NY Ban On Interest-Tied Broker Pay Gains Steam

Law360, New York (March 21, 2012, 4:52 PM EDT) -- A Democratic-sponsored bill that would ban New York mortgage brokers and lenders from profiting on high-interest home loans sailed through the state's Republican-controlled Senate on Wednesday, giving the measure uncommon bipartisan impetus.

The bill, first sponsored in 2009 by former state Sen. Eric Schneiderman — now New York's attorney general — was brought up this year by Manhattan Sen. Liz Krueger. It passed through the Senate's banking committee March 7 and was approved by the full Senate Wednesday with a single opposing vote.

The bill would...
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