Directs the superintendent of banks to consider a banking institution's origination history for certain reverse mortgage loans to a mortgagor or mortgagors whose income does not exceed 80% of the median income of the county of residence when assessing its performance records in meeting credit needs of local communities.
STATE OF NEW YORK
________________________________________________________________________
2290
2011-2012 Regular Sessions
IN SENATE
January 18, 2011
___________
Introduced by Sen. KRUGER -- 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 assessment of banking
institution's record regarding credit needs of local communities
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Subparagraph 9 of paragraph (a) of subdivision 3 of section
2 28-b of the banking law, as amended by chapter 315 of the laws of 2008,
3 is amended to read as follows:
4 (9) The banking institution's origination of residential mortgage
5 loans, reverse mortgage loans when issued to a mortgagor or mortgagors
6 whose income does not exceed eighty percent of the median income of the
7 county of residence, housing rehabilitation loans, home improvement
8 loans and small business or small farm loans within its community or the
9 purchase of such loans originated in its community;
10 § 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD07281-01-1
