Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Mortgage Services topic
No spam. Unsubscribe anytime.
Senate Banks Committee advances mortgage-services bill despite objections over private right of action
Summary
The Senate Banks Committee moved Senate Bill 70, which would amend banking law related to mortgage loan services, out of committee after a voice vote; an unidentified senator opposed the bill citing concerns that a private right of action would increase litigation and drive up housing costs.
The New York State Senate Banks Committee voted to move Senate Bill 70, an amendment to banking law concerning mortgage loan services sponsored by Senator Kavanaugh, out of committee during a voice vote.
An unidentified senator told the committee, “my opposition to this stems from the private right of action,” arguing that privately litigated claims drive up costs and could make mortgages less affordable in New York. No recorded amendment or formal substitution to SB70 was made during the committee meeting.
Miss Anoma read the bill’s title for the record before the motion to move the bill was made and seconded. The committee proceeded with a voice vote; the chair reported the bill out of committee and indicated it would be referred to the Senate Finance Committee for further consideration. The transcript records the vote as a committee voice vote; individual member tallies were not specified in the record.
The committee did not record additional debate, staff presentations, or detailed fiscal estimates during this session. The bill’s sponsor, Senator Kavanaugh, did not speak on the record in this transcript excerpt. Further floor or Finance Committee proceedings would be needed to resolve the policy question raised about the private right of action and its fiscal or market impacts.
