Senate Bill S8425

2019-2020 Legislative Session

Relates to the forbearance of residential mortgage payments

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Rules 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-S8425 (ACTIVE) - Details

See Assembly Version of this Bill:
A10526
Current Committee:
Senate Rules
Law Section:
Banking Law
Laws Affected:
Amd §9-x, Bank L (as proposed in S.8243-C & A.10351-B)

2019-S8425 (ACTIVE) - Summary

Relates to the forbearance of residential mortgage payments for qualified mortgagors for a period of up to 180 days with the option to extend for an additional 180 days.

2019-S8425 (ACTIVE) - Sponsor Memo

2019-S8425 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8425
 
                             I N  S E N A T E
 
                               May 28, 2020
                                ___________
 
 Introduced  by Sen. KAVANAGH -- read twice and ordered printed, and when
   printed to be committed to the Committee on Rules
 
 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.  Section  9-x of the banking law, as added by a chapter of
 the laws of 2020, amending the banking law relating to  the  forbearance
 of  residential  mortgage  payments,  as  proposed  in legislative bills
 numbers S. 8243-C and A. 10351-B, is amended 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] (I) whose [principal dwelling] PRIMARY RESIDENCE IS LOCATED IN NEW
 YORK  AND  is  encumbered  by  a  home loan pursuant to paragraph (a) of
 subdivision six of section thirteen hundred four of  the  real  property
 actions  and proceedings law or whose [principal dwelling] PRIMARY RESI-
 DENCE IS LOCATED IN NEW YORK AND is a co-operative unit whose shares are
 encumbered by any loan otherwise meeting the requirements of a home loan
 under paragraph (a) of subdivision six of section thirteen hundred  four
 of  the real property actions and proceedings law, from or serviced by a
 regulated institution; AND (II) 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.
                                                            LBD16551-02-0
              

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