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Bill > S05246
NY S05246
NY S05246Relates to the assessment of the record of performance of mortgage bankers in helping to meet the credit needs of local communities.
summary
Introduced
02/26/2021
02/26/2021
In Committee
02/26/2021
02/26/2021
Crossed Over
Passed
Dead
12/31/2022
12/31/2022
Introduced Session
2021-2022 General Assembly
Bill Summary
Includes non-depository lenders in the state community reinvestment act, requiring the same filings as banking institutions which are covered by the federal Community Reinvestment Act of 1977.
AI Summary
This bill amends the Banking Law to require the Superintendent of Financial Services to assess the record of performance of mortgage bankers in helping to meet the credit needs of their local communities, including low and moderate-income neighborhoods. The assessment must consider factors such as the mortgage banker's community outreach efforts, marketing and special programs, participation in community development and educational programs, and geographic distribution of credit extensions and denials. The assessment can be the basis for denying an application by the mortgage banker. The bill applies to mortgage bankers licensed in New York that originate a minimum number of loans annually, as set by the Superintendent's regulations.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
SUBSTITUTED BY A6247A (on 06/10/2021)
Official Document
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