assembly Bill A10532A

2019-2020 Legislative Session

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

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Current Bill Status - On Floor Calendar


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

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Actions

view actions (8)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jul 22, 2020 ordered to third reading rules cal.329
rules report cal.329
reported
Jul 17, 2020 reported referred to rules
Jul 13, 2020 reported referred to codes
Jul 10, 2020 print number 10532a
Jul 10, 2020 amend (t) and recommit to banks
May 28, 2020 referred to banks

A10532 - Details

See Senate Version of this Bill:
S8744
Law Section:
Banking Law
Laws Affected:
Add §9-y, Bank L

A10532 - 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.

A10532 - Bill Text download pdf


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

                                  10532

                          I N  A S S E M B L Y

                              May 28, 2020
                               ___________

Introduced by COMMITTEE ON RULES -- (at request of M. of A. Bichotte) --
  read once and referred to the Committee on Banks

AN ACT to amend the banking law, in relation to the forbearance of resi-
  dential investment property or second home 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.  RESIDENTIAL  INVESTMENT  PROPERTY  OR  SECOND  HOME  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 RESIDENTIAL INVESTMENT PROPERTY OR SECOND HOME IS ENCUMBERED BY  A
HOME  LOAN,  FROM  OR  SERVICED BY A REGULATED INSTITUTION OR WHO IS THE
HOLDER OF A MORTGAGE ON A RESIDENTIAL PROPERTY HELD FOR INVESTMENT;
  (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.
  2.  NOTWITHSTANDING  ANY  OTHER  PROVISION  OF LAW, NEW YORK REGULATED
INSTITUTIONS SHALL:
  (A) MAKE APPLICATIONS FOR FORBEARANCE OF ANY PAYMENT DUE ON A MORTGAGE
OF A RESIDENTIAL PROPERTY HELD  FOR  INVESTMENT  OR  ON  A  SECOND  HOME

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

A10532A (ACTIVE) - Details

See Senate Version of this Bill:
S8744
Law Section:
Banking Law
Laws Affected:
Add §9-y, Bank L

A10532A (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.

A10532A (ACTIVE) - Bill Text download pdf


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

                                10532--A

                          I N  A S S E M B L Y

                              May 28, 2020
                               ___________

Introduced by COMMITTEE ON RULES -- (at request of M. of A. Bichotte) --
  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  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