Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Nov 21, 2014 |
signed chap.469 |
Nov 10, 2014 |
delivered to governor |
Jun 12, 2014 |
returned to senate passed assembly ordered to third reading rules cal.204 substituted for a9539 |
Jun 12, 2014 |
substituted by s7224 |
Jun 11, 2014 |
ordered to third reading rules cal.204 rules report cal.204 reported |
Jun 09, 2014 |
reported referred to rules |
May 06, 2014 |
referred to banks |
Assembly Bill A9539
Signed By Governor2013-2014 Legislative Session
Sponsored By
MORELLE
Archive: Last Bill Status Via S7224 - Signed by Governor
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
Votes
co-Sponsors
John T. McDonald III
Donna Lupardo
David Weprin
Edward Hennessey
multi-Sponsors
Clifford Crouch
2013-A9539 (ACTIVE) - Details
- See Senate Version of this Bill:
- S7224
- Law Section:
- Banking Law
- Laws Affected:
- Amd ยง6-m, Bank L
2013-A9539 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 9539 I N A S S E M B L Y May 6, 2014 ___________ Introduced by M. of A. MORELLE -- read once and referred to the Commit- tee on Banks AN ACT to amend the banking law, in relation to subprime home loans THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph (c) of subdivision 1 of section 6-m of the bank- ing law is amended by adding a new subparagraph (iii) to read as follows: (III) NOTWITHSTANDING THE THRESHOLDS SET FORTH IN THIS PARAGRAPH, IF A HOME LOAN IS INSURED BY THE FEDERAL HOUSING ADMINISTRATION, AND IF ANNU- AL MORTGAGE INSURANCE PREMIUMS ARE COLLECTED BY THE FEDERAL HOUSING ADMINISTRATION FOR THE MAXIMUM DURATION PERMITTED UNDER FEDERAL STATUTE, AND IF SUCH LOAN IS NOT A TITLE 1 HOME IMPROVEMENT LOAN NOR A HOME EQUI- TY CONVERSION MORTGAGE, THEN THE TERM "SUBPRIME HOME LOAN" MEANS A HOME LOAN IN WHICH THE INITIAL INTEREST RATE OR THE FULLY-INDEXED RATE, WHICHEVER IS HIGHER, EXCEEDS BY MORE THAN TWO AND A HALF PERCENTAGE POINTS FOR A FIRST-LIEN LOAN, OR BY MORE THAN FOUR AND A HALF PERCENTAGE POINTS FOR A SUBORDINATE-LIEN LOAN, THE AVERAGE COMMITMENT RATE FOR LOANS IN THE NORTHEAST REGION WITH A COMPARABLE DURATION TO THE DURATION OF SUCH HOME LOAN, AS PUBLISHED BY THE FEDERAL HOME LOAN MORTGAGE CORPO- RATION (HEREIN "FREDDIE MAC") IN ITS WEEKLY PRIMARY MORTGAGE MARKET SURVEY (PMMS) POSTED IN THE WEEK PRIOR TO THE WEEK IN WHICH THE LENDER PROVIDES THE "GOOD FAITH ESTIMATE" REQUIRED UNDER 12 USC S2601 ET SEQ. S 2. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD14882-01-4
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