S T A T E O F N E W Y O R K
________________________________________________________________________
10728
I N A S S E M B L Y
March 27, 2026
___________
Introduced by M. of A. CHANG -- read once and referred to the Committee
on Banks
AN ACT in relation to directing the superintendent of financial services
to conduct a study examining the feasibility of 40- and 50-year mort-
gages in the state of New York
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. The superintendent of financial services is hereby author-
ized and directed to conduct a study examining the feasibility of 40-
and 50-year fixed rate mortgages throughout the state of New York. Such
study shall include an evaluation of:
(a) any potential benefits and risks that 40- and 50-year fixed rate
mortgages can pose to the marketplace;
(b) the number of New Yorkers that 40- and 50-year fixed rate mortgage
rates could help with the purchase of a home;
(c) any barriers to offering 40- and 50-year fixed rate mortgages; and
(d) any other information that the superintendent of financial
services deems relevant.
§ 2. In addition, the superintendent of financial services shall have
the power to require any state officer, or the head of any department,
division, or bureau thereof, to furnish such data, information, or
statements as may be necessary to effectuate such study.
§ 3. The superintendent of financial services shall submit a report of
their findings to the governor, the speaker of the assembly, the tempo-
rary president of the senate, the minority leaders of the assembly and
senate, the chairs and ranking members of the assembly ways and means
committee, the senate finance committee, the assembly and senate housing
committees, and the assembly and senate banks committees within one year
and six months of the effective date of this act.
§ 4. This act shall take effect immediately.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD15253-01-6
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