New York A09588 prohibits financial institutions from charging fees for monthly, semi-monthly, or biweekly mortgage payments or for changing payment.
New York A09588 amends the banking law to prohibit certain financial institutions from charging fees for making monthly, semi-monthly, or biweekly mortgage payments or for changing the frequency of mortgage payments. The bill defines "mortgage payment servicer" and prohibits these servicers from charging fees for changing payment schedules. It also mandates that servicers provide mortgagors with an amortization schedule and potential interest savings estimates upon request. The superintendent is directed to create a standardized notice informing mortgagors of their rights under this law.
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