Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
May 11, 2021 |
recommit, enacting clause stricken |
Mar 22, 2021 |
referred to banks |
Senate Bill S5881
2021-2022 Legislative Session
Sponsored By
(D) 27th Senate District
Archive: Last Bill Status - Stricken
- 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
2021-S5881 (ACTIVE) - Details
- Law Section:
- Banking Law
- Laws Affected:
- Amd §9-x, Bank L
2021-S5881 (ACTIVE) - Sponsor Memo
BILL NUMBER: S5881 SPONSOR: KAVANAGH TITLE OF BILL: An act to amend the banking law, in relation to the forbearance of resi- dential mortgage payments PURPOSE: This bill would amend section 9-x of Article 1 of the banking law to require New York regulated institutions to extend forbearance from 360 days to the later December 31, 2021 or the end of any restrictions currently in place due to the COVID-19 pandemic. SUMMARY OF PROVISIONS: This bill would amend section 9-x to Article 1 of the banking law to require New York state-chartered banks and state-regulated mortgage servicers to grant mortgage payment forbearance until the later of December 31, 2021, or the end of the COVID-19 restrictions on gathers to
2021-S5881 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5881 2021-2022 Regular Sessions I N S E N A T E March 22, 2021 ___________ Introduced by Sen. KAVANAGH -- 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. Paragraph (a) of subdivision 1 of section 9-x of the bank- ing law, as amended by section 1 of part C of chapter 126 of the laws of 2020, is amended to read as follows: (a) "Covered period" means March 7, 2020 until the LATER OF DECEMBER 31, 2021 OR 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-es- sential gatherings of individuals of any size for any reason in Execu- tive 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; § 2. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD10270-01-1
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