N.Y. Banking Law § 129-a: Requirement of written notification; alternative payment schedules

§ 129-a. Requirement of written notification; alternative payment

schedules. In the event that any bank or trust company shall permit a

customer to establish an alternative payment schedule for an existing

loan, the bank or trust company shall provide written notification that

accepting such alternative payment schedule may have a negative impact

on such customer's credit score or rating. Such notification shall be

provided at the time a loan application is made, at the time a loan is

granted and at the time a customer requests that an alternative payment

schedule be established for a loan, but prior to the actual

establishment of an alternative payment schedule.