assembly Bill A10351B

Signed By Governor
2019-2020 Legislative Session

Relates to the forbearance of residential mortgage payments

download bill text pdf

Sponsored By

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

S8243C
9
1
committee
9
Aye
1
Nay
1
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show committee vote details

Committee Vote: May 26, 2020

nay (1)
aye wr (1)

May 24, 2020 - Rules committee Vote

S8243C
19
0
committee
19
Aye
0
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show committee vote details

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.

Co-Sponsors

A10351A - Details

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

A10351A - 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.

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

Co-Sponsors

view additional 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

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.

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.