| Assembly Actions - Lowercase Senate Actions - UPPERCASE |
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|---|---|
| Mar 23, 2020 | referred to banks |
senate Bill S8109
2019-2020 Legislative Session
Sponsored By
James Sanders Jr.
(D) 10th Senate District
Archive: Last Bill Status - In Senate Committee Banks Committee
- Introduced
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
Your Voice
Actions
Co-Sponsors
Rachel May
(D, WF) 48th Senate District
S8109 (ACTIVE) - Details
- Current Committee:
- Senate Banks
- Law Section:
- Banks
S8109 (ACTIVE) - Sponsor Memo
BILL NUMBER: S8109 SPONSOR: SANDERS TITLE OF BILL: An act to suspend mortgages and loans from state charted banks and unions for small businesses and restaurants that have closed or reduced services due to the coronavirus PURPOSE OR GENERAL IDEA OF BILL: This bill would suspend mortgages and loans payments from state charted banks and credit unions for small businesses and restaurants that have closed or reduced services due to the coronavirus. SUMMARY OF SPECIFIC PROVISIONS: Section 1 states that any small business or restaurant required to close or reduce services in response to the outbreak of coronavirus disease 2019 (COVID-19), shall have all mortgages and loans from state-chartered banks and state-chartered credit unions suspended. Such suspension
S8109 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
8109
I N S E N A T E
March 23, 2020
___________
Introduced by Sen. SANDERS -- read twice and ordered printed, and when
printed to be committed to the Committee on Banks
AN ACT to suspend mortgages and loans from state charted banks and
unions for small businesses and restaurants that have closed or
reduced services due to the coronavirus
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Notwithstanding any other provision of law, rule or regu-
lation to the contrary, any small business or restaurant required to
close or reduce services in response to the outbreak of coronavirus
disease 2019 (COVID-19), shall have all mortgages and loans from state-
chartered banks and state-chartered credit unions suspended. Such
suspension shall be lifted, and payments shall resume thirty days after
the small business or restaurant has reopened or returned to normal
services. Such small business or restaurant shall not be required to pay
any mortgage or loan payment waived during such time period to a state-
chartered bank or state-chartered credit union. For the purpose of this
act, the determination of whether a small business or restaurant has
reduced services shall be made by the department of state.
§ 2. For the purposes of this act, the following terms shall have the
following meanings:
(a) "Small business or restaurant" shall mean a business or restaurant
which is resident in this state, independently owned and operated, not
dominant in its field and employs one hundred or less persons.
(b) "State-chartered bank" and "state-chartered credit union" shall
mean any corporation organized under the laws of this state that is
engaged in banking, other than a trust company, savings association, or
a mutual savings bank.
§ 3. This act shall take effect immediately.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD15952-01-0
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