New York passed a bill requiring mortgage lenders and other banking organizations offering residential mortgage services to provide a “What Mortgage Applicants Need to Know” pamphlet (Pamphlet) to applicants. Under the bill, a Pamphlet must be provided to an applicant applying for a residential mortgage loan no later than the 3rd business day after the date the applicant’s loan application is received. The Pamphlet must be in the form prescribed by the Department of Financial Institutions (Department). The Department must develop and post the mandated Pamphlet on the Department’s website. The bill becomes effective June 11, 2025.
CLick to view the NY AB 9686: https://www.tenaco.com/wp-content/uploads/2024/12/NY-AB-9686-12-17-24.pdf
