New York S 4004: CAPITAL PROJECTS BUDGET

Bill Text

Bill Search and Legislative Information | New York State Assembly 

• 

• 

• 

• 

• 

• 

• 

• 

 Skip to main content 

 New York State Assembly

 Speaker Carl E. Heastie

 --> 
 --> 

 --> 

• 
 Assembly Members 

• 
 Legislative Info 

• 
 Public Hearings 

• 
 Speaker's Press 

• 
 Assembly Reports 

• 
 Committees & More 

• Bill Search Home
• Laws
• Legislative Calendar
• Public Hearing Schedule
• Assembly Calendars
• Assembly Committee Agenda 

 Javascript must be enabled to properly view this page. 

 Bill No.: 

• Summary 
• Actions 
• Committee&nbspVotes 
• Floor&nbspVotes 
• Memo 
• Text 
• LFIN 
• Chamber&nbspVideo/Transcript 
S04004 Summary:

BILL NOS04004 

&nbsp

SAME ASNo Same As

&nbsp

SPONSORPARKER

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

Add §5-603, Gen Ob L

&nbsp

Provides that a mortgage investing institution that maintains a mortgage on any real property in the state of New York shall give ten days written notice prior to requiring payment of an increase in the amount of escrow if the dollar amount of such increase is more than five percent of the total monthly payment; provides that no service charge shall be imposed for the giving of such notice; defines that term "mortgage investing institutions" as any banking organization or other entity engaged in the business of offering mortgage financing to the public or investing in mortgages.

Go to top S04004 Actions:

BILL NOS04004 

&nbsp

01/31/2025REFERRED TO JUDICIARY

01/07/2026REFERRED TO JUDICIARY

Go to topS04004 Committee&nbspVotes:

Go to topS04004 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS04004 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 4004

 2025-2026 Regular Sessions

 IN SENATE

 January 31, 2025
 ___________

 Introduced by Sen. PARKER -- read twice and ordered printed, and when
 printed to be committed to the Committee on Judiciary

 AN ACT to amend the general obligations law, in relation to increases in
 mortgage escrow account requirements

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. The general obligations law is amended by adding a new
 2 section 5-603 to read as follows:
 3 § 5-603. Increases in deposits in escrow with mortgage investing
 4 institutions. Any mortgage investing institution that maintains an
 5 escrow account pursuant to any agreement executed in connection with a
 6 mortgage on any real property located in this state shall give at least
 7 ten days written notice prior to requiring payment of any increase in
 8 the amount of escrow if the dollar amount of such increase is more than
 9 five percent of the dollar amount of the total monthly payment (which
 10 includes principal, interest, and all escrow amounts) for the month
 11 prior to the month for which the increase is effective. No service
 12 charge shall be imposed for the giving of such notice. For the purposes
 13 of this section, "mortgage investing institution" shall mean any banking
 14 organization, as defined in section two of the banking law, or any other
 15 entity engaged in the business of offering mortgage financing to the
 16 public or investing in mortgages.
 17 § 2. This act shall take effect on the ninetieth day after it shall
 18 have become a law.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD07140-01-5

Go to top 

• 

 Sitemap 

 Request Information 

 Directions and Maps