Bill > S03022

This bill requires the New York State Superintendent of Banks to develop a "mortgage applicant's bill of rights" pamphlet, which must be posted on the Department's website and provided to all licensed lenders and banking organizations offering residential mortgage services. The pamphlet must be printed in the eight most-spoken languages in the state and provided to each mortgage applicant before they enter into an application, with the applicant acknowledging receipt in writing. The pamphlet outlines various rights and protections for residential mortgage applicants, including the right to compare lender charges, receive a clear explanation of loan terms, obtain credit counseling, and have their property appraised by an independent professional.