Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
May 28, 2020 |
referred to rules |
Senate Bill S8425
2019-2020 Legislative Session
Sponsored By
(D) 27th Senate District
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
Actions
co-Sponsors
(D, WF) 40th Senate District
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) - Sponsor Memo
BILL NUMBER: S8425 SPONSOR: KAVANAGH TITLE OF BILL: An act to amend the banking law, in relation to the forbearance of resi- dential mortgage payments PURPOSE:: This is a chapter amendment that makes changes to provisions of a chap- ter of the laws of 2020 as reflected in S.8243C (Kavanagh). SUMMARY OF PROVISIONS:: This legislation amends the underlying chapter by adding new language to allow mortgage servicers and state-chartered banks to refrain from giving forbearance relief if the servicer or bank has liquidity or soundness issues. If a bank or servicer declines to give forbearance for such reasons, the bank or servicer must notify the Department of Finan- cial Services within five days to provide details regarding such. This
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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