NY State Assembly Bill 2019-A10532A

Assembly Bill A10532A

2019-2020 Legislative Session

Relates to the forbearance of residential and commercial investment property mortgage payments

download bill text pdf

Archive: Last Bill Status - On Floor Calendar

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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Actions

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jul 22, 2020	ordered to third reading rules cal.329 rules report cal.329 reported
Jul 17, 2020	reported referred to rules
Jul 13, 2020	reported referred to codes
Jul 10, 2020	print number 10532a
Jul 10, 2020	amend (t) and recommit to banks
May 28, 2020	referred to banks

Bill Amendments

Original

A (Active)

2019-A10532 - Details

See Senate Version of this Bill:: S8744
Law Section:: Banking Law
Laws Affected:: Add §9-y, Bank L

2019-A10532 - Summary

Relates to the forbearance of residential and commercial investment property mortgage repayments; requires New York regulated banking organizations to make applications for forbearance for residential and commercial investment property mortgage repayments available to qualified mortgagors during the period in which the NY on PAUSE order is in effect in the county wherein the qualified mortgagor holder is located and to grant such applications for a period of 180 days.

2019-A10532 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10532
 
                           I N  A S S E M B L Y
 
                               May 28, 2020
                                ___________
 
 Introduced by COMMITTEE ON RULES -- (at request of M. of A. Bichotte) --
   read once and referred to the Committee on Banks
 
 AN ACT to amend the banking law, in relation to the forbearance of resi-
   dential investment property or second home 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.  RESIDENTIAL  INVESTMENT  PROPERTY  OR  SECOND  HOME  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 RESIDENTIAL INVESTMENT PROPERTY OR SECOND HOME IS ENCUMBERED BY  A
 HOME  LOAN,  FROM  OR  SERVICED BY A REGULATED INSTITUTION OR WHO IS THE
 HOLDER OF A MORTGAGE ON A RESIDENTIAL PROPERTY HELD FOR INVESTMENT;
   (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.
   2.  NOTWITHSTANDING  ANY  OTHER  PROVISION  OF LAW, NEW YORK REGULATED
 INSTITUTIONS SHALL:
   (A) MAKE APPLICATIONS FOR FORBEARANCE OF ANY PAYMENT DUE ON A MORTGAGE
 OF A RESIDENTIAL PROPERTY HELD  FOR  INVESTMENT  OR  ON  A  SECOND  HOME
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

                       [ ] is old law to be omitted.
                                                            LBD16531-02-0

 A. 10532                            2

 LOCATED  IN  NEW  YORK  WIDELY AVAILABLE TO ANY QUALIFIED MORTGAGOR WHO,
 DURING THE COVERED PERIOD, IS IN ARREARS OR ON A TRIAL PERIOD  PLAN,  OR
 WHO  HAS APPLIED FOR LOSS MITIGATION AND DEMONSTRATES FINANCIAL HARDSHIP
 DURING THE COVERED PERIOD; AND
   (B)  GRANT SUCH FORBEARANCE FOR A PERIOD OF ONE HUNDRED EIGHTY DAYS TO
 ANY SUCH QUALIFIED MORTGAGOR WHO IS IN ARREARS  OR  ON  A  TRIAL  PERIOD
 PLAN,  OR WHO HAS APPLIED FOR LOSS MITIGATION AND DEMONSTRATES FINANCIAL
 HARDSHIP, WITH THE OPTION TO EXTEND AN  ADDITIONAL  ONE  HUNDRED  EIGHTY
 DAYS.
   (C)  SUCH  FORBEARANCE MAY BE BACKDATED TO MARCH SEVENTH, TWO THOUSAND
 TWENTY.
   3. NOTWITHSTANDING ANY OTHER PROVISION OF LAW, ANY  MORTGAGE  FORBEAR-
 ANCE  GRANTED  BY  A  REGULATED  INSTITUTION PURSUANT TO EXECUTIVE ORDER
 NUMBER 202.9 OF TWO THOUSAND TWENTY, THIS SECTION,  OR  ANY  OTHER  LAW,
 RULE  OR  REGULATION TO THE QUALIFIED MORTGAGOR AS A RESULT OF FINANCIAL
 HARDSHIP DURING THE COVERED PERIOD SHALL BE  SUBJECT  TO  THE  FOLLOWING
 PROVISIONS:
   (A) THE MORTGAGOR SHALL HAVE THE OPTION TO EXTEND THE TERM OF THE LOAN
 FOR  THE LENGTH OF THE PERIOD OF FORBEARANCE.  THE REGULATED INSTITUTION
 SHALL WAIVE INTEREST ON THE PRINCIPAL FOR THE TERM  OF  THE  FORBEARANCE
 AND WAIVE ANY LATE FEES ACCUMULATED AS A RESULT OF THE FORBEARANCE; OR
   (B)  THE  MORTGAGOR  SHALL HAVE THE OPTION TO HAVE THE ARREARS ACCUMU-
 LATED DURING THE FORBEARANCE PERIOD PAYABLE ON A MONTHLY BASIS  FOR  THE
 REMAINING  TERM  OF  THE LOAN WITHOUT BEING SUBJECT TO PENALTIES OR LATE
 FEES INCURRED AS A RESULT OF THE FORBEARANCE; OR
   (C) IF THE MORTGAGOR IS UNABLE TO MAKE MORTGAGE PAYMENTS DUE TO  MORT-
 GAGORS'  DEMONSTRATED  HARDSHIP AND THE MORTGAGOR AND REGULATED INSTITU-
 TION CANNOT AGREE ON A MUTUALLY ACCEPTABLE LOAN MODIFICATION, THE  MORT-
 GAGOR  SHALL  HAVE  THE  OPTION  TO DEFER ARREARS ACCUMULATED DURING THE
 FORBEARANCE PERIOD AS A NON-INTEREST BEARING BALLOON PAYMENT PAYABLE  AT
 THE  MATURITY  OF  THE  LOAN CONSISTENT WITH THE SAFETY AND SOUNDNESS OF
 SUCH REGULATED INSTITUTION, OR AT THE TIME THE LOAN IS SATISFIED THROUGH
 A REFINANCE OR SALE OF THE PROPERTY. ANY  LATE  FEES  ACCUMULATED  AS  A
 RESULT OF THE FORBEARANCE SHALL BE WAIVED.
   (D)  THE  EXERCISING  OF OPTIONS PROVIDED FOR IN PARAGRAPH (A), (B) OR
 (C) OF THIS SUBDIVISION BY A QUALIFIED MORTGAGOR SHALL NOT  BE  REPORTED
 NEGATIVELY TO ANY CREDIT BUREAU BY ANY REGULATED INSTITUTION.
   4.  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
 SECTION  AS  A DEFENSE TO A FORECLOSURE ACTION COMMENCED  ON THE DEFEND-
 ANT'S PROPERTY WHEN SUCH ACTION IS BASED ON MISSED PAYMENTS  THAT  WOULD
 HAVE OTHERWISE BEEN SUBJECT TO THIS SECTION.
   5.  NOTWITHSTANDING  ANYTHING  TO  THE  CONTRARY IN THIS SECTION, THIS
 SECTION SHALL NOT APPLY TO, AND DOES NOT AFFECT ANY MORTGAGE LOANS MADE,
 INSURED, OR SECURITIZED BY ANY AGENCY OR INSTRUMENTALITY OF  THE  UNITED
 STATES,  ANY  GOVERNMENT  SPONSORED  ENTERPRISE,  OR A FEDERAL HOME LOAN
 BANK, OR THE RIGHTS AND OBLIGATIONS OF ANY LENDER, ISSUER,  SERVICER  OR
 TRUSTEE  OF  SUCH  OBLIGATIONS,  INCLUDING  SERVICERS FOR THE GOVERNMENT
 NATIONAL MORTGAGE ASSOCIATION.
   § 2. This act shall take effect immediately.

2019-A10532A (ACTIVE) - Details

See Senate Version of this Bill:: S8744
Law Section:: Banking Law
Laws Affected:: Add §9-y, Bank L

2019-A10532A (ACTIVE) - Summary

2019-A10532A (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                 10532--A
 
                           I N  A S S E M B L Y
 
                               May 28, 2020
                                ___________
 
 Introduced by COMMITTEE ON RULES -- (at request of M. of A. Bichotte) --
   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  mortgage  repayment
   forbearance

   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  REPAYMENT  FORBEARANCE;  RESIDENTIAL  OR COMMERCIAL
 INVESTMENT PROPERTIES. 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 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 (I) WHO RESIDES  IN  NEW
 YORK AND WHO OWNS A RESIDENTIAL OR COMMERCIAL INVESTMENT PROPERTY ENCUM-
 BERED  BY  A HOME LOAN AS DEFINED BY SUBDIVISION SIX OF SECTION THIRTEEN
 HUNDRED FOUR OF THE REAL PROPERTY ACTIONS AND PROCEEDINGS LAW, OR BY ANY
 OTHER MORTGAGE LOAN, FROM OR SERVICED BY  A  REGULATED  INSTITUTION,  ON
 SUCH  RESIDENTIAL OR COMMERCIAL PROPERTY HELD FOR INVESTMENT; (II) WHOSE
 RESIDENTIAL OR COMMERCIAL INVESTMENT PROPERTY CONTAINS ONE TO FOUR SEPA-
 RATE UNITS; (III) WHO RECEIVES AT LEAST THIRTY PERCENT  OF  HIS  OR  HER
 INCOME FROM RENT RECEIVED FROM SUCH RESIDENTIAL OR COMMERCIAL INVESTMENT
 PROPERTY;  AND  (IV)  WHO DEMONSTRATES FINANCIAL HARDSHIP AS A RESULT OF
 COVID-19 DURING THE COVERED PERIOD;
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

                       [ ] is old law to be omitted.
                                                            LBD16531-08-0

 A. 10532--A                         2
 
   (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 QUALIFIED MORT-
 GAGOR IS REQUIRED TO MAKE TRIAL PAYMENTS IN FULL AND ON-TIME IN ORDER TO
 BE CONSIDERED FOR A PERMANENT LOAN REPAYMENT MODIFICATION.
   2.  NOTWITHSTANDING  ANY  OTHER  PROVISION  OF LAW, NEW YORK REGULATED
 INSTITUTIONS SHALL:
   (A) MAKE APPLICATIONS FOR FORBEARANCE OF ANY PAYMENT DUE ON A MORTGAGE
 ON A RESIDENTIAL OR COMMERCIAL PROPERTY HELD FOR INVESTMENT  LOCATED  IN
 NEW  YORK  WIDELY  AVAILABLE  TO ANY QUALIFIED MORTGAGOR WHO, DURING THE
 COVERED PERIOD, IS IN ARREARS OR ON A TRIAL  PERIOD  PLAN,  OR  WHO  HAS
 APPLIED FOR LOSS MITIGATION; AND
   (B) GRANT SUCH FORBEARANCE OF ALL MONTHLY PAYMENTS DUE WITH RESPECT TO
 THE MORTGAGE SECURED BY THE QUALIFIED MORTGAGOR'S RESIDENTIAL OR COMMER-
 CIAL  INVESTMENT  PROPERTY IN NEW YORK FOR A PERIOD OF UP TO ONE HUNDRED
 EIGHTY DAYS TO ANY SUCH QUALIFIED MORTGAGOR, WITH THE OPTION  TO  EXTEND
 THE  FORBEARANCE  OF  SUCH  MONTHLY PAYMENTS FOR UP TO AN ADDITIONAL ONE
 HUNDRED EIGHTY DAYS PROVIDED THAT THIS EXTENSION IS SUBJECT TO THE MORT-
 GAGOR DEMONSTRATING CONTINUED FINANCIAL HARDSHIP.  SUCH FORBEARANCE  MAY
 BE  BACKDATED  TO  MARCH SEVENTH, TWO THOUSAND TWENTY, PROVIDED THAT THE
 MAXIMUM LENGTH OF THE FORBEARANCE MAY BE  NO  LONGER  THAN  ONE  HUNDRED
 EIGHTY DAYS AND ANY EXTENSION THEREOF PURSUANT TO THIS SECTION.
   3.  NOTWITHSTANDING  ANY OTHER PROVISION OF LAW, ANY MORTGAGE FORBEAR-
 ANCE GRANTED BY A REGULATED INSTITUTION PURSUANT TO THIS  SECTION  TO  A
 QUALIFIED  MORTGAGOR  AS A RESULT OF FINANCIAL HARDSHIP SHALL BE SUBJECT
 TO THE FOLLOWING PROVISIONS:
   (A) THE MORTGAGOR SHALL HAVE THE OPTION TO EXTEND THE TERM OF THE LOAN
 FOR THE LENGTH OF THE PERIOD OF FORBEARANCE. THE  REGULATED  INSTITUTION
 SHALL  NOT  CHARGE  ADDITIONAL INTEREST OR ANY LATE FEES OR PENALTIES ON
 THE FORBORNE PAYMENT; OR
   (B) THE MORTGAGOR SHALL HAVE THE OPTION TO HAVE  THE  ARREARS  ACCUMU-
 LATED  DURING  THE FORBEARANCE PERIOD PAYABLE ON A MONTHLY BASIS FOR THE
 REMAINING TERM OF THE LOAN WITHOUT BEING SUBJECT TO  PENALTIES  OR  LATE
 FEES INCURRED AS A RESULT OF THE FORBEARANCE; OR
   (C)  THE MORTGAGOR SHALL HAVE THE OPTION TO NEGOTIATE A LOAN MODIFICA-
 TION OR ANY OTHER OPTION THAT MEETS THE  CHANGED  CIRCUMSTANCES  OF  THE
 QUALIFIED MORTGAGOR; OR
   (D) IF THE MORTGAGOR AND REGULATED INSTITUTION CANNOT REASONABLY AGREE
 ON  A  MUTUALLY  ACCEPTABLE LOAN MODIFICATION, THE REGULATED INSTITUTION
 SHALL OFFER TO DEFER ARREARS ACCUMULATED DURING THE  FORBEARANCE  PERIOD
 AS  A  NON-INTEREST  BEARING BALLOON LOAN PAYABLE AT THE MATURITY OF THE
 LOAN, OR AT THE TIME THE LOAN IS SATISFIED THROUGH A REFINANCE  OR  SALE
 OF  THE  PROPERTY. ANY LATE FEES ACCUMULATED AS A RESULT OF THE FORBEAR-
 ANCE SHALL BE WAIVED.
   THE EXERCISING OF OPTIONS PROVIDED FOR IN PARAGRAPH (A), (B),  (C)  OR
 (D)  OF  THIS SUBDIVISION BY A QUALIFIED MORTGAGOR SHALL NOT BE REPORTED
 NEGATIVELY TO ANY CREDIT BUREAU BY ANY REGULATED INSTITUTION.
   4. 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
 SECTION AS A DEFENSE TO A FORECLOSURE ACTION COMMENCED  ON  THE  DEFEND-
 ANT'S  PROPERTY  WHEN SUCH ACTION IS BASED ON MISSED PAYMENTS THAT WOULD
 HAVE OTHERWISE BEEN SUBJECT TO THIS SECTION.

 A. 10532--A                         3

   5. NOTWITHSTANDING ANYTHING TO THE  CONTRARY  IN  THIS  SECTION,  THIS
 SECTION SHALL NOT APPLY TO, AND DOES NOT AFFECT ANY MORTGAGE LOANS MADE,
 INSURED,  PURCHASED,  OR SECURITIZED BY ANY AGENCY OR INSTRUMENTALITY OF
 THE UNITED STATES, ANY GOVERNMENT SPONSORED  ENTERPRISE,  OR  A  FEDERAL
 HOME  LOAN BANK, OR A CORPORATE GOVERNMENTAL AGENCY OF THE STATE CONSTI-
 TUTED AS A POLITICAL SUBDIVISION AND PUBLIC BENEFIT CORPORATION, OR  THE
 RIGHTS  AND  OBLIGATIONS  OF  ANY LENDER, ISSUER, SERVICER OR TRUSTEE OF
 SUCH OBLIGATIONS, INCLUDING SERVICERS FOR THE GOVERNMENT NATIONAL  MORT-
 GAGE ASSOCIATION.
   6.  NOTWITHSTANDING ANY OTHER PROVISION OF LAW OR OF THIS SECTION, THE
 OBLIGATION TO GRANT THE FORBEARANCE  RELIEF  REQUIRED  BY  THIS  SECTION
 SHALL  BE SUBJECT TO THE REGULATED INSTITUTION HAVING SUFFICIENT CAPITAL
 AND LIQUIDITY TO MEET ITS OBLIGATIONS AND TO OPERATE IN A SAFE AND SOUND
 MANNER. ANY REGULATED INSTITUTION THAT DETERMINES THAT IT IS NOT ABLE TO
 OFFER RELIEF PURSUANT TO THIS SECTION TO ANY  QUALIFIED  MORTGAGOR  MUST
 NOTIFY  THE DEPARTMENT WITHIN FIVE BUSINESS DAYS OF MAKING SUCH DETERMI-
 NATION. ANY SUCH NOTICE FILED WITH THE DEPARTMENT SHALL INCLUDE INFORMA-
 TION ABOUT THE QUALIFIED MORTGAGOR, THE REASON THE REGULATED INSTITUTION
 DETERMINED THAT IT WAS UNABLE TO  OFFER  ANY  RELIEF  PURSUANT  TO  THIS
 SECTION,  INFORMATION ABOUT THE REGULATED INSTITUTION'S FINANCIAL CONDI-
 TION SUPPORTING THE REGULATED INSTITUTION'S DETERMINATION, AND ANY OTHER
 INFORMATION REQUIRED BY THE DEPARTMENT. AT THE SAME TIME THAT THE  REGU-
 LATED INSTITUTION PROVIDES NOTICE TO THE DEPARTMENT, IT SHALL ADVISE THE
 QUALIFIED  MORTGAGOR  THAT  THE  APPLICATION  FOR  RELIEF WAS DENIED AND
 PROVIDE A STATEMENT THAT THE APPLICANT MAY FILE A COMPLAINT WITH THE NEW
 YORK  STATE  DEPARTMENT  OF  FINANCIAL  SERVICES  AT  1-800-342-3736  OR
 HTTP://WWW.DFS.NY.GOV  IF  THE  APPLICANT  BELIEVES  THE APPLICATION WAS
 WRONGLY DENIED.
   § 2. This act shall take effect immediately.

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