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NY A05347

Bill

Official Source

Status

Introduced

2/8/2017

Primary Sponsor

David Weprin

Click for details

Origin

Assembly

2017-2018 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 real property law, not just savings and loan associations.

  • Maintains existing authority for savings and loan associations to provide line of credit financing for residential real estate, limited to 10% of surplus/undivided profits/reserves or 1% of assets, whichever is lesser.

  • 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

1/3/2018

Committee Referrals

Banks2/8/2017

Full Bill Text

No bill text available