Relates to notice of the posting and modification of a pamphlet on residential mortgage

Latest action Feb 14, 2025

Relates to notice of the posting and modification of a pamphlet on residential mortgages of which such information shall be provided to mortgage bankers and banking organizations.

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Where it stands

Signed into law.

Introduced
In committee
Up for a vote
Passed one chamber
Passed
Enacted

New York State Senate

Same as A424, the matching bill in the Assembly.

Passed as A424, the matching Assembly bill.

Amends the Banking Law.

Committee

Banks · New York State Assembly

Also referred to Banks · New York State Senate, Rules · New York State Assembly, Rules · New York State Senate.

Purpose, from the sponsor's memo

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.

Filed with the bill. Read it on nysenate.gov (opens in a new tab)

Recorded votes

Vote: Floor vote
NY SenateFeb 4, 2025Result: passedSenate vote on A424, the matching Assembly bill.
(49) (12) (0) (2)
Vote: Committee vote · Rules
Senate RulesJan 13, 2025Result: passed
(17) (4) (0) (0)

The sponsor's argument

Why Leroy Comrie says this is needed

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.

This is the sponsor's own case for the bill, quoted from their memorandum. It is not Agora's description of what the bill does.

Full history

Feb 14, 2025
Signed
SIGNED CHAP.10
NY Assembly
Feb 12, 2025
Sent to the executive
DELIVERED TO GOVERNOR
NY Assembly
Feb 4, 2025
3RD Reading CAL.41
3RD READING CAL.41
NY Senate
Feb 4, 2025
Passed a chamber
PASSED SENATE
NY Senate
Feb 4, 2025
Substituted
SUBSTITUTED FOR S767
NY Senate

Show full history (9 earlier events)

Feb 3, 2025
Sent to the executive
DELIVERED TO SENATE
NY Assembly
Feb 3, 2025
Passed a chamber
PASSED ASSEMBLY
NY Assembly
Feb 3, 2025
Referred to committee
REFERRED TO RULES
NY Senate
Jan 28, 2025
Reported out of committee
REPORTED
NY Assembly
Jan 28, 2025
Rules Report CAL.65
RULES REPORT CAL.65
NY Assembly
Jan 14, 2025
Reported out of committee
REPORTED REFERRED TO RULES
NY Assembly
Jan 13, 2025
Ordered to Third Reading CAL.41
ORDERED TO THIRD READING CAL.41
NY Senate
Jan 8, 2025
Referred to committee
REFERRED TO BANKS
NY Assembly
Jan 8, 2025
Referred to committee
REFERRED TO RULES
NY Senate

About this record

Summary: The summary comes from NY Open Legislation, the New York State Senate's public record. For more, see How we handle summaries.
Source: From NY Open Legislation, the NY Senate and Assembly, and official rosters. This record was last updated Oct 21, 2026. About our data

Read the record

Read on NY Senate (opens in a new tab) The official record on nysenate.gov.

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