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

Current Bill Status - In Senate Committee Rules Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (1)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jul 13, 2020 referred to rules

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

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.

S8744 (ACTIVE) - Sponsor Memo

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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