Senate Bill S8744

2019-2020 Legislative Session

Relates to the forbearance of residential and commercial investment property mortgage payments

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Rules 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-S8744 (ACTIVE) - Details

See Assembly Version of this Bill:
A10532
Current Committee:
Senate Rules
Law Section:
Banking Law
Laws Affected:
Add §9-y, Bank L

2019-S8744 (ACTIVE) - Summary

Relates to the forbearance of residential and commercial investment property mortgage repayments; requires New York regulated banking organizations to make applications for forbearance for residential and commercial investment property mortgage repayments available to qualified mortgagors during the period in which the NY on PAUSE order is in effect in the county wherein the qualified mortgagor holder is located and to grant such applications for a period of 180 days.

2019-S8744 (ACTIVE) - Sponsor Memo

2019-S8744 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8744
 
                             I N  S E N A T E
 
                               July 13, 2020
                                ___________
 
 Introduced  by  Sen. SANDERS -- read twice and ordered printed, and when
   printed to be committed to the Committee on Rules
 
 AN ACT to amend the banking  law,  in  relation  to  mortgage  repayment
   forbearance
 
   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-y  to
 read as follows:
   §  9-Y.  MORTGAGE  REPAYMENT  FORBEARANCE;  RESIDENTIAL  OR COMMERCIAL
 INVESTMENT PROPERTIES. 1. AS USED IN THIS SECTION, THE  FOLLOWING  TERMS
 SHALL HAVE THE FOLLOWING MEANINGS:
   (A)  "COVERED  PERIOD"  MEANS MARCH SEVENTH, TWO THOUSAND TWENTY UNTIL
 THE DATE ON WHICH NONE  OF  THE  PROVISIONS  THAT  CLOSED  OR  OTHERWISE
 RESTRICTED  PUBLIC  OR  PRIVATE  BUSINESSES OR PLACES OF PUBLIC ACCOMMO-
 DATION, 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 (I) WHO RESIDES  IN  NEW
 YORK AND WHO OWNS A RESIDENTIAL OR COMMERCIAL INVESTMENT PROPERTY ENCUM-
 BERED  BY  A HOME LOAN AS DEFINED BY SUBDIVISION SIX OF SECTION THIRTEEN
 HUNDRED FOUR OF THE REAL PROPERTY ACTIONS AND PROCEEDINGS LAW, OR BY ANY
 OTHER MORTGAGE LOAN, FROM OR SERVICED BY  A  REGULATED  INSTITUTION,  ON
 SUCH  RESIDENTIAL OR COMMERCIAL PROPERTY HELD FOR INVESTMENT; (II) WHOSE
 RESIDENTIAL OR COMMERCIAL INVESTMENT PROPERTY CONTAINS ONE TO FOUR SEPA-
 RATE UNITS; (III) WHO RECEIVES AT LEAST THIRTY PERCENT  OF  HIS  OR  HER
 INCOME FROM RENT RECEIVED FROM SUCH RESIDENTIAL OR COMMERCIAL INVESTMENT
 PROPERTY;  AND  (IV)  WHO DEMONSTRATES FINANCIAL HARDSHIP AS A RESULT OF
 COVID-19 DURING THE COVERED PERIOD;
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD16531-09-0
              

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