Bill Text: NY A04717 | 2011-2012 | General Assembly | Introduced
Bill Title: Requires banks to defer mortgage payments of customers who are delinquent.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2012-01-04 - referred to banks [A04717 Detail]
Download: New_York-2011-A04717-Introduced.html
S T A T E O F N E W Y O R K
________________________________________________________________________
4717
2011-2012 Regular Sessions
I N A S S E M B L Y
February 7, 2011
___________
Introduced by M. of A. V. LOPEZ -- read once and referred to the Commit-
tee on Banks
AN ACT to amend the banking law, in relation to requiring mortgagors to
defer mortgage payments
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
1 Section 1. The banking law is amended by adding a new section 6-n to
2 read as follows:
3 S 6-N. DEFERMENT OF MORTGAGE PAYMENTS. IF A MORTGAGEE IS AT LEAST
4 SIXTY DAYS DELINQUENT IN HIS OR HER MORTGAGE LOAN PAYMENTS BUT NO MORE
5 THAN ONE HUNDRED EIGHTY DAYS DELINQUENT, THE MORTGAGOR SHALL, BEFORE
6 COMMENCING A FORECLOSURE ACTION, OFFER THE MORTGAGEE AN OPPORTUNITY TO
7 HAVE THE DELINQUENT PAYMENTS DEFERRED. IF A MORTGAGEE ACCEPTS THE OFFER,
8 AN AMOUNT EQUAL TO THE CUMULATIVE VALUE OF THE PAYMENTS THAT HAVE BEEN
9 MISSED SHALL BE ADDED TO THE PRINCIPAL OF THE LOAN. A MORTGAGOR IS ONLY
10 REQUIRED TO OFFER THIS OPTION TO A MORTGAGEE ONCE DURING THE LIFE OF THE
11 MORTGAGE LOAN.
12 S 2. This act shall take effect on the one hundred eightieth day after
13 it shall have become a law.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD08890-01-1
