Prohibits certain financial institutions from charging fees for making or changing mortgage payment frequencies.
This bill amends the banking law to prohibit certain financial institutions from charging fees for making monthly, semi-monthly, and biweekly mortgage payments or for changing the frequency of mortgage payments. It defines "mortgage payment servicer" and specifies that no additional costs, fees, penalties, or premiums can be charged for changing payment schedules. The superintendent is tasked with prescribing a standardized notice to inform mortgagors of their rights, including the right to change payment frequencies and the prohibition on fees.
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