Assembly Bill A10325

2019-2020 Legislative Session

Relates to suspending mortgage payments for certain individuals for ninety days in response to the outbreak of coronavirus

download bill text pdf

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Archive: Last Bill Status - In Assembly Committee

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2019-A10325 (ACTIVE) - Details

Current Committee:
Assembly Judiciary
Law Section:
Lien

2019-A10325 (ACTIVE) - Summary

Suspends mortgage payments for any individual in the state that has become unemployed or has been forced to close their place of business as a result of government ordered restrictions in response to the outbreak of coronavirus disease 2019 (COVID-19) and whose primary residence is a one, two or three family residential real property, including such dwellings used in part for nonresidential purposes but which are used primarily for residential purposes, including property held in cooperative or condominium forms of ownership for ninety days.

2019-A10325 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10325
 
                           I N  A S S E M B L Y
 
                              April 22, 2020
                                ___________
 
 Introduced  by M. of A. REYES -- read once and referred to the Committee
   on Judiciary
 
 AN ACT in relation to suspending mortgage payments for certain  individ-
   uals for ninety days in response to the outbreak of coronavirus
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. 1. Notwithstanding any other  provision  of  law,  rule  or
 regulation  to the contrary, any individual in the state that has become
 unemployed or has been forced to close their  place  of  business  as  a
 result of government ordered restrictions in response to the outbreak of
 coronavirus  disease  2019  (COVID-19)  and whose primary residence is a
 one, two or three  family  residential  real  property,  including  such
 dwellings  used  in  part for nonresidential purposes but which are used
 primarily for residential purposes, including property held  in  cooper-
 ative  or  condominium  forms  of  ownership,  shall  have  all mortgage
 payments for such property  suspended  for  ninety  days  following  the
 effective  date  of  this act if the initial amount of such mortgage was
 $350,000 or less. Such individual shall not and shall never be  required
 to  pay  any  mortgage payment waived during such time period. Late fees
 shall not be collectable for mortgage payments waived during  this  time
 period.
   2.  No  creditor  shall report any new adverse information relative to
 any payment or non-payment of consumer debt  or  other  financial  obli-
 gations suspended pursuant to the provisions of this act.
   § 2. This act shall take effect immediately.
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD16108-02-0

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