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NY A04001

Bill

Official Source

Status

Introduced

1/31/2019

Primary Sponsor

David Weprin

Click for details

Origin

Assembly

2019-2020 General Assembly

AI Summary

  • Amends Banking Law Section 380-g to add a prohibition on savings and loan associations blocking access to credit line funds or revoking credit line mortgage terms when a borrower is current on repayment

  • Amends Real Property Law Section 281 to add a new subdivision 2-a imposing the same prohibition on all authorized lenders regarding credit line mortgages

  • Applies to credit line mortgages for residential real estate financing where the lender relies on the borrower's general credit standing or other assurances for repayment

  • 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

1/8/2020

Committee Referrals

Banks1/31/2019

Full Bill Text

No bill text available