Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jul 20, 2020 |
print number 8454a |
Jul 20, 2020 |
amend and recommit to banks |
Jun 03, 2020 |
referred to banks |
Senate Bill S8454A
2019-2020 Legislative Session
Sponsored By
(D) 27th Senate District
Archive: Last Bill Status - In Senate Committee Banks Committee
- 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
Bill Amendments
co-Sponsors
(D) Senate District
2019-S8454 - Details
- See Assembly Version of this Bill:
- A10876
- Current Committee:
- Senate Banks
- Law Section:
- Banking Law
- Laws Affected:
- Add §9-y, Bank L
- Versions Introduced in 2021-2022 Legislative Session:
-
S2195, A6079
2019-S8454 - Summary
Relates to authorizing commercial mortgage forbearance during the COVID-19 pandemic; requires New York regulated institutions to make applications for forbearance available to qualified commercial mortgagors and to grant such forbearance for a period of ninety days, subject to the safety and soundness requirements of the regulated institution.
2019-S8454 - Sponsor Memo
BILL NUMBER: S8454 SPONSOR: KAVANAGH TITLE OF BILL: An act to amend the banking law, in relation to authorizing commercial mortgage forbearance during the COVID-19 pandemic PURPOSE OF BILL: This bill would add a new section 9-x to the banking law to require New York regulated institutions to grant 90 days of forbearance to qualified commercial mortgagors who can demonstrate financial hardship during the NY on PAUSE order caused by the COVID-19 pandemic. This bill would allow any mortgagor granted forbearance to defer their payments to a non-interest bearing balloon payment due twelve months after the end of the forbearance period. The bill would also give commercial tenants in buildings receiving forbearance the ability to receive a rental deferment proportional to the tenant's share of the rental income generated by the mortgaged property.
2019-S8454 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 8454 I N S E N A T E June 3, 2020 ___________ Introduced by Sens. KAVANAGH, KAMINSKY -- read twice and ordered print- ed, and when printed to be committed to the Committee on Banks AN ACT to amend the banking law, in relation to authorizing commercial mortgage forbearance during the COVID-19 pandemic 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 SEVENTH, TWO THOUSAND TWENTY UNTIL THE DATE ON WHICH NONE OF THE PROVISIONS THAT CLOSED OR OTHERWISE RESTRICTED PUBLIC OR PRIVATE BUSINESSES OR PLACES OF PUBLIC ACCOMMO- DATION, OR REQUIRED POSTPONEMENT OR CANCELLATION OF ALL NON-ESSENTIAL GATHERINGS OF INDIVIDUALS OF ANY SIZE FOR ANY REASON IN EXECUTIVE ORDER NUMBERS 202.3, 202.4, 202.5, 202.6, 202.7, 202.8, 202.10, 202.11, 202.13 OR 202.14 OF TWO THOUSAND TWENTY, AS EXTENDED BY EXECUTIVE ORDER NUMBERS 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 IN WHICH THE PROPERTY ENCUMBERED BY THE MORTGAGE IN QUESTION IS LOCATED; AND (B) "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. 2. NOTWITHSTANDING ANY OTHER PROVISION OF LAW, NEW YORK REGULATED INSTITUTIONS SHALL: (A) MAKE APPLICATIONS FOR FORBEARANCE OF ANY PAYMENT DUE ON A COMMER- CIAL MORTGAGE OF A PROPERTY LOCATED IN NEW YORK WIDELY AVAILABLE TO ANY QUALIFIED COMMERCIAL MORTGAGOR INCLUDING THOSE WHO ARE ALREADY IN ARREARS OR ON A TRIAL PERIOD PLAN OR WHO HAVE APPLIED FOR LOSS MITI- GATION AND WHO DEMONSTRATE FINANCIAL HARDSHIP DURING THE COVERED PERIOD; AND EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD16436-02-0
co-Sponsors
(D) Senate District
2019-S8454A (ACTIVE) - Details
- See Assembly Version of this Bill:
- A10876
- Current Committee:
- Senate Banks
- Law Section:
- Banking Law
- Laws Affected:
- Add §9-y, Bank L
- Versions Introduced in 2021-2022 Legislative Session:
-
S2195, A6079
2019-S8454A (ACTIVE) - Summary
Relates to authorizing commercial mortgage forbearance during the COVID-19 pandemic; requires New York regulated institutions to make applications for forbearance available to qualified commercial mortgagors and to grant such forbearance for a period of ninety days, subject to the safety and soundness requirements of the regulated institution.
2019-S8454A (ACTIVE) - Sponsor Memo
BILL NUMBER: S8454a SPONSOR: KAVANAGH TITLE OF BILL: An act to amend the banking law, in relation to authorizing commercial mortgage forbearance during the COVID-19 pandemic PURPOSE OF BILL: This bill would add a new section 9-x to the banking law to require New York regulated institutions to grant 90 days of forbearance to qualified commercial mortgagors who can demonstrate financial hardship during the NY on PAUSE order caused by the COVID-19 pandemic. This bill would allow any mortgagor granted forbearance to defer their payments to a non-interest bearing balloon payment due twelve months after the end of the forbearance period. The bill would also give commercial tenants in buildings receiving forbearance the ability to receive a rental deferment proportional to the tenant's share of the rental income generated by the mortgaged property.
2019-S8454A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 8454--A I N S E N A T E June 3, 2020 ___________ Introduced by Sens. KAVANAGH, KAMINSKY -- read twice and ordered print- ed, 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 authorizing commercial mortgage forbearance during the COVID-19 pandemic 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-y to read as follows: § 9-Y. MORTGAGE FORBEARANCE. 1. AS USED IN THIS SECTION, THE FOLLOWING TERMS SHALL HAVE THE FOLLOWING MEANINGS: (A) "COVERED PERIOD" MEANS MARCH SEVENTH, TWO THOUSAND TWENTY UNTIL THE DATE ON WHICH NONE OF THE PROVISIONS THAT CLOSED OR OTHERWISE RESTRICTED PUBLIC OR PRIVATE BUSINESSES OR PLACES OF PUBLIC ACCOMMO- DATION, OR REQUIRED POSTPONEMENT OR CANCELLATION OF ALL NON-ESSENTIAL GATHERINGS OF INDIVIDUALS OF ANY SIZE FOR ANY REASON IN EXECUTIVE ORDER NUMBERS 202.3, 202.4, 202.5, 202.6, 202.7, 202.8, 202.10, 202.11, 202.13 OR 202.14 OF TWO THOUSAND TWENTY, AS EXTENDED BY EXECUTIVE ORDER NUMBERS 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 IN WHICH THE PROPERTY ENCUMBERED BY THE MORTGAGE IN QUESTION IS LOCATED; AND (B) "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. 2. NOTWITHSTANDING ANY OTHER PROVISION OF LAW, NEW YORK REGULATED INSTITUTIONS SHALL: (A) MAKE APPLICATIONS FOR FORBEARANCE OF ANY PAYMENT DUE ON A COMMER- CIAL MORTGAGE OF A PROPERTY LOCATED IN NEW YORK WIDELY AVAILABLE TO ANY QUALIFIED COMMERCIAL MORTGAGOR INCLUDING THOSE WHO ARE ALREADY IN ARREARS OR ON A TRIAL PERIOD PLAN OR WHO HAVE APPLIED FOR LOSS MITI- GATION AND WHO DEMONSTRATE FINANCIAL HARDSHIP DURING THE COVERED PERIOD; AND EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
Comments
Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.
Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. 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.
Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.