A New York banker gives a written commitment without any fee or refundability disclosure. The borrower first receives that disclosure at closing. Did the banker meet the commitment-fee disclosure deadline?
Correct Answer
D) Too late: the disclosure goes at or before the commitment is given
Banking Law section 595-a(3)(b) requires the written commitment-fee and refundability disclosure no later than delivery of the commitment. The facts expressly rule out earlier disclosure, so first delivery at closing is late. Signing an acknowledgment does not cure the missed deadline, and there is no three-day-after-commitment grace period in this provision. Source: N.Y. Banking Law § 595-a(3)(b)
Why This Is the Correct Answer
Banking Law section 595-a(3)(b) requires the written commitment-fee and refundability disclosure no later than delivery of the commitment. The facts expressly rule out earlier disclosure, so first delivery at closing is late. Signing an acknowledgment does not cure the missed deadline, and there is no three-day-after-commitment grace period in this provision. Source: N.Y. Banking Law § 595-a(3)(b)
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