senate Bill S8425

2019-2020 Legislative Session

Relates to the forbearance of residential mortgage payments

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Rules Committee


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

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Actions

view actions (1)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
May 28, 2020 referred to rules

Co-Sponsors

S8425 (ACTIVE) - Details

See Assembly Version of this Bill:
A10526
Current Committee:
Senate Rules
Law Section:
Banking Law
Laws Affected:
Amd §9-x, Bank L (as proposed in S.8243-C & A.10351-B)

S8425 (ACTIVE) - Summary

Relates to the forbearance of residential mortgage payments for qualified mortgagors for a period of up to 180 days with the option to extend for an additional 180 days.

S8425 (ACTIVE) - Sponsor Memo

S8425 (ACTIVE) - Bill Text download pdf


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

                                  8425

                            I N  S E N A T E

                              May 28, 2020
                               ___________

Introduced  by Sen. KAVANAGH -- read twice and ordered printed, and when
  printed to be committed to the Committee on Rules

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.  Section  9-x of the banking law, as added by a chapter of
the laws of 2020, amending the banking law relating to  the  forbearance
of  residential  mortgage  payments,  as  proposed  in legislative bills
numbers S. 8243-C and A. 10351-B, is amended 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] (I) whose [principal dwelling] PRIMARY RESIDENCE IS LOCATED IN NEW
YORK  AND  is  encumbered  by  a  home loan pursuant to paragraph (a) of
subdivision six of section thirteen hundred four of  the  real  property
actions  and proceedings law or whose [principal dwelling] PRIMARY RESI-
DENCE IS LOCATED IN NEW YORK AND is a co-operative unit whose shares are
encumbered by any loan otherwise meeting the requirements of a home loan
under paragraph (a) of subdivision six of section thirteen hundred  four
of  the real property actions and proceedings law, from or serviced by a
regulated institution; AND (II) WHO DEMONSTRATES FINANCIAL HARDSHIP AS A
RESULT OF COVID-19 DURING THE COVERED PERIOD;

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD16551-02-0

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