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Assembly Bill A3681

2013-2014 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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2013-A3681 (ACTIVE) - Details

Current Committee:
Assembly Judiciary
Law Section:
Real Property Law
Laws Affected:
Add ยง283, RP L
Versions Introduced in Other Legislative Sessions:
2009-2010: A5441
2011-2012: A6259

2013-A3681 (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.

2013-A3681 (ACTIVE) - Bill Text download pdf 

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

                                  3681

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                            January 28, 2013
                               ___________

Introduced  by  M.  of  A. MAISEL, STEVENSON, ROBINSON, BARRON -- Multi-
  Sponsored by -- M. of A.  JACOBS, MAGEE -- 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
283 to read as follows:
  S 283. 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 283 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.
                                                           LBD07767-01-3

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