New York State Assembly Bill A9493A adds a new disclosure requirement for VA loan counseling. This act takes effect April 15, 2023.
The New York banking law is amended by adding a new section 6-p to read as follows:
“§ 6-p. Loan counseling for mortgages guaranteed by the Servicemen’s Readjustment Act of 1944. Every mortgage lending institution and mortgage banker which originates loans secured by real property used for residential purposes located in this state which are to be guaranteed under the Servicemen’s Readjustment Act of 1944 shall provide a separate disclosure form with each application stating that a veteran seeking a housing loan under chapter 37 of title 38 of the United States Code has been offered loan counseling services. Such loan counseling services shall be provided by the division of veterans’ services under section three hundred fifty-four-f of the executive law upon request of an applicant. The disclosure form required by this section shall be signed by each applicant and shall include information detailing how to access such counseling services.”
Docutech is currently reviewing New York State Assembly Bill A9493A. Any additions to Docutech’s document library made as a result of New York State Assembly Bill A9493A will be announced on our Compliance website at https://compliance.docutech.com/.