Relates to the application of certain provisions relating to commercial financing; provides that liability shall not be imposed on a provider if the actual annual percentage rate charged by the provider differs from the estimated annual percentage rate disclosed by the provider acting in good faith.
Establishes the New York state cryptocurrency and blockchain study task force to provide the governor and the legislature with information on the effects of the widespread use of cryptocurrencies and other forms of digital currencies and their ancillary systems, including but not limited to blockchain technology, in the state.
Provides for joint and survivorship accounts, provides that absent indication to the contrary, funds remaining in such an account upon the death of the depositor shall be deemed part of the depositor's estate.
Includes participation in a banking development district as a factor when assessing a banking institution's record of performance in relation to the Community Reinvestment Act of 1977.
Creates a banking development district working group to assess the banking development district program and provide an annual report to the governor and legislature on the strengths and weaknesses of such program; defines unbanked and underbanked.
Grants the department of financial services jurisdiction over the financing of motor vehicles; requires motor vehicle dealer finance managers to be licensed by the department of financial services.
Requires the development of a mortgage bill of rights pamphlet on residential mortgages; provides such pamphlet shall be posted and printed in the 8 most popularly spoken languages in the state.
Authorizes certain state regulated institutions to offer disaster forbearance agreements to qualified mortgagors whose income has been adversely affected by the outbreak of COVID-19 and is unable to make his or her mortgage payment.
Provides that any person who has been injured by reason of any violation of any such rules, regulations or policies as the superintendent may promulgate may bring an action in such person's own name; assert a counterclaim; or, if an action is commenced by the mortgagee or anyone acting on its behalf, bring a third party claim, against either the mortgagee and/or the mortgage servicer to enjoin any violations thereof; authorizes damages; makes related provisions.
Enacts the pro-banking act to mandate acceptance of the New York city identity card as a primary form of identification at all covered entities, including all banking organizations, foreign banking corporations, and interstate branches.
Establishes the bank of Rochester, including provisions related to definitions; sponsors and corporate structure; powers and restrictions; governance; charter requirements; financial and operations frameworks; transparency and financial reporting; insurance; deposits; policy mandates; ethics and financial disclosure; inconsistency with other laws; and owners not to be considered bank holding companies.
Establishes standards for the closure of bank accounts in the state of New York to include providing notice of closure and the return of funds to account owners.