On Dec. 13, 2024, NY LEG governor approved S5597/A9686 via Memo .34, Chap. 556.
Effective on the 180th day after becoming law on Dec. 13, 2024, Jun. 11, 2025.
In Feb. 2025, NY LEG enact bill effectuating SB 5597, technical changes, see #246003.
On May 30, NY LEG passed bill requiring consumer mortgage booklet.
NY LEG issued SB 5597 (AB 9686) requiring the creation and publication of the what mortgage applicants need to know pamphlet, to be provided by lenders and bankers.
Amended banking law by adding new NY LEG 2-35 requiring the pamphlet.
Overview
Pamphlet to be called What Mortgage applicants need to know and posted on the banking department's website, printed in the 6 most common non-English languages.
Copies of pamphlet must be provided to all licensed lenders and banking organizations offering residential mortgage services with a copy given to each mortgage applicant.
Further, pamphlet may be provided to applicants electronically including via email.
Pamphlet and website notice must include specified language in the statute, as well as any other language developed that is not inconsistent with the statutory language.
Legislative History
On Mar. 8, 2023, bill introduced in Senate; on May 30, 2024, bill passed Senate.
On Mar. 31, 2023, bill introduced in Assembly; on May 30, 2024, bill passed Assembly.
Effectiveness
Upon approval, bill will be effective on the 180th day after it has become a law.
Provided that, effective immediately, any actions necessary to implement provisions of act on effective date are authorized and directed to be completed on/before such date.
Dec. 2024 NY LEG Governor Approval
On Dec. 13, 2024, NY LEG governor approved S5597/A9686 via Memo .34, Chap. 556.
Effective on the 180th day after becoming law on Dec. 13, 2024, Jun. 11, 2025.
In Feb. 2025, NY LEG enact bill effectuating SB 5597, technical changes, see #246003.
Regulators
NY LEG
Entity Types
Bank; MG Orig; Servicer; Thrift
Reference
Ch. 556, 12/13/2024; Bill S05597, A09686, 5/30/2024; Citation: NY LEG 2;
