Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Dec 23, 2020 |
approval memo.55 signed chap.351 |
Dec 11, 2020 |
delivered to governor |
Jul 22, 2020 |
returned to assembly passed senate 3rd reading cal.875 substituted for s1476b |
Jul 22, 2020 |
substituted by a3275b ordered to third reading cal.875 |
Jul 21, 2020 |
reported and committed to rules |
Jan 08, 2020 |
referred to banks |
Jun 07, 2019 |
print number 1476b |
Jun 07, 2019 |
amend and recommit to banks |
May 31, 2019 |
print number 1476a |
May 31, 2019 |
amend and recommit to banks |
Jan 15, 2019 |
referred to banks |
Senate Bill S1476B
Signed By Governor2019-2020 Legislative Session
Sponsored By
(D, WF) 47th Senate District
Archive: Last Bill Status Via A3275 - Signed by Governor
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
Votes
Bill Amendments
co-Sponsors
(D) 36th Senate District
(D, WF) 28th Senate District
(D) 32nd Senate District
2019-S1476 - Details
2019-S1476 - Summary
Directs the department of financial services to study, evaluate and make recommendations concerning lending practices by financial institutions to landlords acquiring property that includes small business and/or rent-regulated tenants; requires a report on the department's findings and recommendations for legislative action within eighteen months.
2019-S1476 - Sponsor Memo
BILL NUMBER: S1476 SPONSOR: HOYLMAN TITLE OF BILL: An act to direct the department of financial services to study, evaluate and make recommendations concerning lending practices by financial institutions to landlords acquiring property that includes small busi- ness tenants and/or rent-regulated tenants SUMMARY OF PROVISIONS: Section 1 establishes legislation findings and intent to understand the lender's role in "predatory equity", a practice which is furthering the state's affordable housing crisis and displacement of commercial tenants, who are mostly small business owners. Section 2 defines financial institutions and small businesses and directs the department of financial service (DFS) to prepare or have prepared a study to review the process in which financial institutions provide loans to landlords acquiring property that includes rent-regu- lated and/or small business tenants. The section provides a list of
2019-S1476 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 1476 2019-2020 Regular Sessions I N S E N A T E January 15, 2019 ___________ Introduced by Sens. HOYLMAN, BAILEY, KRUEGER, SEPULVEDA -- read twice and ordered printed, and when printed to be committed to the Committee on Banks AN ACT to direct the department of financial services to study, evaluate and make recommendations concerning lending practices by financial institutions to landlords acquiring property that includes small busi- ness tenants and/or rent-regulated tenants THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Legislative findings and intent. The legislature finds and declares that the practice known as "predatory equity" is furthering the state's affordable housing crisis. Predatory equity is a model that is known to be exceptionally destructive of existing affordable housing, and is commonly understood to be defined by one or both of the follow- ing: (a) a speculative sale in which the landlord purchases naturally- occurring affordable rental housing with the explicit or implicit under- standing that low- and moderate-rent paying tenants will be encouraged or actively pushed to move out of the building at a rate that does not reflect normal tenant turnover, with the goal of the landlord to take advantage of the vacancies in order to use loopholes in the rent regu- lation laws to dramatically increase the building's rent roll; and/or (b) a financing source used by a landlord to fund the acquisition debt or the acquisition equity in which the financing source expects a rate of return that is significantly in excess of the profit that would be generated by a building operating within the rent law's historic norms, and in which case the landlord is encouraged to resort to tactics that aggressively undermine the building's affordability in order to meet the demands of the financing source. Increasingly, speculative behavior is also being linked to the displacement of commercial tenants, mostly small businesses, who are being pushed out of mixed-use residential buildings and others in stand- EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
co-Sponsors
(D) 36th Senate District
(D, WF) 28th Senate District
(D) 32nd Senate District
2019-S1476A - Details
2019-S1476A - Summary
Directs the department of financial services to study, evaluate and make recommendations concerning lending practices by financial institutions to landlords acquiring property that includes small business and/or rent-regulated tenants; requires a report on the department's findings and recommendations for legislative action within eighteen months.
2019-S1476A - Sponsor Memo
BILL NUMBER: S1476A SPONSOR: HOYLMAN TITLE OF BILL: An act to direct the department of financial services to study, evaluate and make recommendations concerning lending practices by financial institutions to landlords acquiring property that includes small business tenants and/or rent-regulated tenants SUMMARY OF PROVISIONS: Section 1 authorizes and directs DFS to prepare a study to review the process in which financial institutions provide loans to landlords acquiring or refinancing property that includes rent-regulated and/or small business tenants The section provides a list of criteria for DFS to examine. Section 2 establishes when DFS must report its findings to the governor and the legislature. Section 3 establishes when this act shall take effect.
2019-S1476A - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 1476--A 2019-2020 Regular Sessions I N S E N A T E January 15, 2019 ___________ Introduced by Sens. HOYLMAN, BAILEY, KRUEGER, SEPULVEDA -- read twice and ordered printed, and when printed to be committed to the Committee on Banks -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to direct the department of financial services to study, evaluate and make recommendations concerning lending practices by financial institutions to landlords acquiring property that includes small busi- ness tenants and/or rent-regulated tenants THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. 1. For the purposes of this act: (a) "financial institution" shall include, but not be limited to, a commercial bank, trust company, savings institution, credit union, or any other entity authorized to originate and service loans; (b) "small business" shall mean a business that meets the definition of a small business as defined by the United States Small Business Administration; and (c) "mezzanine debt" shall mean debt carried by a borrower that may be subordinate to the primary lien and/or common shares and reported as assets for the purposes of financing such primary lien. 2. The department of financial services is hereby authorized and directed to prepare or have prepared a study to review the process in which financial institutions provide loans to landlords acquiring or refinancing property that includes rent-regulated and/or small business tenants. Such study shall examine and report by type of lender, range of building sizes, and any other criteria that would show trends in preda- tory equity and shall include, but not be limited to: (a) whether and how financial institutions are considering the follow- ing factors when reviewing a landlord's loan application: (i) debt service coverage ratio; (ii) capitalization rate; EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
co-Sponsors
(D) 36th Senate District
(D, WF) 28th Senate District
(D) 16th Senate District
(D) 32nd Senate District
2019-S1476B (ACTIVE) - Details
2019-S1476B (ACTIVE) - Summary
Directs the department of financial services to study, evaluate and make recommendations concerning lending practices by financial institutions to landlords acquiring property that includes small business and/or rent-regulated tenants; requires a report on the department's findings and recommendations for legislative action within eighteen months.
2019-S1476B (ACTIVE) - Sponsor Memo
BILL NUMBER: S1476B SPONSOR: HOYLMAN TITLE OF BILL: An act to direct the department of financial services to study, evaluate and make recommendations concerning lending practices by financial institutions to landlords acquiring property that includes small business tenants and/or rent-regulated tenants SUMMARY OF PROVISIONS: Section 1 authorizes and directs DFS to prepare a study to review the process in which financial institutions provide loans to landlords acquiring or refinancing property that includes rent-regulated and/or small business tenants The section provides a list of criteria for DFS to examine. Section 2 establishes when DFS must report its findings to the governor and the legislature. Section 3 establishes when this act shall take effect.
2019-S1476B (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 1476--B 2019-2020 Regular Sessions I N S E N A T E January 15, 2019 ___________ Introduced by Sens. HOYLMAN, BAILEY, KRUEGER, SEPULVEDA -- read twice and ordered printed, and when printed to be committed to the Committee on Banks -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to direct the department of financial services to study, evaluate and make recommendations concerning lending practices by financial institutions to landlords acquiring property that includes small busi- ness tenants and/or rent-regulated tenants THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. 1. For the purposes of this act: (a) "financial institution" shall include, but not be limited to, a commercial bank, trust company, savings institution, credit union, or any other entity authorized to originate and service loans; (b) "small business" shall mean a business that meets the definition of a small business as defined by the United States Small Business Administration; and (c) "mezzanine debt" shall mean debt carried by a borrower that may be subordinate to the primary lien and/or common shares and reported as assets for the purposes of financing such primary lien. 2. The department of financial services is hereby authorized and directed to prepare or have prepared a study to review the process in which financial institutions provide loans to landlords acquiring or refinancing property that includes rent-regulated and/or small business tenants. Such study shall examine and report by type of lender, range of building sizes, and any other criteria, trends in predatory equity and shall include, but not be limited to: (a) whether and how financial institutions are considering the follow- ing factors when reviewing a landlord's loan application: EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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