Commission Protection Act Update
This past week, Assemblywoman Ellen Young (D-Queens) and Assemblywoman Michelle Schimel (D-Great Neck) joined as co-sponsors of the NYSAR-supported Commission Escrow Act. This brings us to 78 sponsors of the bill in the Assembly where the bill remains stalled.
NYSAR Government Affairs staff and the NYSAR Commission Escrow contact team members are currently meeting with members of the Assembly Judiciary and Codes committees to urge support of the bill in the respective committees. For more information on Commission Escrow, please visit http://www.stopcommissionsripoffs.com/
Senate to Host Public Hearing on Governor’s Homeowner Protection Bill
The Senate Banks Committee will conduct a public hearing to review Governor Paterson’s homeowner protection bill designed to address mortgage foreclosures and subprime lending practices. The hearing is scheduled for Monday, May 12, at 10 a.m. in hearing room A of the Legislative Office Building. The Governor’s Program Bill would mandate communication between lender and borrower to prevent foreclosures, and enhance the protections of New York’s Anti-Predatory Lending Law, which shields New York borrowers form unscrupulous lenders.
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