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NY A02223

Bill

Official Source

Status

Introduced

1/9/2013

Primary Sponsor

Vito Lopez

Click for details

Origin

Assembly

2013-2014 General Assembly

AI Summary

  • Amends New York Banking Law by adding Section 6-n regarding mortgage payment deferment
  • Requires mortgagors to offer delinquent mortgagees an opportunity to defer payments if the mortgagee is 60-180 days behind on mortgage loan payments
  • Mortgagors must offer this deferment option before commencing foreclosure action
  • If accepted, the cumulative value of missed payments shall be added to the principal of the loan
  • Mortgagors are only required to offer this deferment option once during the life of each mortgage loan
  • Effective 180 days after the bill becomes law

Legislative Description

Requires banks to defer mortgage payments of customers who are delinquent.

Last Action

enacting clause stricken

5/20/2013

Committee Referrals

Banks1/9/2013

Full Bill Text

No bill text available