Bill
Bill > A09588
NY A09588
NY A09588Prohibits certain financial institutions from charging a fee for changing the frequency of mortgage payments between monthly, semi-monthly, and biweekly payments.
summary
Introduced
01/21/2026
01/21/2026
In Committee
01/21/2026
01/21/2026
Crossed Over
Passed
Dead
Introduced Session
2025-2026 General Assembly
Bill Summary
AN ACT to amend the banking law, in relation to prohibiting certain financial institutions from charging a fee for changing the frequency of mortgage payments
AI Summary
This bill amends the banking law to prohibit certain financial institutions, including banking organizations, mortgage brokers, and mortgage bankers, from charging fees when a customer wants to change their mortgage payment frequency between monthly, semi-monthly, or biweekly. This means customers will not have to pay extra costs, penalties, or make additional payments to switch between these payment schedules. Additionally, financial institutions will be required to provide customers with an amortization schedule showing potential interest savings for each payment frequency and information on how to make the change. The bill aims to make it easier and more affordable for homeowners to manage their mortgage payments by offering more flexible options without incurring additional charges.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
referred to banks (on 01/21/2026)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.nysenate.gov/legislation/bills/2025/A9588 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=A09588&term=2025&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#A09588 |
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