A00092 Summary:
BILL NO | A00092A |
  | |
SAME AS | SAME AS S05017-A |
  | |
SPONSOR | Perry |
  | |
COSPNSR | Galef, Montesano |
  | |
MLTSPNSR | |
  | |
Add §6-n, Bank L | |
  | |
Requires a bank or financial institution selling or transferring a mortgage during a modification process to provide the borrower with a written list of all documents relating to such application for modification that were provided to the bank or financial institution to which such mortgage was sold or transferred; and relates to the obligations of subsequent mortgage servicer shall assume all duties and obligations related to any previously approved first lien loan modification or other foreclosure prevention alternative. |
A00092 Actions:
BILL NO | A00092A | |||||||||||||||||||||||||||||||||||||||||||||||||
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01/09/2019 | referred to banks | |||||||||||||||||||||||||||||||||||||||||||||||||
04/16/2019 | amend (t) and recommit to banks | |||||||||||||||||||||||||||||||||||||||||||||||||
04/16/2019 | print number 92a | |||||||||||||||||||||||||||||||||||||||||||||||||
05/07/2019 | reported referred to codes | |||||||||||||||||||||||||||||||||||||||||||||||||
05/21/2019 | reported | |||||||||||||||||||||||||||||||||||||||||||||||||
05/23/2019 | advanced to third reading cal.365 | |||||||||||||||||||||||||||||||||||||||||||||||||
05/29/2019 | passed assembly | |||||||||||||||||||||||||||||||||||||||||||||||||
05/29/2019 | delivered to senate | |||||||||||||||||||||||||||||||||||||||||||||||||
05/29/2019 | REFERRED TO BANKS | |||||||||||||||||||||||||||||||||||||||||||||||||
06/20/2019 | SUBSTITUTED FOR S5017A | |||||||||||||||||||||||||||||||||||||||||||||||||
06/20/2019 | 3RD READING CAL.1819 | |||||||||||||||||||||||||||||||||||||||||||||||||
06/20/2019 | PASSED SENATE | |||||||||||||||||||||||||||||||||||||||||||||||||
06/20/2019 | RETURNED TO ASSEMBLY | |||||||||||||||||||||||||||||||||||||||||||||||||
08/13/2019 | delivered to governor | |||||||||||||||||||||||||||||||||||||||||||||||||
08/14/2019 | signed chap.166 |
A00092 Committee Votes:
Zebrowski | Aye | Lalor | Aye | ||||||
Perry | Aye | Finch | Aye | ||||||
Abbate | Aye | Mikulin | Aye | ||||||
Miller | Excused | Smith | Aye | ||||||
Weprin | Aye | Manktelow | Aye | ||||||
Rodriguez | Aye | Salka | Aye | ||||||
Bichotte | Excused | Schmitt | Aye | ||||||
Blake | Aye | Smullen | Aye | ||||||
Jean-Pierre | Aye | ||||||||
Seawright | Aye | ||||||||
Richardson | Aye | ||||||||
Dickens | Aye | ||||||||
De La Rosa | Aye | ||||||||
Vanel | Excused | ||||||||
Wright | Aye | ||||||||
Niou | Aye | ||||||||
Taylor | Aye | ||||||||
Barnwell | Aye | ||||||||
Stern | Aye | ||||||||
Hevesi | Excused | ||||||||
Sayegh | Aye | ||||||||
Burke | Excused | ||||||||
Buttenschon | Aye | ||||||||
Lentol | Aye | Ra | Aye | ||||||
Schimminger | Aye | Giglio | Aye | ||||||
Pretlow | Absent | Montesano | Aye | ||||||
Cook | Aye | Morinello | Aye | ||||||
Cymbrowitz | Aye | Palumbo | Aye | ||||||
O'Donnell | Aye | Garbarino | Aye | ||||||
Lavine | Aye | ||||||||
Perry | Aye | ||||||||
Zebrowski | Aye | ||||||||
Abinanti | Aye | ||||||||
Weprin | Aye | ||||||||
Mosley | Aye | ||||||||
Hevesi | Aye | ||||||||
Fahy | Aye | ||||||||
Seawright | Aye | ||||||||
Rosenthal | Aye | ||||||||
Go to top
A00092 Floor Votes:
Yes
Abbate
Yes
Crespo
ER
Gantt
Yes
LiPetri
Yes
Perry
Yes
Simon
Yes
Abinanti
Yes
Crouch
Yes
Garbarino
Yes
Lupardo
Yes
Pheffer Amato
Yes
Simotas
Yes
Arroyo
Yes
Cruz
ER
Giglio
Yes
Magnarelli
ER
Pichardo
Yes
Smith
Yes
Ashby
Yes
Cusick
Yes
Glick
Yes
Malliotakis
Yes
Pretlow
Yes
Smullen
Yes
Aubry
Yes
Cymbrowitz
Yes
Goodell
Yes
Manktelow
Yes
Quart
Yes
Solages
Yes
Barclay
Yes
Davila
Yes
Gottfried
Yes
McDonald
Yes
Ra
Yes
Stec
Yes
Barnwell
Yes
De La Rosa
Yes
Griffin
ER
McDonough
Yes
Raia
Yes
Steck
Yes
Barrett
Yes
DenDekker
Yes
Gunther
Yes
McMahon
Yes
Ramos
Yes
Stern
Yes
Barron
Yes
DeStefano
Yes
Hawley
Yes
Mikulin
Yes
Raynor
Yes
Stirpe
Yes
Benedetto
Yes
Dickens
Yes
Hevesi
Yes
Miller B
Yes
Reilly
Yes
Tague
Yes
Bichotte
Yes
Dilan
Yes
Hunter
Yes
Miller MG
Yes
Reyes
Yes
Taylor
Yes
Blake
Yes
Dinowitz
Yes
Hyndman
Yes
Miller ML
Yes
Richardson
Yes
Thiele
Yes
Blankenbush
Yes
DiPietro
Yes
Jacobson
ER
Montesano
Yes
Rivera
ER
Titus
Yes
Brabenec
Yes
D'Urso
Yes
Jaffee
Yes
Morinello
Yes
Rodriguez
Yes
Vanel
Yes
Braunstein
Yes
Eichenstein
Yes
Jean-Pierre
Yes
Mosley
Yes
Romeo
Yes
Walczyk
Yes
Bronson
Yes
Englebright
Yes
Johns
Yes
Niou
Yes
Rosenthal D
Yes
Walker
Yes
Buchwald
Yes
Epstein
Yes
Jones
Yes
Nolan
Yes
Rosenthal L
Yes
Wallace
Yes
Burke
Yes
Fahy
Yes
Joyner
Yes
Norris
Yes
Rozic
Yes
Walsh
Yes
Buttenschon
Yes
Fall
Yes
Kim
ER
O'Donnell
Yes
Ryan
Yes
Weinstein
Yes
Byrne
Yes
Fernandez
Yes
Kolb
Yes
Ortiz
Yes
Salka
Yes
Weprin
Yes
Byrnes
Yes
Finch
Yes
Lalor
Yes
Otis
Yes
Santabarbara
Yes
Williams
Yes
Cahill
Yes
Fitzpatrick
Yes
Lavine
Yes
Palmesano
Yes
Sayegh
Yes
Woerner
Yes
Carroll
Yes
Friend
Yes
Lawrence
Yes
Palumbo
Yes
Schimminger
Yes
Wright
Yes
Colton
Yes
Frontus
Yes
Lentol
ER
Paulin
Yes
Schmitt
Yes
Zebrowski
Yes
Cook
Yes
Galef
Yes
Lifton
Yes
Peoples-Stokes
Yes
Seawright
Yes
Mr. Speaker
‡ Indicates voting via videoconference
A00092 Memo:
Go to topNEW YORK STATE ASSEMBLY
MEMORANDUM IN SUPPORT OF LEGISLATION
submitted in accordance with Assembly Rule III, Sec 1(f)   BILL NUMBER: A92A SPONSOR: Perry
  TITLE OF BILL: An act to amend the banking law, in relation to requiring a bank or financial institution selling or transferring a mortgage during a modification process to provide the borrower with a written list of all documents relating to such application for modifica- tion that were provided to the bank or financial institution to which such mortgage was sold or transferred; and relating to the obligations of subsequent mortgage servicer shall assume all duties and obligations related to any previously approved first lien loan modification or other foreclosure prevention alternative   PURPOSE: To provide homeowners who are in negotiations to modify the terms of their mortgage with a written list of documents relating to the modifi- cation which were provided to the bank or financial institution who acquired the loan when was sold or transferred and to ensure that if the loan is sold or transferred after a homeowner has been approved for a modification of their mortgage that the subsequent mortgage servicer honor the terms and conditions of the approval.   SUMMARY OF SPECIFIC PROVISIONS: Section one of the bill adds § 6-n to the banking law. Subdivision one requires that a bank or financial institution who enters into negoti- ations to modify a mortgage and sells or transfers the mortgage during the modification process be responsible for providing the borrower with a written list of all the documents relating to the loan modification that were furnished to the bank of financial institution to which the mortgage was sold or transferred. Subdivision two provides that if a borrower has been approved in writing for a first lien loan modification or other modification to avoid fore- closure and the servicing of the borrower's loan is sold or transferred to another mortgage servicer that the subsequent mortgage servicer be required to assume all duties and obligations related to any previously approved first lien loan modification or other foreclosure alternative. Section two of the bill provides the effective date.   JUSTIFICATION: This legislation is necessary in light of the growing loan modification crisis enveloping New York State. The modification process is difficult enough, so New York State must provide a mechanism to ensure that banks and financial institutions treat homeowners in a fair and equitable manner during the course of this difficult process. In many instances, homeowners have complained of having sent requested documentation and later being told that the same documents were not received or that specific pages were unsigned by the homeowners. Home- owners report that this problem is exasperated when their loan is sold to another lender during the course of a pending modification. This legislation seeks to assist homeowners whose mortgage has been sold or transferred while they are in the midst of a loan modification by requiring that when negotiations to modify a mortgage take place and the loan is sold, transferred, or bundled for provision to a third party that the bank or financial institution that sold or transferred the mortgage provide the homeowner a written list of documents that were provided to the third party. Furthermore, if the homeowner has been approved for a loan modification in writing and the loan is subsequently sold or transferred, the bank or financial institution to which the mortgage has been sold or transferred to will be required to honor the terms and conditions of the approved loan modification.   PRIOR LEGISLATIVE HISTORY: 2017-2018:A.722/S.2223 - Referred to Banks/Banks 2015-2016:A.6391/S.2752 - Referred to Banks/Banks 2013-2014:A.4784/S.5496 - Referred to Banks/Banks 2011-2012:A.7954 - Referred to Banks   FISCAL IMPLICATIONS: None.   EFFECTIVE DATE: Ninety days after becoming a law.
A00092 Text:
Go to top STATE OF NEW YORK ________________________________________________________________________ 92--A 2019-2020 Regular Sessions IN ASSEMBLY (Prefiled) January 9, 2019 ___________ Introduced by M. of A. PERRY, GALEF, MONTESANO -- 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, in relation to requiring a bank or financial institution selling or transferring a mortgage during a modification process to provide the borrower with a written list of all documents relating to such application for modification that were provided to the bank or financial institution to which such mortgage was sold or transferred; and relating to the obligations of subsequent mortgage servicer shall assume all duties and obligations related to any previously approved first lien loan modification or other foreclo- sure prevention alternative 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-n to 2 read as follows: 3 § 6-n. Responsibility of banks for mortgages being processed for 4 modification. 1. If a mortgage that is the subject of an application for 5 a modification of the mortgage terms is sold or transferred during the 6 modification process, the bank or financial institution selling or 7 transferring such mortgage shall provide the borrower with a written 8 list of all documents relating to such application for modification that 9 were provided to the bank or financial institution to which such mort- 10 gage was sold or transferred. 11 2. If a borrower has been approved in writing for a first lien loan 12 modification or other modification to avoid foreclosure, and the servic- 13 ing of such borrower's loan is transferred or sold to another mortgage 14 servicer, the subsequent mortgage servicer shall assume all duties and 15 obligations related to any previously approved first lien loan modifica- EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD05248-05-9A. 92--A 2 1 tion or other foreclosure prevention alternative in accordance with the 2 provisions of this section. 3 § 2. This act shall take effect on the ninetieth day after it shall 4 have become a law and shall apply to all mortgages entered into on or 5 after such date.
A00092 LFIN:
  | NO LFIN |
A00092 Chamber Video/Transcript:
5-29-19 | Video (@ 00:25:16) | Transcript pdf | Transcript html |