Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jun 17, 2020 |
signed chap.112 |
Jun 05, 2020 |
delivered to governor |
May 27, 2020 |
returned to senate passed assembly ordered to third reading rules cal.36 substituted for a10351b referred to codes delivered to assembly passed senate ordered to third reading cal.651 |
May 26, 2020 |
reported and committed to rules |
May 24, 2020 |
committee discharged and committed to housing, construction and community development print number 8243c |
May 24, 2020 |
amend and recommit to banks |
May 22, 2020 |
print number 8243b |
May 22, 2020 |
amend and recommit to banks |
May 04, 2020 |
print number 8243a |
May 04, 2020 |
amend and recommit to banks |
Apr 27, 2020 |
referred to banks |
Senate Bill S8243C
Signed By Governor2019-2020 Legislative Session
Sponsored By
(D) 27th Senate District
Archive: Last Bill Status - Signed by Governor
- 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
Actions
Votes
Bill Amendments
co-Sponsors
(D) Senate District
(D) 15th Senate District
(D, WF) 12th Senate District
(D, WF) 47th Senate District
2019-S8243 - Details
2019-S8243 - Summary
Relates to the forbearance of residential mortgage payments; requires New York regulated banking organizations to make applications for forbearance for residential mortgages available to qualified mortgagors during the period in which the NY on PAUSE order is in effect in the county wherein the qualified mortgagor is located and to grant such applications for a period of 180 days.
2019-S8243 - Sponsor Memo
BILL NUMBER: S8243 SPONSOR: KAVANAGH TITLE OF BILL: An act to amend the banking law, in relation to the forbearance of resi- dential mortgage payments PURPOSE OF BILL: This bill would add a new section 9-x to Article 1 of the banking law to require New York regulated institutions to grant 90 days of forbearance to residential mortgagees who can demonstrate financial hardship as a result of the COVID-19 pandemic. This new section would also allow for any mortgagee granted forbearance to choose either to extend their loan for the length of the forbearance, or to defer the arrears as a lump sum payment due at the maturity of the mortgage. SUMMARY OF SPECIFIC PROVISIONS:
2019-S8243 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 8243 I N S E N A T E April 27, 2020 ___________ Introduced by Sens. KAVANAGH, KAMINSKY, ADDABBO, GIANARIS, HOYLMAN, KENNEDY, LITTLE, MARTINEZ, METZGER, SAVINO, SKOUFIS -- read twice and ordered printed, and when printed to be committed to the Committee on Banks AN ACT to amend the banking law, in relation to the forbearance of resi- dential 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 9-x to read as follows: § 9-X. MORTGAGE FORBEARANCE. 1. AS USED IN THIS SECTION, THE FOLLOWING TERMS SHALL HAVE THE FOLLOWING MEANINGS: (A) "COVID-19 PANDEMIC" MEANS THE GLOBAL OUTBREAK OF COVID-19, THE DISEASE CAUSED BY THE NOVEL CORONAVIRUS FIRST IDENTIFIED IN WUHAN, CHINA, IN OR ABOUT DECEMBER TWO THOUSAND NINETEEN, THAT HAS BEEN DETECTED IN INCREASING NUMBERS IN THE UNITED STATES, INCLUDING THE STATE OF NEW YORK; (B) "QUALIFIED MORTGAGOR" MEANS AN INDIVIDUAL WHO RESIDES IN NEW YORK WHO HAS A MORTGAGE ON REAL RESIDENTIAL PROPERTY IN NEW YORK FROM OR SERVICED BY A REGULATED INSTITUTION; (C) "REGULATED INSTITUTION" MEANS ANY NEW YORK REGULATED BANKING ORGANIZATION AS DEFINED UNDER THIS CHAPTER AND ANY NEW YORK REGULATED MORTGAGE SERVICER ENTITY SUBJECT TO THE AUTHORITY OF THE DEPARTMENT; AND (D) "TRIAL PERIOD PLAN" MEANS THE TIME AFTER A MORTGAGE MODIFICATION AGREEMENT WHERE THE MORTGAGOR IS REQUIRED TO MAKE FULL, ON-TIME PAYMENTS IN ORDER FOR THE MORTGAGE MODIFICATION TO BECOME PERMANENT. 2. NOTWITHSTANDING ANY OTHER PROVISION OF LAW, NEW YORK REGULATED INSTITUTIONS SHALL: (A) MAKE APPLICATIONS FOR FORBEARANCE OF ANY PAYMENT DUE ON A RESIDEN- TIAL MORTGAGE OF A PROPERTY LOCATED IN NEW YORK WIDELY AVAILABLE TO ANY QUALIFIED MORTGAGOR INCLUDING THOSE WHO ARE ALREADY IN ARREARS OR ON A TRIAL PERIOD PLAN AND WHO DEMONSTRATE FINANCIAL HARDSHIP AS A RESULT OF THE COVID-19 PANDEMIC; AND EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
co-Sponsors
(D) Senate District
(D) 15th Senate District
(D, WF) 12th Senate District
(D) 26th Senate District
2019-S8243A - Details
2019-S8243A - Summary
Relates to the forbearance of residential mortgage payments; requires New York regulated banking organizations to make applications for forbearance for residential mortgages available to qualified mortgagors during the period in which the NY on PAUSE order is in effect in the county wherein the qualified mortgagor is located and to grant such applications for a period of 180 days.
2019-S8243A - Sponsor Memo
BILL NUMBER: S8243A SPONSOR: KAVANAGH TITLE OF BILL: An act to amend the banking law, in relation to the forbearance of resi- dential mortgage payments PURPOSE OF BILL: This bill would add a new section 9-x to Article 1 of the banking law to require New York regulated institutions to grant 90 days of forbearance to residential mortgagors who can demonstrate financial hardship as a result of the COVID-19 pandemic. This new section would also allow for any mortgagor granted forbearance to choose either to extend their loan for the length of the forbearance, or to defer the arrears as a lump sum payment due at the maturity of the mortgage. SUMMARY OF SPECIFIC PROVISIONS: Section 1 of the bill adds a new section 9-x to Article 1 of the banking
2019-S8243A - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 8243--A I N S E N A T E April 27, 2020 ___________ Introduced by Sens. KAVANAGH, KAMINSKY, ADDABBO, GIANARIS, HOYLMAN, KENNEDY, LITTLE, MARTINEZ, METZGER, SAVINO, SKOUFIS -- read twice and ordered printed, and when printed to be committed to the Committee on Banks -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the banking law, in relation to the forbearance of resi- dential 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 9-x to read as follows: § 9-X. MORTGAGE FORBEARANCE. 1. AS USED IN THIS SECTION, THE FOLLOWING TERMS SHALL HAVE THE FOLLOWING MEANINGS: (A) "COVID-19 PANDEMIC" MEANS THE GLOBAL OUTBREAK OF COVID-19, THE DISEASE CAUSED BY THE NOVEL CORONAVIRUS FIRST IDENTIFIED IN WUHAN, CHINA, IN OR ABOUT DECEMBER TWO THOUSAND NINETEEN, THAT HAS BEEN DETECTED IN INCREASING NUMBERS IN THE UNITED STATES, INCLUDING THE STATE OF NEW YORK; (B) "QUALIFIED MORTGAGOR" MEANS AN INDIVIDUAL WHO RESIDES IN NEW YORK WHOSE PRINCIPAL DWELLING IS ENCUMBERED BY A HOME LOAN PURSUANT TO PARA- GRAPH (A) OF SUBDIVISION SIX OF SECTION THIRTEEN HUNDRED FOUR OF THE REAL PROPERTY ACTIONS AND PROCEEDINGS LAW OR WHOSE PRINCIPAL DWELLING IS A CO-OPERATIVE UNIT WHOSE SHARES ARE ENCUMBERED BY ANY LOAN OTHERWISE MEETING THE REQUIREMENTS OF A HOME LOAN UNDER PARAGRAPH (A) OF SUBDIVI- SION SIX OF SECTION THIRTEEN HUNDRED FOUR OF THE REAL PROPERTY ACTIONS AND PROCEEDINGS LAW, FROM OR SERVICED BY A REGULATED INSTITUTION; (C) "REGULATED INSTITUTION" MEANS ANY NEW YORK REGULATED BANKING ORGANIZATION AS DEFINED UNDER THIS CHAPTER AND ANY NEW YORK REGULATED MORTGAGE SERVICER ENTITY SUBJECT TO THE AUTHORITY OF THE DEPARTMENT; AND (D) "TRIAL PERIOD PLAN" MEANS AN AGREEMENT WHEREBY THE MORTGAGOR IS REQUIRED TO MAKE TRIAL PAYMENTS IN FULL AND ON-TIME IN ORDER TO BE CONSIDERED FOR A PERMANENT LOAN MODIFICATION. 2. NOTWITHSTANDING ANY OTHER PROVISION OF LAW, NEW YORK REGULATED INSTITUTIONS SHALL: EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
co-Sponsors
(D) Senate District
(D) 15th Senate District
(D, WF) 12th Senate District
(D) 26th Senate District
2019-S8243B - Details
2019-S8243B - Summary
Relates to the forbearance of residential mortgage payments; requires New York regulated banking organizations to make applications for forbearance for residential mortgages available to qualified mortgagors during the period in which the NY on PAUSE order is in effect in the county wherein the qualified mortgagor is located and to grant such applications for a period of 180 days.
2019-S8243B - Sponsor Memo
BILL NUMBER: S8243b SPONSOR: KAVANAGH TITLE OF BILL: An act to amend the banking law, in relation to the forbearance of resi- dential mortgage payments PURPOSE OF BILL: This bill would add a new section 9-x to Article 1 of the banking law to require New York regulated institutions to grant 90 days of forbearance to residential mortgagors who can demonstrate financial hardship as a result of the COVID-19 pandemic. This new section would also allow for any mortgagor granted forbearance to choose either to extend their loan for the length of the forbearance, or to defer the arrears as a lump sum payment due at the maturity of the mortgage. SUMMARY OF SPECIFIC PROVISIONS:
2019-S8243B - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 8243--B I N S E N A T E April 27, 2020 ___________ Introduced by Sens. KAVANAGH, KAMINSKY, ADDABBO, GIANARIS, GOUNARDES, HOYLMAN, KENNEDY, LITTLE, MARTINEZ, METZGER, SAVINO, SKOUFIS -- read twice and ordered printed, and when printed to be committed to the Committee on Banks -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the banking law, in relation to the forbearance of resi- dential 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 9-x to read as follows: § 9-X. MORTGAGE FORBEARANCE. 1. AS USED IN THIS SECTION, THE FOLLOWING TERMS SHALL HAVE THE FOLLOWING MEANINGS: (A) "COVERED PERIOD" MEANS THE PERIOD DURING WHICH THE RESTRICTIONS CONSTITUTING NEW YORK ON PAUSE, AS DEFINED BY EXECUTIVE ORDER NUMBER 202.31 OF TWO THOUSAND TWENTY, APPLIED IN THE COUNTY OF THE APPLICANT'S RESIDENCE; (B) "QUALIFIED MORTGAGOR" MEANS AN INDIVIDUAL WHO RESIDES IN NEW YORK WHOSE PRINCIPAL DWELLING IS ENCUMBERED BY A HOME LOAN PURSUANT TO PARA- GRAPH (A) OF SUBDIVISION SIX OF SECTION THIRTEEN HUNDRED FOUR OF THE REAL PROPERTY ACTIONS AND PROCEEDINGS LAW OR WHOSE PRINCIPAL DWELLING IS A CO-OPERATIVE UNIT WHOSE SHARES ARE ENCUMBERED BY ANY LOAN OTHERWISE MEETING THE REQUIREMENTS OF A HOME LOAN UNDER PARAGRAPH (A) OF SUBDIVI- SION SIX OF SECTION THIRTEEN HUNDRED FOUR OF THE REAL PROPERTY ACTIONS AND PROCEEDINGS LAW, FROM OR SERVICED BY A REGULATED INSTITUTION; (C) "REGULATED INSTITUTION" MEANS ANY NEW YORK REGULATED BANKING ORGANIZATION AS DEFINED UNDER THIS CHAPTER AND ANY NEW YORK REGULATED MORTGAGE SERVICER ENTITY SUBJECT TO THE AUTHORITY OF THE DEPARTMENT; AND (D) "TRIAL PERIOD PLAN" MEANS AN AGREEMENT WHEREBY THE MORTGAGOR IS REQUIRED TO MAKE TRIAL PAYMENTS IN FULL AND ON-TIME IN ORDER TO BE CONSIDERED FOR A PERMANENT LOAN MODIFICATION. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
co-Sponsors
(D) Senate District
(D) 15th Senate District
(D) Senate District
(D) 14th Senate District
2019-S8243C (ACTIVE) - Details
2019-S8243C (ACTIVE) - Summary
Relates to the forbearance of residential mortgage payments; requires New York regulated banking organizations to make applications for forbearance for residential mortgages available to qualified mortgagors during the period in which the NY on PAUSE order is in effect in the county wherein the qualified mortgagor is located and to grant such applications for a period of 180 days.
2019-S8243C (ACTIVE) - Sponsor Memo
BILL NUMBER: S8243c SPONSOR: KAVANAGH TITLE OF BILL: An act to amend the banking law, in relation to the forbearance of resi- dential mortgage payments PURPOSE: This bill would add a new section 9-x to Article 1 of the banking law to require New York regulated institutions to grant 90 days of forbearance to residential mortgagors who can demonstrate financial hardship as a result of the COVID-19 pandemic. This new section would also allow for any mortgagor granted forbearance to choose either to extend their loan for the length of the forbearance, or to defer the arrears as a lump sum payment due at the maturity of the mortgage. SUMMARY OF PROVISIONS:
2019-S8243C (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 8243--C I N S E N A T E April 27, 2020 ___________ Introduced by Sens. KAVANAGH, KAMINSKY, ADDABBO, GIANARIS, GOUNARDES, HOYLMAN, KENNEDY, LITTLE, MARTINEZ, METZGER, SAVINO, SKOUFIS -- read twice and ordered printed, and when printed to be committed to the Committee on Banks -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the banking law, in relation to the forbearance of resi- dential 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 9-x to read as follows: § 9-X. MORTGAGE FORBEARANCE. 1. AS USED IN THIS SECTION, THE FOLLOWING TERMS SHALL HAVE THE FOLLOWING MEANINGS: (A) "COVERED PERIOD" MEANS MARCH 7, 2020 UNTIL THE DATE ON WHICH NONE OF THE PROVISIONS THAT CLOSED OR OTHERWISE RESTRICTED PUBLIC OR PRIVATE BUSINESSES OR PLACES OF PUBLIC ACCOMMODATION, OR REQUIRED POSTPONEMENT OR CANCELLATION OF ALL NON-ESSENTIAL GATHERINGS OF INDIVIDUALS OF ANY SIZE FOR ANY REASON IN EXECUTIVE ORDERS 202.3, 202.4, 202.5, 202.6, 202.7, 202.8, 202.10, 202.11, 202.13 OR 202.14, AS EXTENDED BY EXECUTIVE ORDERS 202.28 AND 202.31 AND AS FURTHER EXTENDED BY ANY FUTURE EXECUTIVE ORDER, ISSUED IN RESPONSE TO THE COVID-19 PANDEMIC CONTINUE TO APPLY IN THE COUNTY OF THE QUALIFIED MORTGAGOR'S RESIDENCE; (B) "QUALIFIED MORTGAGOR" MEANS AN INDIVIDUAL WHO RESIDES IN NEW YORK WHOSE PRINCIPAL DWELLING IS ENCUMBERED BY A HOME LOAN PURSUANT TO PARA- GRAPH (A) OF SUBDIVISION SIX OF SECTION THIRTEEN HUNDRED FOUR OF THE REAL PROPERTY ACTIONS AND PROCEEDINGS LAW OR WHOSE PRINCIPAL DWELLING IS A CO-OPERATIVE UNIT WHOSE SHARES ARE ENCUMBERED BY ANY LOAN OTHERWISE MEETING THE REQUIREMENTS OF A HOME LOAN UNDER PARAGRAPH (A) OF SUBDIVI- SION SIX OF SECTION THIRTEEN HUNDRED FOUR OF THE REAL PROPERTY ACTIONS AND PROCEEDINGS LAW, FROM OR SERVICED BY A REGULATED INSTITUTION; EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
Comments
Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.
Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.
Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.