BILL NUMBER: S767
SPONSOR: COMRIE
 
TITLE OF BILL:
An act to amend the banking law, in relation to notice of the posting of
the what mortgage applicants need to know pamphlet on residential mort-
gages and modification of such pamphlet
 
PURPOSE:
This chapter amendment makes changes to the provisions L.2024 c.566,
requiring the Department of Financial Services to develop and distribute
a "what mortgage applicants need to know" pamphlet.
 
SUMMARY OF SPECIFIC PROVISIONS:
Section one amends the underlying chapter in the banking law requiring
the Department of Financial Services (DFS) to develop a pamphlet for
prospective mortgage holders to require that DFS notify licensed mort-
gage bankers when such pamphlet is available and to allow DFS to make
changes to the pamphlet at as needed to conform with applicable federal
and state law.
Section two includes the effective date.
 
JUSTIFICATION:
This legislation ensures the public's awareness of the "what mortgage
applicants need to know." This legislation will serve as another tool to
assist New Yorkers with homebuying, which can be confusing on the first
time or for those planning to buy and have not done so in a long time.
Regardless, having access to this information will inevitably assist
anyone looking to buy a home. This bill requires the mortgage pamphlet
be translated in the state's most spoken languages to ensure consumer
understanding among those with limited English proficiency.
It is important to have access to this information before closing, as
interest rates and market comparisons may help influence the agreed.
upon cost and save New Yorkers money over the long run. In addition,
lenders may not be as forthcoming as consumers may believe in the inter-
est of writing mortgages, even when rates are less than ideal.
This bill amends L.2024 c.566 creating a "what mortgage applicants need
to know" pamphlet. This bill is a negotiated change to the underlying
chapter.
 
LEGISLATIVE HISTORY:
This bill amends Chapter 566 of the Laws of 2024. S.5597-B and A.9686
passed the Senate and Assembly in May 2024.
 
FISCAL IMPLICATIONS:
To be determined.
 
EFFECTIVE DATE:
This act shall take effect on the same date and in the same manner as
chapter 566 of the laws of 2024 amending the banking law relating to
what mortgage applicants need to know pamphlet on residential mortgages,
as proposed in legislative bills numbers S.5597-B and A.9686, takes
effect.