Bill > S02765

This bill requires the New York State superintendent to develop a "Mortgage Applicant's Bill of Rights" pamphlet that explains the rights of individuals applying for residential mortgages. The pamphlet must be posted on the Department of Financial Services' website and printed in the eight most commonly spoken languages in the state. Licensed lenders and banking organizations must provide a copy of the pamphlet to each mortgage applicant before they submit an application, and the applicant must acknowledge receipt of the pamphlet in writing. The pamphlet outlines 21 specific rights for mortgage applicants, including the right to compare lenders, understand loan terms, receive a good faith estimate of costs, and have their property appraised independently. The bill aims to improve transparency and consumer protections in the residential mortgage process.