NY State Assembly Bill A10351B

Archive: Last Bill Status Via S8243 - Signed by Governor

Introduced
In Committee
On Floor Calendar
- Passed Senate
- Passed Assembly
Delivered to Governor
Signed by Governor

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Actions

view actions (16)

	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
May 27, 2020	substituted by s8243c rules report cal.36 reported
May 26, 2020	reported referred to rules reported referred to codes
May 24, 2020	print number 10351b
May 24, 2020	amend and recommit to banks
May 11, 2020	print number 10351a
May 11, 2020	amend and recommit to banks
Apr 29, 2020	referred to banks

Votes

view votes

May 27, 2020 - floor Vote

S8243C

floor

Aye

Nay

Absent

Excused

Abstained

May 26, 2020 - Housing, Construction and Community Development committee Vote

S8243C

committee

Aye

Nay

Aye with Reservations

Absent

Excused

Abstained

show committee vote details

Committee Vote: May 26, 2020

aye (9)

nay (1)

Helming

aye wr (1)

Amedore

May 24, 2020 - Rules committee Vote

S8243C

committee

Aye

Nay

Aye with Reservations

Absent

Excused

Abstained

Bill Amendments

Original

B (Active)

Original

B (Active)

Co-Sponsors

A10351 - Details

See Senate Version of this Bill:: S8243
Law Section:: Banking Law
Laws Affected:: Add §9-x, Bank L

A10351 - 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.

A10351 - Bill Text download pdf


                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  10351

                          I N  A S S E M B L Y

                             April 29, 2020
                               ___________

Introduced  by M. of A. ROZIC -- read once and referred 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
  (B) SUBJECT TO THE SAFETY AND SOUNDNESS REQUIREMENTS OF THE  REGULATED
INSTITUTION,  GRANT  SUCH FORBEARANCE FOR A PERIOD OF NINETY DAYS TO ANY

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

                                                           LBD16167-02-0

A. 10351                            2

SUCH QUALIFIED MORTGAGOR, INCLUDING THOSE WHO ARE ALREADY IN ARREARS  OR
ON A TRIAL PERIOD PLAN.
  (C)  SUCH  FORBEARANCE MAY BE BACKDATED TO MARCH SEVENTH, TWO THOUSAND
TWENTY.
  3. NOTWITHSTANDING ANY OTHER PROVISION OF LAW, ANY  MORTGAGE  FORBEAR-
ANCE  GRANTED  BY  A  REGULATED  INSTITUTION PURSUANT TO EXECUTIVE ORDER
NUMBER 202.9, THIS SECTION, OR ANY OTHER LAW, RULE OR REGULATION TO  THE
QUALIFIED  MORTGAGOR AS A RESULT OF FINANCIAL HARDSHIP DUE TO THE COVID-
19 PANDEMIC SHALL BE SUBJECT TO THE FOLLOWING PROVISIONS:
  (A) THE MORTGAGOR SHALL HAVE THE OPTION TO EXTEND THE TERM OF THE LOAN
FOR THE LENGTH OF THE PERIOD OF FORBEARANCE, SUBJECT TO THE  SAFETY  AND
SOUNDNESS  REQUIREMENTS  OF  THE  REGULATED  INSTITUTION.  THE REGULATED
INSTITUTION SHALL WAIVE INTEREST ON THE PRINCIPAL FOR THE  TERM  OF  THE
FORBEARANCE  AND  WAIVE  ANY  LATE  FEES  ACCUMULATED AS A RESULT OF THE
FORBEARANCE; OR
  (B) THE MORTGAGOR SHALL HAVE THE OPTION TO DEFER  ARREARS  ACCUMULATED
DURING  THE FORBEARANCE PERIOD AS A NON-INTEREST BEARING BALLOON PAYMENT
PAYABLE AT THE MATURITY OF THE LOAN OR AT THE TIME THE LOAN IS SATISFIED
THROUGH A REFINANCE OR SALE OF THE PROPERTY, SUBJECT TO THE  SAFETY  AND
SOUNDNESS REQUIREMENTS OF THE REGULATED INSTITUTION.
  (C)  THE EXERCISING OF OPTIONS PROVIDED FOR IN PARAGRAPH (A) OR (B) OF
THIS SUBDIVISION BY A QUALIFIED MORTGAGOR SHALL NOT  BE  REPORTED  NEGA-
TIVELY TO ANY CREDIT BUREAU BY ANY REGULATED INSTITUTION.
  4.  NOTWITHSTANDING  ANYTHING  TO  THE  CONTRARY IN THIS SECTION, THIS
SECTION SHALL NOT APPLY TO, AND DOES NOT AFFECT ANY MORTGAGE LOANS MADE,
INSURED, OR SECURITIZED BY ANY AGENCY OR INSTRUMENTALITY OF  THE  UNITED
STATES,  ANY  GOVERNMENT  SPONSORED  ENTERPRISE,  OR A FEDERAL HOME LOAN
BANK, OR THE RIGHTS AND OBLIGATIONS OF ANY LENDER, ISSUER,  SERVICER  OR
TRUSTEE  OF  SUCH  OBLIGATIONS,  INCLUDING  SERVICERS FOR THE GOVERNMENT
NATIONAL MORTGAGE ASSOCIATION.
  § 2. This act shall take effect immediately.

Co-Sponsors

A10351A - Details

See Senate Version of this Bill:: S8243
Law Section:: Banking Law
Laws Affected:: Add §9-x, Bank L

A10351A - Summary

A10351A - Bill Text download pdf


                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                10351--A

                          I N  A S S E M B L Y

                             April 29, 2020
                               ___________

Introduced  by  M. of A. ROZIC, GRIFFIN -- read once and referred 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:
  (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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

                      [ ] is old law to be omitted.
                                                           LBD16167-05-0

A. 10351--A                         2

QUALIFIED MORTGAGOR INCLUDING THOSE WHO ARE ALREADY IN ARREARS OR  ON  A
TRIAL PERIOD PLAN OR WHO HAVE APPLIED FOR LOSS MITIGATION AND WHO DEMON-
STRATE FINANCIAL HARDSHIP AS A RESULT OF THE COVID-19 PANDEMIC; AND
  (B)  GRANT SUCH FORBEARANCE FOR A PERIOD OF ONE HUNDRED EIGHTY DAYS TO
ANY SUCH QUALIFIED MORTGAGOR, INCLUDING THOSE WHO ARE ALREADY IN ARREARS
OR ON A TRIAL PERIOD PLAN OR WHO HAVE APPLIED FOR  LOSS  MITIGATION  AND
WHO  DEMONSTRATE  FINANCIAL HARDSHIP, WITH THE OPTION TO EXTEND AN ADDI-
TIONAL ONE HUNDRED EIGHTY DAYS.
  (C) SUCH FORBEARANCE MAY BE BACKDATED TO MARCH SEVENTH,  TWO  THOUSAND
TWENTY.
  (D) THE REQUEST FOR FORBEARANCE UNDER THIS SECTION SHALL BE A PRESUMP-
TIVE DEMONSTRATION OF HARDSHIP FOR THE PURPOSES OF THIS SECTION.
  3.  NOTWITHSTANDING  ANY OTHER PROVISION OF LAW, ANY MORTGAGE FORBEAR-
ANCE GRANTED BY A REGULATED  INSTITUTION  PURSUANT  TO  EXECUTIVE  ORDER
NUMBER  202.9, THIS SECTION, OR ANY OTHER LAW, RULE OR REGULATION TO THE
QUALIFIED MORTGAGOR AS A RESULT OF FINANCIAL HARDSHIP DUE TO THE  COVID-
19 PANDEMIC SHALL BE SUBJECT TO THE FOLLOWING PROVISIONS:
  (A) THE MORTGAGOR SHALL HAVE THE OPTION TO EXTEND THE TERM OF THE LOAN
FOR  THE LENGTH OF THE PERIOD OF FORBEARANCE.  THE REGULATED INSTITUTION
SHALL WAIVE INTEREST ON THE PRINCIPAL FOR THE TERM  OF  THE  FORBEARANCE
AND WAIVE ANY LATE FEES ACCUMULATED AS A RESULT OF THE FORBEARANCE; OR
  (B)  THE  MORTGAGOR SHALL HAVE THE OPTION TO DEFER ARREARS ACCUMULATED
DURING THE FORBEARANCE PERIOD AS A NON-INTEREST BEARING BALLOON  PAYMENT
PAYABLE AT THE MATURITY OF THE LOAN OR AT THE TIME THE LOAN IS SATISFIED
THROUGH A REFINANCE OR SALE OF THE PROPERTY.
  (C)  THE EXERCISING OF OPTIONS PROVIDED FOR IN PARAGRAPH (A) OR (B) OF
THIS SUBDIVISION BY A QUALIFIED MORTGAGOR SHALL NOT  BE  REPORTED  NEGA-
TIVELY TO ANY CREDIT BUREAU BY ANY REGULATED INSTITUTION.
  4.  NOTWITHSTANDING  ANY  OTHER  PROVISION OF LAW, ADHERENCE WITH THIS
SECTION SHALL BE A  CONDITION  PRECEDENT  TO  COMMENCING  A  FORECLOSURE
ACTION  STEMMING  FROM  MISSED  PAYMENTS WHICH WOULD HAVE OTHERWISE BEEN
SUBJECT TO THIS SECTION.  A DEFENDANT MAY RAISE THE  VIOLATION  OF  THIS
SECTION  AS  A DEFENSE TO A FORECLOSURE ACTION COMMENCED  ON THE DEFEND-
ANT'S PROPERTY WHEN SUCH ACTION IS BASED ON MISSED PAYMENTS  THAT  WOULD
HAVE OTHERWISE BEEN SUBJECT TO THIS SECTION.
  5.  NOTWITHSTANDING  ANYTHING  TO  THE  CONTRARY IN THIS SECTION, THIS
SECTION SHALL NOT APPLY TO, AND DOES NOT AFFECT ANY MORTGAGE LOANS MADE,
INSURED, OR SECURITIZED BY ANY AGENCY OR INSTRUMENTALITY OF  THE  UNITED
STATES,  ANY  GOVERNMENT  SPONSORED  ENTERPRISE,  OR A FEDERAL HOME LOAN
BANK, OR THE RIGHTS AND OBLIGATIONS OF ANY LENDER, ISSUER,  SERVICER  OR
TRUSTEE  OF  SUCH  OBLIGATIONS,  INCLUDING  SERVICERS FOR THE GOVERNMENT
NATIONAL MORTGAGE ASSOCIATION.
  § 2. This act shall take effect immediately.

Co-Sponsors

A10351B (ACTIVE) - Details

See Senate Version of this Bill:: S8243
Law Section:: Banking Law
Laws Affected:: Add §9-x, Bank L

A10351B (ACTIVE) - Summary

A10351B (ACTIVE) - Bill Text download pdf


                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                10351--B

                          I N  A S S E M B L Y

                             April 29, 2020
                               ___________

Introduced by M. of A. ROZIC, GRIFFIN, CARROLL -- read once and referred
  to  the  Committee  on  Banks  --  committee discharged, bill amended,
  ordered reprinted as amended and  recommitted  to  said  committee  --
  again  reported from said committee with amendments, 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;
  (C) "REGULATED INSTITUTION"  MEANS  ANY  NEW  YORK  REGULATED  BANKING
ORGANIZATION AS DEFINED IN THIS CHAPTER AND ANY NEW YORK REGULATED MORT-
GAGE SERVICER ENTITY SUBJECT TO SUPERVISION BY 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.
                                                           LBD16167-13-0

A. 10351--B                         2

  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 WHO, DURING THE COVERED PERIOD, IS IN ARREARS OR  ON
A  TRIAL  PERIOD PLAN, OR WHO HAS APPLIED FOR LOSS MITIGATION AND DEMON-
STRATES FINANCIAL HARDSHIP DURING THE COVERED PERIOD; AND
  (B) GRANT SUCH FORBEARANCE FOR A PERIOD OF ONE HUNDRED EIGHTY DAYS  TO
ANY  SUCH  QUALIFIED  MORTGAGOR  WHO  IS IN ARREARS OR ON A TRIAL PERIOD
PLAN, OR WHO HAS APPLIED FOR LOSS MITIGATION AND DEMONSTRATES  FINANCIAL
HARDSHIP,  WITH  THE  OPTION  TO EXTEND AN ADDITIONAL ONE HUNDRED EIGHTY
DAYS.
  (C) SUCH FORBEARANCE MAY BE BACKDATED TO MARCH SEVENTH,  TWO  THOUSAND
TWENTY.
  3.  NOTWITHSTANDING  ANY OTHER PROVISION OF LAW, ANY MORTGAGE FORBEAR-
ANCE GRANTED BY A REGULATED  INSTITUTION  PURSUANT  TO  EXECUTIVE  ORDER
NUMBER  202.9  OF  TWO  THOUSAND TWENTY, THIS SECTION, OR ANY OTHER LAW,
RULE OR REGULATION TO THE QUALIFIED MORTGAGOR AS A RESULT  OF  FINANCIAL
HARDSHIP  DURING  THE  COVERED  PERIOD SHALL BE SUBJECT TO THE FOLLOWING
PROVISIONS:
  (A) THE MORTGAGOR SHALL HAVE THE OPTION TO EXTEND THE TERM OF THE LOAN
FOR THE LENGTH OF THE PERIOD OF FORBEARANCE.  THE REGULATED  INSTITUTION
SHALL  WAIVE  INTEREST  ON THE PRINCIPAL FOR THE TERM OF THE FORBEARANCE
AND WAIVE ANY LATE FEES ACCUMULATED AS A RESULT OF THE FORBEARANCE; OR
  (B) THE MORTGAGOR SHALL HAVE THE OPTION TO HAVE  THE  ARREARS  ACCUMU-
LATED  DURING  THE FORBEARANCE PERIOD PAYABLE ON A MONTHLY BASIS FOR THE
REMAINING TERM OF THE LOAN WITHOUT BEING SUBJECT TO  PENALTIES  OR  LATE
FEES INCURRED AS A RESULT OF THE FORBEARANCE; OR
  (C)  IF THE MORTGAGOR IS UNABLE TO MAKE MORTGAGE PAYMENTS DUE TO MORT-
GAGORS' DEMONSTRATED HARDSHIP AND THE MORTGAGOR AND  REGULATED  INSTITU-
TION  CANNOT AGREE ON A MUTUALLY ACCEPTABLE LOAN MODIFICATION, THE MORT-
GAGOR SHALL HAVE THE OPTION TO  DEFER  ARREARS  ACCUMULATED  DURING  THE
FORBEARANCE  PERIOD AS A NON-INTEREST BEARING BALLOON PAYMENT PAYABLE AT
THE MATURITY OF THE LOAN CONSISTENT WITH THE  SAFETY  AND  SOUNDNESS  OF
SUCH REGULATED INSTITUTION, OR AT THE TIME THE LOAN IS SATISFIED THROUGH
A  REFINANCE  OR  SALE  OF  THE PROPERTY. ANY LATE FEES ACCUMULATED AS A
RESULT OF THE FORBEARANCE SHALL BE WAIVED.
  (D) THE EXERCISING OF OPTIONS PROVIDED FOR IN PARAGRAPH  (A),  (B)  OR
(C)  OF  THIS SUBDIVISION BY A QUALIFIED MORTGAGOR SHALL NOT BE REPORTED
NEGATIVELY TO ANY CREDIT BUREAU BY ANY REGULATED INSTITUTION.
  4. NOTWITHSTANDING ANY OTHER PROVISION OF  LAW,  ADHERENCE  WITH  THIS
SECTION  SHALL  BE  A  CONDITION  PRECEDENT  TO COMMENCING A FORECLOSURE
ACTION STEMMING FROM MISSED PAYMENTS WHICH  WOULD  HAVE  OTHERWISE  BEEN
SUBJECT  TO  THIS SECTION.   A DEFENDANT MAY RAISE THE VIOLATION OF THIS
SECTION AS A DEFENSE TO A FORECLOSURE ACTION COMMENCED   ON THE  DEFEND-
ANT'S  PROPERTY  WHEN SUCH ACTION IS BASED ON MISSED PAYMENTS THAT WOULD
HAVE OTHERWISE BEEN SUBJECT TO THIS SECTION.
  5. NOTWITHSTANDING ANYTHING TO THE  CONTRARY  IN  THIS  SECTION,  THIS
SECTION SHALL NOT APPLY TO, AND DOES NOT AFFECT ANY MORTGAGE LOANS MADE,
INSURED,  OR  SECURITIZED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED
STATES, ANY GOVERNMENT SPONSORED ENTERPRISE,  OR  A  FEDERAL  HOME  LOAN
BANK,  OR  THE RIGHTS AND OBLIGATIONS OF ANY LENDER, ISSUER, SERVICER OR
TRUSTEE OF SUCH OBLIGATIONS,  INCLUDING  SERVICERS  FOR  THE  GOVERNMENT
NATIONAL MORTGAGE ASSOCIATION.
  § 2. This act shall take effect immediately.

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The New York State Senate

assembly Bill A10351B

Sponsored By

Archive: Last Bill Status Via S8243 - Signed by Governor

Your Voice

Actions

Votes

May 27, 2020 - floor Vote

Floor Vote: May 27, 2020

May 26, 2020 - Housing, Construction and Community Development committee Vote

Committee Vote: May 26, 2020

May 24, 2020 - Rules committee Vote

Committee Vote: May 24, 2020

Bill Amendments

Co-Sponsors

A10351 - Details

A10351 - Summary

A10351 - Bill Text download pdf

Co-Sponsors

A10351A - Details

A10351A - Summary

A10351A - Bill Text download pdf

Co-Sponsors

A10351B (ACTIVE) - Details

A10351B (ACTIVE) - Summary

A10351B (ACTIVE) - Bill Text download pdf

Comments

assembly Bill A10351B

Share this bill

Sponsored By

ROZIC

Archive: Last Bill Status Via S8243 - Signed by Governor

Your Voice

Actions

Votes

May 27, 2020 - floor Vote

Floor Vote: May 27, 2020

May 26, 2020 - Housing, Construction and Community Development committee Vote

Committee Vote: May 26, 2020

May 24, 2020 - Rules committee Vote

Committee Vote: May 24, 2020

Bill Amendments

Co-Sponsors

Judy Griffin

A10351 - Details

A10351 - Summary

A10351 - Bill Text download pdf

Co-Sponsors

Judy Griffin

Robert C. Carroll

A10351A - Details

A10351A - Summary

A10351A - Bill Text download pdf

Co-Sponsors

Judy Griffin

Robert C. Carroll

Michael Cusick

Brian Barnwell

Steven Otis

Rodneyse Bichotte

Steve Stern

Felix Ortiz

Linda Rosenthal

Deborah Glick

Catherine Nolan

N. Nick Perry

Michael DenDekker

William Colton

Michael Blake

Donna Lupardo

Karines Reyes

Walter T. Mosley

Rebecca Seawright

Jonathan Jacobson

Mathylde Frontus

Jo Anne Simon

Tremaine Wright

Helene Weinstein

Inez E. Dickens

Harry B. Bronson

A10351B (ACTIVE) - Details

A10351B (ACTIVE) - Summary

A10351B (ACTIVE) - Bill Text download pdf

Comments