Bill > A01935

This bill amends the New York banking law to require lenders to provide a single point of contact for borrowers who are at least 60 days delinquent on their home loans and are pursuing loan modifications or other foreclosure prevention alternatives. The single point of contact must be responsible for communicating modification options, assisting the borrower with identifying required documents, and providing status updates on the loan modification application. This requirement applies to home loans entered into on or after the effective date of the law, which is 60 days after it becomes law.

Budget and Finance, Business and Industry

https://www.nysenate.gov/legislation/bills/2021/A1935