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Assembly Bill A4717

2011-2012 Legislative Session

Requires banks to defer mortgage payments of customers who are delinquent

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Archive: Last Bill Status - In Assembly Committee

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2011-A4717 (ACTIVE) - Details

Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Add ยง6-n, Bank L
Versions Introduced in Other Legislative Sessions:
2009-2010: A5566
2013-2014: A2223

2011-A4717 (ACTIVE) - Summary

Requires banks to defer mortgage payments of customers who are delinquent.

2011-A4717 (ACTIVE) - Bill Text download pdf 

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

                                  4717

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                            February 7, 2011
                               ___________

Introduced by M. of A. V. LOPEZ -- read once and referred to the Commit-
  tee on Banks

AN  ACT to amend the banking law, in relation to requiring mortgagors to
  defer mortgage payments

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

  Section  1.  The banking law is amended by adding a new section 6-n to
read as follows:
  S 6-N. DEFERMENT OF MORTGAGE PAYMENTS. IF  A  MORTGAGEE  IS  AT  LEAST
SIXTY  DAYS  DELINQUENT IN HIS OR HER MORTGAGE LOAN PAYMENTS BUT NO MORE
THAN ONE HUNDRED EIGHTY DAYS DELINQUENT,  THE  MORTGAGOR  SHALL,  BEFORE
COMMENCING  A  FORECLOSURE ACTION, OFFER THE MORTGAGEE AN OPPORTUNITY TO
HAVE THE DELINQUENT PAYMENTS DEFERRED. IF A MORTGAGEE ACCEPTS THE OFFER,
AN AMOUNT EQUAL TO THE CUMULATIVE VALUE OF THE PAYMENTS THAT  HAVE  BEEN
MISSED  SHALL BE ADDED TO THE PRINCIPAL OF THE LOAN. A MORTGAGOR IS ONLY
REQUIRED TO OFFER THIS OPTION TO A MORTGAGEE ONCE DURING THE LIFE OF THE
MORTGAGE LOAN.
  S 2. This act shall take effect on the one hundred eightieth day after
it shall have become a law.





 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08890-01-1

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