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NY A00588

Bill

Official Source

Status

Introduced

1/9/2013

Primary Sponsor

David Weprin

Click for details

Origin

Assembly

2013-2014 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 of the indebtedness

  • Amends Real Property Law Section 281 by adding subdivision 2-a to impose the same prohibition on all authorized lenders regarding credit line mortgages

  • Applies to credit line mortgages used to finance 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

1/8/2014

Committee Referrals

Banks1/9/2013

Full Bill Text

No bill text available