Assembly Bill A10499

2019-2020 Legislative Session

Relates to requiring the forbearance of residential mortgage payments for any mortgagor who demonstrates financial hardship as a result of the COVID-19 pandemic

download bill text pdf

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Archive: Last Bill Status - In Assembly 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

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2019-A10499 (ACTIVE) - Details

Current Committee:
Assembly Banks
Law Section:
Banks
Versions Introduced in 2021-2022 Legislative Session:
A1611

2019-A10499 (ACTIVE) - Summary

Requires the forbearance of residential mortgage payments for any mortgagor who demonstrates financial hardship as a result of the COVID-19 pandemic for one year.

2019-A10499 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10499
 
                           I N  A S S E M B L Y
 
                               May 22, 2020
                                ___________
 
 Introduced  by COMMITTEE ON RULES -- (at request of M. of A. Carroll) --
   read once and referred to the Committee on Banks
 
 AN ACT in relation to requiring the forbearance of residential  mortgage
   payments  for  any  mortgagor who demonstrates financial hardship as a
   result of the COVID-19 pandemic
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1. 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;
   (b)  "banking  institution"  means any banking organization as defined
 under the banking law; and
   (c) "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,  banking  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
 mortgagor who demonstrates financial hardship as a result of the  COVID-
 19  pandemic  including,  but  not  limited to, those who are already in
 arrears or on a trial period plan or who have  applied  for  loss  miti-
 gation;
   (b)  grant  such  forbearance for a period of at least one year to any
 such mortgagor who demonstrates financial hardship  including,  but  not
 limited  to,  those who are already in arrears or on a trial period plan
 or who have applied for loss mitigation; and
   (c) extend the term of the loan  for  the  length  of  the  period  of
 forbearance.
   3.  Notwithstanding  any  other  provision of law, adherence with this
 section shall be a  condition  precedent  to  commencing  a  foreclosure
 action  stemming  from  missed  payments which would have otherwise been
 subject to this section. A defendant may raise  the  violation  of  this
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

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