dkatzWatch out for anybody who wants an upfront cost in change to get you a loan mod, saving your property from standard or stopping a property property property foreclosure or income income income income tax purchase. Ny legislation forbids the number of such costs generally in most instances. Also, numerous housing that is not-for-profit shall help you negotiate together with your loan provider at no cost.
Watch out for whoever states they could save your valuable house in the event that you signal or move the deed to your residence up to them to help you get caught up on your own mortgage repayments or refinance your loan. Never ever submit your mortgage repayments to anybody apart from your home loan business without its approval.
The Department is delivering property foreclosure prevention professionals to aid home owners at web web web sites over the state, especially where you will find high levels of property owners in or prone to property foreclosure. The Department’s property property property foreclosure avoidance effort premiered in February and has now checked out significantly more than a dozen internet sites within the state included in its outreach work.
pr release – 19, 2017: DFS Issues Final Regulation to Protect New Yorkers from Unjustified Life Insurance Premium Increases september
Brand brand New Regulation needs Life Insurers to inform DFS at the least 120 Days Before A change that is adverse in components of a preexisting Life Insurance Policy
Beginning March 19, 2018, Life Insurers Must Now alert customers at the least 60 times ahead of a undesirable improvement in non-guaranteed components of an In-Force Life Insurance or Annuity Policy
Financial solutions Superintendent Maria T. Vullo today announced that the Department of Financial Services (DFS) has adopted a regulation that is new term life insurance business practices linked to increases into the premiums or fees of particular life insurance coverage and annuity policies. The last regulation provides DFS the capacity to review increases ahead of execution and make sure conformity with legislation, by needing life insurers to alert DFS at the least 120 times ahead of a detrimental improvement in non-guaranteed components of a life insurance policy that is in-force. Annuity issuers must now register yearly with DFS to share with the Department of every undesirable changes to annuity policies manufactured in the previous 12 months. Nyc Insurance Law forbids life insurers from changing non-guaranteed elements in a way that is discriminatory people of the exact same course of policyholders. Just particular enumerated facets, that do not consist of revenue, can be viewed whenever wanting to alter elements that are non-guaranteed.
“This legislation was created to protect New Yorkers from unjust and cost that is inequitable in in-force policies — specially the many older persons that have dutifully paid premiums for decades, and whom can minimum manage increased expenses to keep insurance plan,” said Superintendent Vullo. “With this regulation that is new DFS will have the ability to examine increases by life insurers and guarantee any increases adhere to legislation, and customers will soon be supplied advance notice of every negative modifications with their premiums.”
Specific life insurers somewhat increased the expense of insurance on older life insurance coverage policies as a result of reduced profitability stemming from low interest and, in many cases, unfavorable mortality experience. DFS drafted the legislation in reaction to issues raised by customer teams that some insurers haven’t been applying these increases prior to DFS authorized policy provisions additionally the appropriate conditions for the brand brand brand New York Insurance Law.
The final regulation requires life insurers to notify consumers at least 60 days prior to an adverse change in non-guaranteed elements of an in-force life insurance or annuity policy in addition to notifying DFS.
The rule that is new by DFS today takes under consideration commentary which were submitted by the insurance coverage industry throughout the two remark durations for the proposed legislation posted in November 2016.
A duplicate associated with the regulation that is final be located right right here.
news release – 18, 2017: DFS Urges Financial Institutions to Take Immediate Steps to Protect Sensitive Consumer Data in Light of Equifax Cyberattack september
Guidance Instructs Financial Institutions to examine I . T, ID Theft and Fraud Prevention Tools
Data Sharing with Equifax along with other Credit Reporting Agencies Should get higher level of Review and awareness of Determine Potential danger
Financial solutions Superintendent Maria T. Vullo today announced that the Department of Financial Services (DFS) has granted guidance to urge ny State chartered and licensed banking institutions to simply simply take instant action and consider precautions to safeguard customers in light associated with cybersecurity assault at Equifax that compromised the non-public information of millions of People in the us. The details accessed by code hackers includes names, Social Security Numbers, delivery times, details, and, in a few situations, motorists’ permit figures. The guidance released today supports DFS’s first-in-the-nation cybersecurity legislation, which went into impact previously in 2010, and needs banks, insurance providers, as well as other payday loans Virginia economic solutions organizations controlled by DFS to ascertain and keep a cybersecurity system made to protect consumers and make certain the security and soundness of the latest York State’s monetary solutions industry.
“The range and scale with this cyberattack is unprecedented and DFS is ready to just take all actions essential to protect brand brand brand New York’s customers and markets that are financial” Superintendent Vullo stated. “Given the severity of the breach, the possibility problems for customers and our finance institutions, as well as in light to the fact that an amount of banking institutions have actually arrangements with Equifax under which financial institutions offer customer account and financial obligation information to Equifax and get similar information from Equifax, DFS is issuing this guidance to make sure that this event gets the greatest standard of attention and vigilance at brand New York’s regulated organizations.”
Initial reports suggest that hackers might have exploited a internet site application vulnerability to achieve unauthorized usage of really delicate customer and commercial information, which highlights the fact finance institutions can not any longer simply count on actually recognizable information (PII) as a method of confirming a person’s identity. PII has been purchased and offered because of activities similar to this incident that is latest, which increasingly necessitates consideration of Multi-Factor Authentication and Risk-Based Authentication methods, as motivated beneath the DFS’s cybersecurity legislation.
DFS is asking brand new York State chartered and licensed institutions that are financial consider the immediate following:
- Make sure that all given information technology and information protection spots have already been set up;
- Ensure that appropriate ID theft and fraudulence avoidance programs have been in spot and adopted for customer due diligence/Know Your Customer (“KYC”) purposes and before a merchant account is opened, or a charge card is granted, or any loan or any other as a type of funding is authorized, whether for new candidates or current customers, and, if appropriate, contemplate using an identification verification/fraud solution for identification verification;
- Verify the validity of data found in Equifax credit history (when they get them) before depending on them for supply of services and products to brand new candidates, along with current consumers, because they might have been compromised provided the cyberattack;