Key Votes

A 10219 - Mortgage Bill of Rights - Key Vote

New York Key Votes

Herman Farrell, Jr. voted Yea (Passage) on this Legislation.

Read statements Herman Farrell, Jr. made in this general time period.

Stages

Family

Issues

Stage Details

Legislation - Bill Sent To Committee (Senate) -
Legislation - Bill Passed (House) (122-15) - (Key vote)

Title: Mortgage Bill of Rights

Vote Smart's Synopsis:

Vote to pass a bill that mandates that applicants for a home loan be provided “The Mortgage Applicant’s Bill of Rights” which guarantees the applicant certain rights and legal options when obtaining a mortgage.

Highlights:
-Requires the superintendent of banks to develop a pamphlet that shall be known as “The Mortgage Applicant’s Bill of Rights” and post it on the banking departments website (Sec. 1). -Mandates that no lending institution may accept a mortgage application unless the pamphlet is provided to the applicant and he/she acknowledges in writing that they received it (Sec. 1). -Mandates that the pamphlet include, among others, that the applicant has the right to receive an honest evaluation of their income, the amount a mortgage broker is being paid for a loan, and is informed as to whether it is a fixed or variable rate loan (Sec. 1).
Legislation - Introduced (House) -

Title: Mortgage Bill of Rights

Sponsors

  • José R. Peralta (NY - D) (Out Of Office)

Co-sponsors