2002 Mortgage Fraud Legislation
Last Updated: December 7, 2007
Enactments are noted in italics
NCSL Staff Contact: Heather Morton, (303) 364-7700, Denver
| State: |
Bill Summary: |
| New York |
A.B. 3717
S.B. 1818
Enacts the Home Equity Fraud Act to control improper activities by home improvement contactors and finance companies; prohibits mortgage brokers or agents from acting as home improvement contractors; provides additional protections for mortgagors and home owners. |
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S.B. 7728
Regulates the making and foreclosure of high-cost home loans, imposing various prohibitions and limitations; imposes responsibilities in connection therewith on home improvement contractors; requires a certain notice in foreclosure actions and requires certain proofs by the party plaintiff; establishes affirmative defenses and permits recovery of attorneys' fees; provides for additional bonding or deposit requirements for mortgage bankers and brokers, educational requirements for mortgage brokers, stiffer approval criteria for both, and authorizes the superintendent to take possession of licenses or registrations in liquidations of mortgage bankers or brokers; relates to unauthorized entities, unregistered mortgage brokers and mortgage fraud; establishes additional penalties against unlicensed or unregistered persons or entities engaging in activities after receiving a cease and desist notice; further establishes the crime of mortgage fraud in the first and second degree; prohibits mortgage bankers, exempt organizations and mortgage brokers from paying referral fees or other compensation to home improvement contractors in connection with granting financing, unless the contractor is employed by the lender, the relationship has been disclosed to the banking board and the consumer, and is consistent with the regulations of the banking board. |
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S.B. 7811
Regulates the making and foreclosure of high-cost home loans, imposing various prohibitions and limitations; imposes responsibilities in connection therewith on home improvement contractors; requires a certain notice in foreclosure actions and requires certain proofs by the party plaintiff; establishes affirmative defenses and permits recovery of attorneys' fees; provides for additional bonding or deposit requirements for mortgage bankers and brokers, educational requirements for mortgage brokers, approval criteria for both, and authorizes the superintendent to take possession of licenses or registrations in liquidations of mortgage bankers or brokers; relates to unauthorized entities, unregistered mortgage brokers and mortgage fraud; establishes additional penalties against unlicensed or unregistered persons or entities engaging in activities after receiving a cease and desist notice; further establishes the crime of mortgage fraud in the first and second degree; prohibits mortgage bankers, exempt organizations and mortgage brokers from paying referral fees or other compensation to home improvement contractors in connection with granting financing, unless the contractor is employed by the lender, the relationship has been disclosed to the banking board and the consumer, and is consistent with the regulations of the banking board. |
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