortgage broker or exempt organization shall
     5  conduct business with any person, partnership, association,  corporation
     6  or other entity which it knows or should have known is acting as a mort-
     7  gage banker or a mortgage broker without being licensed or registered as
     8  required  by  this article.   A person, partnership, association, corpo-
     9  ration or other entity who provides  non-residential  subordinate  loans
    10  shall  be exempt from this paragraph. A mortgage banker, mortgage broker
    11  or exempt organization shall promptly notify the department of any  such
    12  unlicensed or unregistered operations.
    13    §  2.  Subdivision  5  of  section 598 of the banking law, as added by
    14  chapter 571 of the laws of 1986, is amended to read as follows:
    15    5. Civil  penalties  assessable  against  unlicensed  or  unregistered
    16  persons or entities. If any non-exempt unlicensed or unregistered person
    17  or entity engages in activities encompassed by this article, he shall be
    18  liable  to any person or entity affected by such activities for a sum of
    19  money of not less than the amount of money paid to an affected person or
    20  entity in connection with such activities, nor more than four times such
    21  sum; provided however that where a non-exempt unlicensed or unregistered
    22  person has continued to engage in  such  unauthorized  activities  after
    23  receiving a cease and desist notice from the superintendent, the maximum
    24  amount  of  liability  shall be up to the amount of actual damages. Such
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD03777-02-3
        A. 1153--A                          2
 
     1  sum may be sued for and recovered by any person or entity  for  his  use
     2  and benefit in any court of competent jurisdiction.
     3    §  3.  This  act shall take effect on the thirtieth day after it shall
     4  have become a law.