A09493 Summary:

BILL NOA09493A
 
SAME ASSAME AS S08670-A
 
SPONSORStern
 
COSPNSRThiele, Englebright, Ramos, Wallace, Giglio JA, Gandolfo, McDonough, Solages, Griffin, Sillitti, Lavine, Burdick, Morinello, Jones, Hevesi, DeStefano, Fitzpatrick, Durso, Brown K, Montesano, Smullen, Lawler, Ra, Mikulin
 
MLTSPNSR
 
Add §6-p, Bank L; add §354-f, Exec L; add §29-a, Veterans' Services L
 
Provides that a veteran seeking a housing loan under chapter 37 of title 38 of the United States Code be offered loan counseling services prior to the processing of such application by a banking institution or mortgage lender.
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A09493 Actions:

BILL NOA09493A
 
03/07/2022referred to banks
05/06/2022amend (t) and recommit to banks
05/06/2022print number 9493a
05/10/2022reported referred to rules
05/16/2022reported
05/16/2022rules report cal.231
05/16/2022ordered to third reading rules cal.231
05/16/2022passed assembly
05/16/2022delivered to senate
05/16/2022REFERRED TO FINANCE
05/25/2022SUBSTITUTED FOR S8670A
05/25/20223RD READING CAL.1451
05/25/2022PASSED SENATE
05/25/2022RETURNED TO ASSEMBLY
12/06/2022delivered to governor
12/16/2022signed chap.698
12/16/2022approval memo.42
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A09493 Committee Votes:

BANKS Chair:Fahy DATE:05/10/2022AYE/NAY:27/0 Action: Favorable refer to committee Rules
FahyAyeLalorAye
AbbateAyeMikulinAye
WeprinAyeManktelowAye
Bichotte HermelAbsentSmullenAye
Jean-PierreAyeFitzpatrickAye
SeawrightAyeAngelinoAye
DickensAyeLawlerAye
VanelAyeLemondesAye
NiouAye
TaylorAye
BarnwellAye
SternAye
HevesiAye
SayeghAye
BurkeAye
ButtenschonAye
AndersonAye
MitaynesAye
SeptimoAbsent
TapiaAye
De Los SantosAbsent
CunninghamAye

RULES Chair:Gottfried DATE:05/16/2022AYE/NAY:26/0 Action: Favorable
HeastieExcusedBarclayAye
GottfriedAyeHawleyAye
NolanAyeGiglioAye
WeinsteinExcusedBlankenbushAye
PretlowAyeNorrisAye
CookAyeMontesanoAye
GlickAyeRaAye
AubryAyeBrabenecAye
EnglebrightAye
DinowitzAye
ColtonAye
MagnarelliAye
PaulinAye
Peoples-StokesExcused
BenedettoExcused
LavineAye
LupardoAye
ZebrowskiAye
ThieleAye
BraunsteinAye
DickensExcused
DavilaAye
HyndmanAye

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A09493 Floor Votes:

DATE:05/16/2022Assembly Vote  YEA/NAY: 146/0
Yes
Abbate
Yes
Clark
Yes
Friend
Yes
Kelles
Yes
Otis
Yes
Simpson
Yes
Abinanti
Yes
Colton
Yes
Frontus
Yes
Kim
Yes
Palmesano
Yes
Smith
Yes
Anderson
Yes
Conrad
Yes
Galef
Yes
Lalor
Yes
Paulin
Yes
Smullen
Yes
Angelino
Yes
Cook
Yes
Gallagher
Yes
Lavine
Yes
Peoples-Stokes
Yes
Solages
Yes
Ashby
Yes
Cruz
Yes
Gallahan
Yes
Lawler
Yes
Pheffer Amato
Yes
Steck
Yes
Aubry
Yes
Cunningham
Yes
Gandolfo
Yes
Lemondes
Yes
Pretlow
Yes
Stern
Yes
Barclay
Yes
Cusick
Yes
Gibbs
Yes
Lucas
ER
Quart
Yes
Stirpe
Yes
Barnwell
Yes
Cymbrowitz
Yes
Giglio JA
Yes
Lunsford
Yes
Ra
Yes
Tague
Yes
Barrett
Yes
Darling
Yes
Giglio JM
Yes
Lupardo
Yes
Rajkumar
Yes
Tannousis
Yes
Benedetto
Yes
Davila
Yes
Glick
Yes
Magnarelli
Yes
Ramos
Yes
Tapia
Yes
Bichotte Hermel
Yes
De Los Santos
Yes
Gonzalez-Rojas
Yes
Mamdani
Yes
Reilly
Yes
Taylor
Yes
Blankenbush
Yes
DeStefano
Yes
Goodell
Yes
Manktelow
Yes
Reyes
Yes
Thiele
Yes
Brabenec
ER
Dickens
Yes
Gottfried
Yes
McDonald
Yes
Rivera J
Yes
Vanel
Yes
Braunstein
Yes
Dilan
Yes
Griffin
Yes
McDonough
Yes
Rivera JD
Yes
Walczyk
Yes
Bronson
Yes
Dinowitz
Yes
Gunther
Yes
McMahon
Yes
Rosenthal D
Yes
Walker
Yes
Brown E
Yes
DiPietro
Yes
Hawley
Yes
Meeks
Yes
Rosenthal L
Yes
Wallace
Yes
Brown K
Yes
Durso
Yes
Hevesi
Yes
Mikulin
Yes
Rozic
Yes
Walsh
Yes
Burdick
Yes
Eichenstein
Yes
Hunter
Yes
Miller
Yes
Salka
Yes
Weinstein
Yes
Burgos
Yes
Englebright
Yes
Hyndman
ER
Mitaynes
Yes
Santabarbara
Yes
Weprin
Yes
Burke
Yes
Epstein
Yes
Jackson
Yes
Montesano
Yes
Sayegh
Yes
Williams
Yes
Buttenschon
Yes
Fahy
Yes
Jacobson
Yes
Morinello
Yes
Schmitt
Yes
Woerner
Yes
Byrne
Yes
Fall
Yes
Jean-Pierre
Yes
Niou
Yes
Seawright
Yes
Zebrowski
Yes
Byrnes
Yes
Fernandez
Yes
Jensen
Yes
Nolan
Yes
Septimo
Yes
Zinerman
Yes
Cahill
Yes
Fitzpatrick
Yes
Jones
Yes
Norris
Yes
Sillitti
Yes
Mr. Speaker
Yes
Carroll
Yes
Forrest
Yes
Joyner
Yes
O'Donnell
Yes
Simon

‡ Indicates voting via videoconference
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A09493 Memo:

NEW YORK STATE ASSEMBLY
MEMORANDUM IN SUPPORT OF LEGISLATION
submitted in accordance with Assembly Rule III, Sec 1(f)
 
BILL NUMBER: A9493A
 
SPONSOR: Stern
  TITLE OF BILL: An act to amend the banking law and the executive law, in relation to certain notices and services upon application for a mortgage guaranteed under the "Servicemen's Readjustment Act of 1944""; and providing for the repeal of certain provisions upon expiration thereof   PURPOSE OR GENERAL IDEA OF BILL: To ensure that prospective homebuyers who are veterans are provided the opportunity to receive educational services to protect their financial interests.   SUMMARY OF PROVISIONS: Section 1. amends the banking law by adding a new section 6-p. Section 2. amends the executive law by adding a new section 354-f. Section 3. amends the veterans' services law by adding a new section 30. Section 4. sets the effective date   JUSTIFICATION: Our veterans are too often targeted by unscrupulous mortgage brokers and loan companies when they apply for VA home loans. We owe those who have sacrificed so much to protect our great nation and our way of life mean- ingful support. This legislation will provide that prospective homebuy- ers are offered accurate and educational information to ensure that they obtain financing that is fair, honest and tailored to their individual needs.   PRIOR LEGISLATIVE HISTORY: New Bill.   FISCAL IMPLICATIONS: None.   EFFECTIVE DATE: : This act shall take effect on the one hundred twentieth day after it shall have become a law; provided, however, that section three of this act shall take effect on the same date and in the same manner as section 2 of part PP of chapter 56 of the laws of 2022, takes effect; and provided, further, that section two of this act shall expire and be 30 deemed repealed on the same date such chapter takes effect.
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A09493 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                         9493--A
 
                   IN ASSEMBLY
 
                                      March 7, 2022
                                       ___________
 
        Introduced  by  M.  of  A.  STERN,  THIELE, ENGLEBRIGHT, RAMOS, WALLACE,
          J. A. GIGLIO, GANDOLFO, McDONOUGH, SOLAGES, GRIFFIN, SILLITTI, LAVINE,
          BURDICK, MORINELLO, JONES, HEVESI -- read once  and  referred  to  the
          Committee  on  Banks  --  committee  discharged, bill amended, ordered
          reprinted as amended and recommitted to said committee

        AN ACT to amend the banking law and the executive law,  in  relation  to
          certain  notices  and services upon application for a mortgage guaran-
          teed under the "Servicemen's Readjustment Act of 1944""; and providing
          for the repeal of certain provisions upon expiration thereof
 
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
 
     1    Section  1.  The banking law is amended by adding a new section 6-p to
     2  read as follows:
     3    § 6-p. Loan counseling for mortgages guaranteed  by  the  Servicemen's
     4  Readjustment  Act  of 1944. Every mortgage lending institution and mort-
     5  gage banker which originates loans secured by  real  property  used  for
     6  residential  purposes  located  in this state which are to be guaranteed
     7  under the Servicemen's Readjustment Act of 1944 shall provide a separate
     8  disclosure form with each application stating that a veteran  seeking  a
     9  housing  loan under chapter 37 of title 38 of the United States Code has
    10  been offered loan counseling services.  Such  loan  counseling  services
    11  shall  be  provided  by the division of veterans' services under section
    12  three hundred fifty-four-f of the  executive  law  upon  request  of  an
    13  applicant.  The disclosure form required by this section shall be signed
    14  by  each applicant and shall include information detailing how to access
    15  such counseling services.
    16    § 2. The executive law is amended by adding a  new  section  354-f  to
    17  read as follows:
    18    §  354-f. Loan counseling for mortgages guaranteed by the Servicemen's
    19  Readjustment Act of 1944. Upon the request of any veteran, the  division
    20  shall  provide  counseling  and  assistance to applicants for a mortgage
    21  loan guaranteed by the Servicemen's Readjustment  Act  of  1944.    Such
    22  service  shall  be provided either directly or through a contract with a
    23  not-for-profit entity which  has  a  Commercial  and  Government  Entity
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD14376-02-2

        A. 9493--A                          2

     1  (CAGE)  code  assigned  by  the  federal System for Award Management and
     2  which is not owned by, affiliated with or operated by a mortgage  compa-
     3  ny.   Counselors shall be licensed in this state as either a real estate
     4  broker  or  a  mortgage  broker.    Loan counseling and assistance shall
     5  include a review of the terms and restrictions of the loan,  information
     6  determined by the state director to be appropriate for a veteran seeking
     7  a  housing  loan under chapter 37 of title 38 of the United States Code,
     8  and any other information which may be required under federal law,  rule
     9  or regulation.
    10    §  3.  The  veterans'  services law is amended by adding a new section
    11  29-a to read as follows:
    12    § 29-a. Loan counseling for mortgages guaranteed by  the  Servicemen's
    13  Readjustment  Act of 1944. Upon the request of any veteran, the division
    14  shall provide counseling and assistance to  applicants  for  a  mortgage
    15  loan  guaranteed  by  the  Servicemen's  Readjustment  Act of 1944. Such
    16  service shall be provided either directly or through a contract  with  a
    17  not-for-profit  entity  which  has  a  Commercial  and Government Entity
    18  (CAGE) code assigned by the federal  System  for  Award  Management  and
    19  which  is not owned by, affiliated with or operated by a mortgage compa-
    20  ny. Counselors shall be licensed in this state as either a  real  estate
    21  broker  or  a  mortgage  broker.  Loan  counseling  and assistance shall
    22  include a review of the terms and restrictions of the loan,  information
    23  determined by the state director to be appropriate for a veteran seeking
    24  a  housing  loan under chapter 37 of title 38 of the United States Code,
    25  and any other information which may be required under federal law,  rule
    26  or regulation.
    27    § 4. This act shall take effect on the one hundred twentieth day after
    28  it  shall  have  become  a law; provided, however, that section three of
    29  this act shall take effect on the same date and in the  same  manner  as
    30  section  2  of  part PP of chapter 56 of the laws of 2022, takes effect;
    31  and provided, further, that section two of this act shall expire and  be
    32  deemed repealed on the same date such chapter takes effect.
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A09493 LFIN:

 NO LFIN
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A09493 Chamber Video/Transcript:

5-16-22Video (@ 01:46:07)Transcript pdf Transcript html
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