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).

Full Bill Text