Bill > S00767

This bill amends the New York banking law to modify requirements around a mandatory informational pamphlet for residential mortgage applicants. Instead of requiring licensed lenders to automatically receive copies of the pamphlet, the bill now mandates that the state banking department will notify mortgage bankers and banking organizations when the "What Mortgage Applicants Need to Know" pamphlet is posted online or modified. The pamphlet will continue to be available in the six most common non-English languages in New York and must be provided to each mortgage loan applicant, which can now be done electronically via email or website link. The bill preserves the existing comprehensive list of 21 consumer rights and protections in the pamphlet, such as the right to compare mortgage charges, receive loan estimates, obtain credit counseling, and file complaints if discriminated against or if lending rules are violated. The superintendent of banking is given discretion to modify the pamphlet's language to ensure accuracy and legal compliance. The goal of the bill appears to be modernizing the distribution of mortgage applicant information while maintaining robust consumer protections in the mortgage lending process.

https://www.nysenate.gov/legislation/bills/2025/S767