Document Updates: New York Publishes Model Form for VA Services Loan Counseling Disclosure (Cx26686)

As previously announced, to comply with disclosure requirements that went into effect on April 15, 2023, Docutech created Cx26686 – NY VA Services Loan Counseling Disclosure, based on the language in NY Banking Law § 6-p, NY Executive Law § 354-f, and NY Veterans’ Services Law § 29-a.

Recently, the New York State Department of Financial Services announced its publication of a counseling disclosure form for loans guaranteed under the Servicemen’s Readjustment Act of 1944 with a link to the model form.

There are three main differences between the model form and the previous iteration of Cx26686:

1. 1. The model form is entitled “New York Counseling Disclosure Form For Loans Guaranteed Under Servicemen’s Readjustment Act of 1944” while the previous iteration of Cx26686 was entitled “New York Veterans’ Services Loan Counseling Disclosure”. To avoid confusion, Docutech’s CX ID and Document Description will remain the same as “Cx26686 – NY VA Services Loan Counseling Disclosure”.
   2. The model form contains a notification that the previous iteration of Cx26686 did not: “THIS IS AN IMPORTANT DISCLOSURE. DO NOT SIGN THIS FORM UNTIL YOU HAVE CAREFULLY READ IT AND UNDERSTAND ITS CONTENTS.”
   3. While the previous iteration of Cx26686 included contact information for the New York State Department of Veterans’ Services, the model form includes contact information for the Section 501(c)(3) not-for-profit organization Home at Last: Phone (833) 838-7338 and Website https://homeatlast.us/loancounseling/.

These changes will be in effect on July 14, 2023. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.

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The preceding is for informational purposes only and is not and may not be construed as legal advice. No third party entity may rely upon anything contained herein when making legal and/or other determinations regarding its practices, and such third party should consult with an attorney prior to embarking upon any specific course of action.