New York passed a bill requiring an “availability of loan counseling disclosure” (Disclosure) be provided for loans guaranteed under the Servicemen’s Readjustment Act of 1944. Under the bill, a mortgage lending institution and mortgage banker must provide the Disclosure to the borrower of a loan guaranteed under the Servicemen’s Readjustment Act of 1944. The Disclosure must state that the borrower has been offered loan counseling services and include information detailing how to access the offered loan counseling services. The disclosure must be provided with the loan application and must be signed by the borrower. The bill becomes effective March 16, 2023.
Click to view the NY AB-9493: https://www.tenaco.com/wp-content/uploads/2023/02/NY-AB-9493-12-17-22.pdf
