Bill > S05837

This bill requires the development of a "mortgage applicant's bill of rights" pamphlet by the state's banking superintendent. The pamphlet, which must be posted on the department's website and printed in the 8 most commonly spoken languages in the state, outlines the rights of residential mortgage applicants, such as the right to compare lenders, know how the broker is compensated, receive a clear explanation of the loan terms, and have their property appraised independently. The bill mandates that lenders and banking organizations provide this pamphlet to each applicant before accepting their mortgage application, and applicants must acknowledge receipt of the pamphlet in writing. The bill aims to ensure mortgage applicants are informed of their rights throughout the lending process.