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NY A02667

Bill

Official Source

Status

Engrossed

6/4/2019

Primary Sponsor

Jeffrey Dinowitz

Click for details

Origin

Assembly

2019-2020 General Assembly

AI Summary

  • Amends General Obligations Law Section 5-501 to prohibit prepayment penalties and fees on loans secured by cooperative real property where over 50% of units are shareholder occupied

  • Makes any prepayment penalties on such cooperative mortgages unenforceable

  • Preserves existing prepayment rules for other mortgage types, including the one-year penalty-free period and allowance for contractual penalties before one year

  • Takes effect immediately upon enactment

Legislative Description

Prohibits pre-payment penalties for mortgages secured by real property owned in a cooperative form of ownership where over fifty percent of the units are shareholder occupied.

Last Action

REFERRED TO RULES

7/23/2020

Committee Referrals

Rules6/4/2019
Judiciary1/24/2019

Full Bill Text

No bill text available