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Assembly Bill A5441

2009-2010 Legislative Session

Permits one-time deferral of two monthly mortgage payments for the balance of the term on a residential mortgage; provides that the term be extended by such deferral

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Archive: Last Bill Status - In Assembly Committee

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2009-A5441 (ACTIVE) - Details

See Senate Version of this Bill:
S4506
Current Committee:
Assembly Judiciary
Law Section:
Real Property Law
Laws Affected:
Add ยง282, RP L
Versions Introduced in Other Legislative Sessions:
2011-2012: A6259
2013-2014: A3681

2009-A5441 (ACTIVE) - Summary

Permits a one-time deferral of two consecutive monthly mortgage payments for the balance of the term of the mortgage on a residential mortgage; provides that the mortgage term be automatically extended by the period of such deferral and that the amount of monthly payments remain the same and not be recalculated.

2009-A5441 (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  5441

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                            February 13, 2009
                               ___________

Introduced  by  M.  of  A. MAISEL, BENEDETTO, HOYT, ROSENTHAL, REILLY --
  Multi-Sponsored by -- M.    of  A.  BRENNAN,  BROOK-KRASNY,  DelMONTE,
  GORDON,  MAYERSOHN,  PHEFFER,  SWEENEY,  WEISENBERG  --  read once and
  referred to the Committee on Judiciary

AN ACT to amend the real property law, in relation to residential  mort-
  gage payment deferral right

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. The real property law is amended by adding  a  new  section
282 to read as follows:
  S  282.  RESIDENTIAL  MORTGAGE PAYMENT DEFERRAL RIGHT.   1. AS USED IN
THIS SECTION, THE TERM "RESIDENTIAL MORTGAGE" MEANS A MORTGAGE  ON  REAL
PROPERTY  CONTAINING,  OR  COOPERATIVE  SHARES  ASSIGNED TO, ONE OR MORE
DWELLING UNITS USED FOR RESIDENTIAL PURPOSES.
  2. UPON GIVING AT LEAST THIRTY DAYS WRITTEN NOTICE TO  THE  MORTGAGEE,
EVERY  MORTGAGOR WHO IS A PARTY TO A RESIDENTIAL MORTGAGE SHALL BE ENTI-
TLED TO A ONE-TIME DEFERRAL OF UP TO TWO  CONSECUTIVE  MONTHLY  PAYMENTS
DUE  ON  THE MORTGAGE UNTIL THE END OF THE TERM OF THE MORTGAGE. IF THIS
ENTITLEMENT IS CLAIMED BY GIVING THE REQUISITE NOTICE, THE TERM OF  SUCH
RESIDENTIAL  MORTGAGE  SHALL  BE AUTOMATICALLY EXTENDED BY THE PERIOD OF
SUCH PAYMENT DEFERRAL AND THE AMOUNT OF THE MONTHLY PAYMENTS DUE ON  THE
MORTGAGE SHALL REMAIN THE SAME AND NOT BE RECALCULATED.
  3.  THE  PROVISIONS  OF THIS SECTION SHALL BE DEEMED INCORPORATED INTO
THE PROVISIONS OF EVERY RESIDENTIAL MORTGAGE EXECUTED ON  OR  AFTER  THE
EFFECTIVE DATE OF THIS SECTION.
  4.  THE  PROVISIONS OF THIS SECTION SHALL BE DEEMED AN ACT OF LEGISLA-
TIVE GRACE AND A MATTER OF EFFECTUATING THE PUBLIC POLICY OF THIS STATE.
  S 2. This act shall  take  effect  on  the  first  of  September  next
succeeding  the date on which it shall have become a law and shall apply
to residential mortgages as defined in section 282 of the real  property
law,  as  added  by  section  one  of this act, executed on or after the
effective date of this act.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.

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