STATE OF NEW YORK
________________________________________________________________________
4618
2019-2020 Regular Sessions
IN ASSEMBLY
February 4, 2019
___________
Introduced by M. of A. WRIGHT, JEAN-PIERRE, ORTIZ, AUBRY, DICKENS, WALK-
ER, GOTTFRIED, ABINANTI, CRESPO, RIVERA, MOSLEY -- Multi-Sponsored by
-- M. of A. COOK, DE LA ROSA, GALEF, HYNDMAN, NOLAN, SIMON -- read
once and referred to the Committee on Banks
AN ACT to amend the banking law, in relation to requiring banks to
disclose any negative consequences an alternative loan payment sched-
ule may have on credit scores
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 129-a to
2 read as follows:
3 § 129-a. Requirement of disclosure; alternative payment schedules. In
4 the event that any bank or trust company shall permit a customer to
5 establish an alternative payment schedule for an existing loan, the bank
6 or trust company shall provide written disclosure of any negative conse-
7 quences such alternative payment schedule may have on such customer's
8 credit score or rating. Such disclosure shall be provided at the time a
9 loan application is made, at the time a loan is granted and at the time
10 a customer requests that an alternative payment schedule be established
11 for a loan, but prior to the actual establishment of an alternative
12 payment schedule.
13 § 2. This act shall take effect on the ninetieth day after it shall
14 have become a law.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD00597-01-9
