Bill > S05390

This bill requires the development of a "what mortgage applicants need to know" pamphlet on residential mortgages and provides that such pamphlet shall 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 will inform mortgage applicants of their rights, such as the ability to compare charges from different lenders, understand the loan terms, obtain credit counseling, and file complaints if they believe any rules or laws have been violated during the mortgage process. The bill also specifies that the pamphlet and a web notice must be provided to mortgage applicants before they enter into an application, including for online applications.