N.Y. Banking Law Section 6-O
Single point of contact for modifying delinquent home loans


1.

A lender shall provide to a borrower who is thirty or more days delinquent on his or her home loan with such lender and who chooses to pursue a loan modification or other foreclosure prevention alternative, a single point of contact for the borrower to reach the lender regarding pursuing a loan modification. If at any time the contact information provided to the borrower changes, a notification of such change shall be provided by the lender to the borrower within five business days of such change. The duties imposed on a lender by this section may also be performed by a mortgage servicer acting on behalf of such lender.

2.

The single point of contact required by this act shall be responsible for the following:

(a)

communicating information regarding options the borrower may have for modifying his or her delinquent home loan;

(b)

assisting the borrower with identifying documents necessary for pursuing a loan modification; and

(c)

providing accurate information regarding the status of a borrower’s loan modification application should such borrower choose to apply for a modification.

3.

The single point of contact required by this section shall remain assigned to the borrower’s account until such time as the lender determines that all loss modification options have been exhausted or until the borrower’s account becomes current.

4.

For the purposes of this section, “home loan” shall have the same meaning as defined in paragraph (e) of subdivision one of § 6-L (High-cost home loans)section six-l of this article.

5.

The superintendent of financial services is hereby authorized to establish rules and regulations as he or she may deem necessary for the single point contact required by this section. * NB There are 2 § 6-o’s

Source: Section 6-O — Single point of contact for modifying delinquent home loans, https://www.­nysenate.­gov/legislation/laws/BNK/6-O (updated Mar. 4, 2022; accessed Jul. 20, 2024).

1
Short title
2
Definitions
2‑A
Limited liability investment company
2‑B
Limited liability trust companies
4
Information to be given to social services officials, state department of social services, state department of mental hygiene, the mental...
4‑A
Banks to display signs
4‑B
Advertising
4‑C
Exemptions from certain provisions of chapter
5
Loans pursuant to the "Servicemen’s Readjustment Act of 1944
6
Investment in obligations of housing corporations indirectly guaranteed pursuant to the “Servicemen’s Readjustment Act of 1944”
6‑A
Investment in obligations of certain persons sixty-five years of age or over incurred to satisfy real property tax indebtedness
6‑C
Application forms to be made available
6‑D
Requirement to state in writing reason for denial of mortgage loan
6‑E
Graduated payment mortgages authorized
6‑F
Alternative mortgage instruments made by banks, trust companies, savings banks, savings and loan associations and credit unions
6‑G
Override of certain provisions of United States Public Law 97-320
6‑H
Reverse mortgage loans authorized
6‑I
Mortgage loans
6‑J
Proof of insurance
6‑K
Real property insurance escrow accounts
6‑L
High-cost home loans
6‑M
Subprime home loans
6‑N
Responsibility of banks for mortgages being processed for modification
6‑O
Single point of contact for modifying delinquent home loans
6‑O*2
Reverse cooperative apartment unit loans for persons sixty-two years of age or older
6‑P
Loan counseling for mortgages guaranteed by the Servicemen’s Readjustment Act of 1944
7
Payment of dividends or interest upon unclaimed deposits or shares
8
Deposits by custodian designated by administrator of veterans’ affairs, or by person certified by social security administration
9
Checks drawn against corporate funds or payable to corporations
9‑A
Defense of ultra vires
9‑B
Actions or special proceedings by superintendent or attorney-general
9‑C
Superintendent’s or attorney-general’s action for judicial dissolution
9‑D
Enforcement of section two hundred ninety-six-a of the executive law
9‑F
Geographic discrimination in making mortgage loans prohibited
9‑G
Right of set off
9‑H
Imposition of service charges prohibited
9‑I
Close-out fees prohibited in certain cases
9‑I*2
Prohibition on depositor of early withdrawal penalty in certain cases
9‑J
Disposal of records
9‑K
Sale of education loans
9‑M
Return of checks
9‑N
Trust accounts
9‑O
Mortgage loans
9‑P
Acceptance of certain checks for deposit
9‑R
Geographic restrictions
9‑S
Preauthorized electronic fund transfers
9‑T
Unsolicited mail-loan checks
9‑U
ATM transactions by persons using foreign bank accounts
9‑V
Savings promotion prize giveaway
9‑W
Standard financial aid award letter
9‑X
Mortgage forbearance
9‑X*2
Fees based on inactivity
9‑Y
Order of payment of checks and other debits, insufficient funds charges and return deposit item charges
9‑Z
Cashing of certain checks

Accessed:
Jul. 20, 2024

Last modified:
Mar. 4, 2022

§ 6-O’s source at nysenate​.gov

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