New York State Assembly

Bill No.:  

 
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•  Memo 
 
•  Text 

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S03277 Summary:

BILL NO	S03277
SAME AS	No Same As
SPONSOR	SANDERS
COSPNSR
MLTSPNSR
Add S129-a, Bank L
Requires banks to disclose any negative consequences of establishing an alternative payment schedule on a loan.

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S03277 Actions:

BILL NO	S03277
02/04/2015	REFERRED TO BANKS
01/06/2016	REFERRED TO BANKS
06/08/2016	REPORTED AND COMMITTED TO RULES

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S03277 Committee Votes:

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S03277 Floor Votes:

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S03277 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          3277
 
                               2015-2016 Regular Sessions
 
                    IN SENATE
 
                                    February 4, 2015
                                       ___________
 
        Introduced  by  Sen. SANDERS -- 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  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.
                                                                   LBD08148-01-5

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