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Bill > A06247
NY A06247
NY A06247Relates to the assessment of the record of performance of mortgage bankers in helping to meet the credit needs of local communities.
summary
Introduced
03/10/2021
03/10/2021
In Committee
06/09/2021
06/09/2021
Crossed Over
06/10/2021
06/10/2021
Passed
10/22/2021
10/22/2021
Dead
Signed/Enacted/Adopted
11/01/2021
11/01/2021
Introduced Session
2021-2022 General Assembly
Bill Summary
Includes non-depository lenders in the state community reinvestment act; requires the same filings as banking institutions which are covered by the federal Community Reinvestment Act of 1977.
AI Summary
This bill includes non-depository lenders, such as mortgage bankers, in the state's Community Reinvestment Act (CRA). It requires these lenders to file the same reports as banking institutions covered by the federal CRA of 1977. The bill outlines factors the Superintendent of Financial Services must consider when assessing a mortgage banker's record of helping to meet the credit needs of its entire community, including low- and moderate-income neighborhoods. The assessment can be the basis for denying an application from the mortgage banker. The bill also authorizes the Superintendent to promulgate rules and regulations to implement these provisions.
Committee Categories
Budget and Finance, Business and Industry
Sponsors (2)
Last Action
signed chap.549 (on 11/01/2021)
Official Document
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