Assembly Bill A850

2021-2022 Legislative Session

Prohibits rent minimums in mortgages

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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2021-A850 (ACTIVE) - Details

Current Committee:
Assembly Judiciary
Law Section:
Real Property Law
Laws Affected:
Add §283, RP L
Versions Introduced in Other Legislative Sessions:
2019-2020: A11135
2023-2024: A974

2021-A850 (ACTIVE) - Summary

Prohibits rent minimums in all mortgages regardless of when issued.

2021-A850 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    850
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                                (PREFILED)
 
                              January 6, 2021
                                ___________
 
 Introduced  by M. of A. CARROLL -- read once and referred to the Commit-
   tee on Judiciary
 
 AN ACT to amend the real property law, in relation to  prohibiting  rent
   minimums in mortgages
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The real property law is amended by adding  a  new  section
 283 to read as follows:
   § 283. RENT MINIMUMS PROHIBITED. NO MORTGAGOR ON A LOAN SECURED PRIMA-
 RILY  BY  AN INTEREST IN REAL PROPERTY SHALL BE CHARGED A FEE, FORCED TO
 DEFAULT, OR OTHERWISE PENALIZED BY THE MORTGAGEE BECAUSE  THE  MORTGAGOR
 DID  NOT  SET  A  HIGH ENOUGH RENT ON ALL OR PART OF SUCH REAL PROPERTY.
 ALL TERMS OF A MORTGAGE WHICH WOULD CAUSE A MORTGAGOR  TO  BE  PENALIZED
 FOR  NOT  SETTING  A HIGH ENOUGH RENT SHALL BE VOID AND UNENFORCEABLE AS
 AGAINST PUBLIC POLICY.
   § 2. This act shall take effect immediately and  shall  apply  to  all
 mortgages  regardless  of  when  issued,  renewed,  modified, altered or
 amended.
 
 
 
 

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD05517-01-1

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