|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jul 13, 2020||referred to rules|
senate Bill S8744
Current Bill Status - In Senate Committee Rules Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S8744 (ACTIVE) - Details
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
BILL NUMBER: S8744 SPONSOR: SANDERS TITLE OF BILL: An act to amend the banking law, in relation to mortgage repayment forbearance PURPOSE: This bill would add a new section 9-y to Article 1 of the banking law to require New York regulated institutions to grant 180 days of forbearance to residential mortgagors of small investment properties who can demon- strate 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, pay their arrears in monthly installments, or to defer the arrears as a lump sum payment due at the maturity of the mortgage. SUMMARY OF PROVISIONS:
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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