Bill > A00424

This bill amends the New York State banking law to modify requirements for a consumer information pamphlet about residential mortgages. The key changes include removing the previous requirement for the department to directly provide copies of the pamphlet to licensed lenders and banking organizations, and instead mandating that the department notify mortgage bankers and banking organizations when the pamphlet is posted online or modified. The bill maintains the requirement that the pamphlet be posted in the six most common non-English languages and be provided to mortgage applicants. The pamphlet outlines 21 specific rights for mortgage applicants, such as the right to compare loan charges, receive detailed loan estimates, obtain credit counseling, and file complaints if they believe lending rules have been violated. The superintendent of the banking department is given the authority to modify the pamphlet's language to ensure accuracy and compliance with applicable laws. The bill aims to provide transparency and consumer protection in the residential mortgage application process by ensuring applicants are fully informed about their rights and the lending process.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/A424