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Assembly Bill A11135

2019-2020 Legislative Session

Relates to prohibiting rent minimums in mortgages

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Archive: Last Bill Status - In Assembly Committee

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2019-A11135 (ACTIVE) - Details

Current Committee:
Assembly Judiciary
Law Section:
Real Property Law
Laws Affected:
Add §283, RP L
Versions Introduced in Other Legislative Sessions:
2021-2022: A850
2023-2024: A974
2025-2026: A174

2019-A11135 (ACTIVE) - Summary

Prohibits rent minimums in all mortgages regardless of when issued.

2019-A11135 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   11135
 
                           I N  A S S E M B L Y
 
                             November 6, 2020
                                ___________
 
 Introduced  by COMMITTEE ON RULES -- (at request of M. of A. Carroll) --
   read once and referred to the Committee on Judiciary
 
 AN ACT to amend the real property law, in relation to  prohibiting  rent
   minimums in mortgages
 
   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:
   § 283. RENT MINIMUMS PROHIBITED. NO MORTGAGOR ON A LOAN SECURED PRIMA-
 RILY  BY  AN INTEREST IN REAL PROPERTY SHALL BE CHARGED A FEE, FORCED TO
 DEFAULT, OR OTHERWISE PENALIZED BY THE MORTGAGEE BECAUSE  THE  MORTGAGOR
 DID  NOT  SET  A  HIGH ENOUGH RENT ON ALL OR PART OF SUCH REAL PROPERTY.
 ALL TERMS OF A MORTGAGE WHICH WOULD CAUSE A MORTGAGOR  TO  BE  PENALIZED
 FOR  NOT  SETTING  A HIGH ENOUGH RENT SHALL BE VOID AND UNENFORCEABLE AS
 AGAINST PUBLIC POLICY.
   § 2. This act shall take effect immediately and  shall  apply  to  all
 mortgages  regardless  of  when  issued,  renewed,  modified, altered or
 amended.
 
 
 
 
 

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD17476-02-0

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