Loading chat...

NY A03439

Bill

Official Source

Status

Introduced

1/22/2015

Primary Sponsor

David Weprin

Click for details

Origin

Assembly

2015-2016 General Assembly

AI Summary

  • Prohibits 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.

  • Extends the same prohibition to all authorized lenders under New York real property law.

  • Applies to credit line mortgages used to finance primarily 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

1/6/2016

Committee Referrals

Banks1/22/2015

Full Bill Text

No bill text available