2017 Banking-Related Legislative Summaries

Consummation of a Mortgage Loan Chapter Amendment
Ch. 20 of the Laws of 2017
Chapter 20 amended the Banking Law to make changes to Chapter 491 of the Laws of 2016 in relation to allowing consummation of a mortgage loan by electronic signature.

Community Bank Examinations
Ch. 380 of the Laws of 2017
Chapter 380 amended the Banking Law to in relation to community bank examinations.

Pension Load Advancements
Ch. 441 of the Laws of 2017
Chapter 441 authorized and directed the Department of Financial Services to examine, evaluate and make recommendations concerning the licensure, limits on fees and interest and disclosure practices of businesses engaged in pension loan advancements. Note that Chapter 23 of the Laws of 2018 made technical amendments to Chapter 441.

Online Lending Institutions Task Force
Ch. 505 of the Laws of 2017
Chapter 505 created a task force on online lending institutions, providing for its powers and duties, and providing for the repeal of such provisions upon expiration of the act.