Assembly Bill A977

Signed By Governor
2021-2022 Legislative Session

Relates to the information used by the department of financial services for a study

download bill text pdf

Sponsored By

Archive: Last Bill Status Via S887 - Signed by Governor

  • 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-A977 (ACTIVE) - Details

See Senate Version of this Bill:
S887
Law Section:
Financial Services
Laws Affected:
Amd §1, Chap of 2020 (as proposed in S.1476-B & A.3275-B)

2021-A977 (ACTIVE) - Summary

Provides that the the department of financial services shall use the information made available to them for the study of which financial institutions provide loans to landlords acquiring or refinancing property that includes rent-regulated and/or small business tenants.

2021-A977 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    977
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              January 6, 2021
                                ___________
 
 Introduced  by M. of A. EPSTEIN -- read once and referred to the Commit-
   tee on Banks
 
 AN ACT to amend a chapter of the laws of 2020, directing the  department
   of  financial  services  to  study,  evaluate and make recommendations
   concerning lending practices by financial  institutions  to  landlords
   acquiring  property  that includes small business tenants and/or rent-
   regulated tenants, as proposed in legislative bills  numbers  S.1476-B
   and A.3275-B, in relation to information for study
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The opening paragraph of subdivision 2 of section  1  of  a
 chapter  of  the  laws  of  2020,  directing the department of financial
 services to study, evaluate and make recommendations concerning  lending
 practices by financial institutions to landlords acquiring property that
 includes  small  business  tenants  and/or  rent-regulated  tenants,  as
 proposed in legislative bills numbers S.1476-B and A.3275-B, is  amended
 to read as follows:
   The department of financial services is hereby authorized and directed
 to  prepare or have prepared a study to review TO THE EXTENT SUCH INFOR-
 MATION IS AVAILABLE TO THE DEPARTMENT, the process  in  which  financial
 institutions provide loans to landlords acquiring or refinancing proper-
 ty  that  includes  rent-regulated  and/or  small business tenants. Such
 study shall examine and report by type  of  lender,  range  of  building
 sizes,  and  any  other  criteria,  trends in predatory equity and shall
 include, but not be limited to:
   § 2. This act shall take effect on the  same  date  and  in  the  same
 manner  as  a  chapter  of the laws of 2020, directing the department of
 financial services to study, evaluate and make recommendations  concern-
 ing  lending  practices by financial institutions to landlords acquiring
 property that includes  small  business  tenants  and/or  rent-regulated
 tenants, as proposed in legislative bills numbers S.1476-B and A.3275-B,
 takes effect.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

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