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Bill

Bill

A 424

Relates to notice of the posting and modification of a pamphlet on residential mortgage

2025 Regular Session Introduced by David Weprin

Bill A 424 requires lenders to post and update a pamphlet with essential mortgage information, empowering consumers to make informed borrowing decisions.

SIGNED CHAP.10
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WeVote Research Nonpartisan
Bill Summary · A 424

Summary of Bill A 424

Bill Information

  • Bill Number: A 424
  • Title: Relates to notice of the posting and modification of a pamphlet on residential mortgage
  • Status: Signed into law (Chap. 10)
  • Introduced: January 08, 2025
  • Classification: Legislative Bill

Purpose and Intent

Bill A 424 aims to enhance transparency and accessibility regarding residential mortgage information for consumers. The legislation mandates the posting and modification of a specific pamphlet that provides essential details about residential mortgages, ensuring that potential borrowers have access to clear and accurate information.

Key Provisions

  • Pamphlet Requirements: The bill requires the creation and regular updating of a pamphlet that outlines critical information related to residential mortgages. This pamphlet is intended to educate consumers about their rights, responsibilities, and the mortgage process.
  • Notice of Posting: The bill stipulates that lenders must provide notice to consumers regarding the availability of this pamphlet. This notice is crucial for ensuring that all potential mortgage applicants are aware of the resources available to them.
  • Modification Protocols: The legislation includes provisions for how and when the pamphlet should be modified, ensuring that the information remains current and relevant to changing market conditions and regulations.

Affected Parties

  • Consumers: Homebuyers and individuals seeking residential mortgages will benefit from clearer information and guidance, potentially leading to more informed decision-making.
  • Lenders: Financial institutions and mortgage lenders will be required to comply with the new notice and pamphlet posting requirements, which may involve administrative adjustments to their processes.

Legislative Timeline

  • January 08, 2025: Bill A 424 was introduced and referred to the Banks Committee.
  • January 28, 2025: The bill was reported and ordered to a third reading.
  • February 03, 2025: The bill passed the Assembly and was delivered to the Senate.
  • February 04, 2025: The bill passed the Senate, was substituted for companion bill S 767, and returned to the Assembly.
  • February 12, 2025: The bill was delivered to the Governor.
  • February 14, 2025: Bill A 424 was signed into law, becoming Chapter 10.

Conclusion

Bill A 424 represents a significant step towards improving consumer protection in the residential mortgage market. By mandating the posting and modification of a pamphlet with essential mortgage information, the bill seeks to empower consumers with the knowledge they need to navigate the mortgage process effectively. The successful passage of this legislation reflects a commitment to enhancing transparency and accountability within the lending industry.

Compiled from official sources — confirm details with the bill’s official record.

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