Assembly Bill A974

2023-2024 Legislative Session

Prohibits rent minimums in mortgages

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Sponsored By

Current 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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2023-A974 (ACTIVE) - Details

See Senate Version of this Bill:
S9234
Current Committee:
Assembly Judiciary
Law Section:
Real Property Law
Laws Affected:
Add §283, RP L
Versions Introduced in Other Legislative Sessions:
2019-2020: A11135
2021-2022: A850

2023-A974 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    974
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 11, 2023
                                ___________
 
 Introduced by M. of A. CARROLL, ANDERSON, JACKSON, MITAYNES -- read once
   and referred to the Committee 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.
                                                            LBD00149-01-3

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