senate Bill S8243C

Signed By Governor
2019-2020 Legislative Session

Relates to the forbearance of residential mortgage payments

download bill text pdf

Sponsored By

Current Bill Status - Signed by Governor


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

Your Voice

do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.

Actions

view actions (19)
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
referred to codes
delivered to assembly
passed senate
ordered to third reading cal.651
May 26, 2020 reported and committed to rules
May 24, 2020 committee discharged and committed to housing, construction and community development
print number 8243c
May 24, 2020 amend and recommit to banks
May 22, 2020 print number 8243b
May 22, 2020 amend and recommit to banks
May 04, 2020 print number 8243a
May 04, 2020 amend and recommit to banks
Apr 27, 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 Housing, Construction and Community Development committee vote details

Housing, Construction and Community Development 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 Rules committee vote details

Co-Sponsors

view additional co-sponsors

S8243 - Details

See Assembly Version of this Bill:
A10351
Law Section:
Banking Law
Laws Affected:
Add §9-x, Bank L

S8243 - 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.

S8243 - Sponsor Memo

S8243 - Bill Text download pdf


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

                                  8243

                            I N  S E N A T E

                             April 27, 2020
                               ___________

Introduced  by  Sens.  KAVANAGH,  KAMINSKY,  ADDABBO, GIANARIS, HOYLMAN,
  KENNEDY, LITTLE, MARTINEZ, METZGER, SAVINO, SKOUFIS -- read twice  and
  ordered  printed, and when printed to be committed 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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.

Co-Sponsors

view additional co-sponsors

S8243A - Details

See Assembly Version of this Bill:
A10351
Law Section:
Banking Law
Laws Affected:
Add §9-x, Bank L

S8243A - 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.

S8243A - Sponsor Memo

S8243A - Bill Text download pdf


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

                                 8243--A

                            I N  S E N A T E

                             April 27, 2020
                               ___________

Introduced  by  Sens.  KAVANAGH,  KAMINSKY,  ADDABBO, GIANARIS, HOYLMAN,
  KENNEDY, LITTLE, MARTINEZ, METZGER, SAVINO, SKOUFIS -- 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 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:

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

Co-Sponsors

view additional co-sponsors

S8243B - Details

See Assembly Version of this Bill:
A10351
Law Section:
Banking Law
Laws Affected:
Add §9-x, Bank L

S8243B - 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.

S8243B - Sponsor Memo

S8243B - Bill Text download pdf


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

                                 8243--B

                            I N  S E N A T E

                             April 27, 2020
                               ___________

Introduced  by  Sens.  KAVANAGH, KAMINSKY, ADDABBO, GIANARIS, GOUNARDES,
  HOYLMAN, KENNEDY, LITTLE, MARTINEZ, METZGER, SAVINO, SKOUFIS  --  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 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 THE PERIOD DURING  WHICH  THE  RESTRICTIONS
CONSTITUTING  NEW  YORK  ON  PAUSE, AS DEFINED BY EXECUTIVE ORDER NUMBER
202.31 OF TWO THOUSAND TWENTY, APPLIED IN THE COUNTY OF THE  APPLICANT'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 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.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.

Co-Sponsors

view additional co-sponsors

S8243C (ACTIVE) - Details

See Assembly Version of this Bill:
A10351
Law Section:
Banking Law
Laws Affected:
Add §9-x, Bank L

S8243C (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.

S8243C (ACTIVE) - Sponsor Memo

S8243C (ACTIVE) - Bill Text download pdf


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

                                 8243--C

                            I N  S E N A T E

                             April 27, 2020
                               ___________

Introduced  by  Sens.  KAVANAGH, KAMINSKY, ADDABBO, GIANARIS, GOUNARDES,
  HOYLMAN, KENNEDY, LITTLE, MARTINEZ, METZGER, SAVINO, SKOUFIS  --  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  --  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)  "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;

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.

Comments

Open Legislation comments facilitate discussion of New York State legislation. All comments are subject to moderation. Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity or hate speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Comment moderation is generally performed Monday through Friday.

By contributing or voting you agree to the Terms of Participation and verify you are over 13.