S4684 (2023-24 session)
NY State bill
Provides that a mortgage investing institution that maintains a mortgage on any real property in the state of New York shall give ten days written notice prior to requiring payment of an increase in the amount of escrow if the dollar amount of such increase is more than five percent of the total monthly payment; provides that no service charge shall be imposed for the giving of such notice; defines that term "mortgage investing institutions" as any banking organization or other entity engaged in the business of offering mortgage financing to the public or investing in mortgages.
- Title
- Requires that notice of increase in mortgage escrow account be given in advance
- Type
- New York State Senate bill
- Session
- 2023-24 session
- Status
- In Senate Committee
- Latest action date
- 2024-01-03
- In committee
- Judiciary
- Introduced
- 2023-02-13
- Law section
- General Obligations Law
Sponsors
- Kevin S. Parker State Senator, District 21
Heard in committee
- Judiciary NY State Senate committee