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NY A06893

Bill

Official Source

Status

Introduced

4/5/2011

Primary Sponsor

David Weprin

Click for details

Origin

Assembly

2011-2012 General Assembly

AI Summary

  • Amends Banking Law Section 380-g to prohibit savings and loan associations from blocking access to credit line funds or revoking credit line mortgage terms when a borrower is current on repayment obligations

  • Amends Real Property Law Section 281 to extend the same prohibition to all authorized lenders, preventing them from blocking access to credit line funds or revoking mortgage terms for borrowers current on their indebtedness

  • Applies to credit line mortgages used for financing residential real estate within New York State

  • Takes effect immediately upon enactment

Legislative Description

Relates to prohibiting a lender from blocking access to funds issued under a credit line mortgage.

Last Action

referred to banks

1/4/2012

Committee Referrals

Banks4/5/2011

Full Bill Text

No bill text available