Bill > A01845

This bill requires the development of a "what mortgage applicants need to know" pamphlet on residential mortgages and mandates that the pamphlet be posted and printed in the 6 most common non-English languages spoken by individuals with limited English proficiency in New York state. The pamphlet must include information on the rights of mortgage applicants, such as the ability to compare charges from different lenders, understand the loan terms and fees, receive a good faith estimate, and cancel a loan within three days of closing. The bill also authorizes the immediate addition, amendment, or repeal of any necessary rules or regulations to implement the act.