Assembly Bill A10351B

Signed By Governor
2019-2020 Legislative Session

Relates to the forbearance of residential mortgage payments

download bill text pdf

Sponsored By

Archive: Last Bill Status Via S8243 - Signed by Governor

  • 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

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Bill Amendments

co-Sponsors

2019-A10351 - Details

See Senate Version of this Bill:
S8243
Law Section:
Banking Law
Laws Affected:
Add §9-x, Bank L

2019-A10351 - 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.

2019-A10351 - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10351
 
                           I N  A S S E M B L Y
 
                              April 29, 2020
                                ___________
 
 Introduced  by M. of A. ROZIC -- read once and referred 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
   (B) SUBJECT TO THE SAFETY AND SOUNDNESS REQUIREMENTS OF THE  REGULATED
 INSTITUTION,  GRANT  SUCH FORBEARANCE FOR A PERIOD OF NINETY DAYS TO ANY
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

co-Sponsors

2019-A10351A - Details

See Senate Version of this Bill:
S8243
Law Section:
Banking Law
Laws Affected:
Add §9-x, Bank L

2019-A10351A - 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.

2019-A10351A - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                 10351--A
 
                           I N  A S S E M B L Y
 
                              April 29, 2020
                                ___________
 
 Introduced  by  M. of A. ROZIC, GRIFFIN -- read once and referred 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:
   (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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

co-Sponsors

2019-A10351B (ACTIVE) - Details

See Senate Version of this Bill:
S8243
Law Section:
Banking Law
Laws Affected:
Add §9-x, Bank L

2019-A10351B (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.

2019-A10351B (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                 10351--B
 
                           I N  A S S E M B L Y
 
                              April 29, 2020
                                ___________
 
 Introduced by M. of A. ROZIC, GRIFFIN, CARROLL -- read once and referred
   to  the  Committee  on  Banks  --  committee discharged, bill amended,
   ordered reprinted as amended and  recommitted  to  said  committee  --
   again  reported from said committee with amendments, 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;
   (C) "REGULATED INSTITUTION"  MEANS  ANY  NEW  YORK  REGULATED  BANKING
 ORGANIZATION AS DEFINED IN THIS CHAPTER AND ANY NEW YORK REGULATED MORT-
 GAGE SERVICER ENTITY SUBJECT TO SUPERVISION BY 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.

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