Bill Text: NY S08109 | 2019-2020 | General Assembly | Introduced

New York Senate Bill 8109 (Prior Session Legislation)

Introduced

Bill Title: Suspends mortgages and loans from state-chartered banks and state-chartered credit unions for small businesses and restaurants that have closed or reduced services due to the coronavirus disease 2019 (COVID-19).

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Introduced - Dead) 2020-03-23 - REFERRED TO BANKS [S08109 Detail]

Download: New_York-2019-S08109-Introduced.html




                STATE OF NEW YORK
        ________________________________________________________________________

                                          8109

                    IN SENATE

                                     March 23, 2020
                                       ___________

        Introduced  by  Sen. SANDERS -- read twice and ordered printed, and when
          printed to be committed to the Committee on Banks

        AN ACT to suspend mortgages and  loans  from  state  charted  banks  and
          unions  for  small  businesses  and  restaurants  that  have closed or
          reduced services due to the coronavirus

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:

     1    Section  1.  Notwithstanding any other provision of law, rule or regu-
     2  lation to the contrary, any small business  or  restaurant  required  to
     3  close  or  reduce  services  in  response to the outbreak of coronavirus
     4  disease 2019 (COVID-19), shall have all mortgages and loans from  state-
     5  chartered  banks  and  state-chartered  credit  unions  suspended.  Such
     6  suspension shall be lifted, and payments shall resume thirty days  after
     7  the  small  business  or  restaurant  has reopened or returned to normal
     8  services. Such small business or restaurant shall not be required to pay
     9  any mortgage or loan payment waived during such time period to a  state-
    10  chartered  bank or state-chartered credit union. For the purpose of this
    11  act, the determination of whether a small  business  or  restaurant  has
    12  reduced services shall be made by the department of state.
    13    §  2. For the purposes of this act, the following terms shall have the
    14  following meanings:
    15    (a) "Small business or restaurant" shall mean a business or restaurant
    16  which is resident in this state, independently owned and  operated,  not
    17  dominant in its field and employs one hundred or less persons.
    18    (b)  "State-chartered  bank"  and "state-chartered credit union" shall
    19  mean any corporation organized under the laws  of  this  state  that  is
    20  engaged  in banking, other than a trust company, savings association, or
    21  a mutual savings bank.
    22    § 3. This act shall take effect immediately.


         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD15952-01-0