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Senate Bill S8109

2019-2020 Legislative Session

Relates to suspending mortgages and loans from state-chartered banks and credit unions for small businesses and restaurants that have closed or reduced services due to the coronavirus

download bill text pdf

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Archive: Last Bill Status - In Senate Committee Banks Committee

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2019-S8109 (ACTIVE) - Details

Current Committee:
Senate Banks
Law Section:
Banks

2019-S8109 (ACTIVE) - Summary

Suspends mortgages and loans from state-chartered banks and state-chartered credit unions for small businesses and restaurants that have closed or reduced services due to the coronavirus disease 2019 (COVID-19).

2019-S8109 (ACTIVE) - Sponsor Memo

2019-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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